Palomar Holdings, Inc. (NASDAQ:PLMR) Stock Has Average Price Target of $160.00 According to Analysts

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been given a consensus recommendation of “Buy” by the six research firms that are covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $160.00.

Several brokerages recently weighed in on PLMR. JPMorgan Chase & Co. cut their target price on shares of Palomar from $167.00 to $156.00 and set an “overweight” rating on the stock in a research note on Friday, October 9th. Zacks Research upgraded shares of Palomar from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 30th. Piper Sandler raised their price target on shares of Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Weiss Ratings upgraded shares of Palomar from a “buy (b)” rating to a “buy (b+)” rating in a research note on Friday, October 16th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a research note on Monday, August 10th.

Insider Transactions at Palomar

In related news, insider Jonathan Knutzen sold 296 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total transaction of $37,814.00. Following the completion of the transaction, the insider directly owned 28,250 shares of the company’s stock, valued at $3,608,937.50. The trade was a 1.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Jon Christianson sold 528 shares of the company’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total value of $67,452.00. Following the sale, the president owned 66,970 shares in the company, valued at approximately $8,555,417.50. This trade represents a 0.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 13,322 shares of company stock valued at $1,783,291 in the last 90 days. Insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Palomar

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of Palomar during the second quarter worth about $556,348,000. Jupiter Topco LLC purchased a new stake in shares of Palomar during the second quarter worth approximately $132,166,000. Janus Henderson Group PLC raised its holdings in Palomar by 17.4% in the first quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock valued at $111,664,000 after acquiring an additional 138,368 shares in the last quarter. Stephens Investment Management Group LLC raised its holdings in Palomar by 3.0% in the first quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company’s stock valued at $85,432,000 after acquiring an additional 20,597 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Palomar by 3.7% in the first quarter. Dimensional Fund Advisors LP now owns 653,026 shares of the company’s stock valued at $78,037,000 after acquiring an additional 23,579 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Stock Down 1.9%

Shares of NASDAQ:PLMR opened at $141.78 on Wednesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.50 and a quick ratio of 0.50. The firm has a market capitalization of $3.73 billion, a PE ratio of 18.00 and a beta of 0.35. The firm’s 50-day moving average is $132.40 and its two-hundred day moving average is $127.00. Palomar has a 1 year low of $100.81 and a 1 year high of $147.62.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.19 by $0.17. Palomar had a net margin of 18.61% and a return on equity of 23.28%. The business had revenue of $314.42 million for the quarter, compared to analysts’ expectations of $621.52 million. During the same quarter in the prior year, the company earned $1.76 earnings per share. Analysts predict that Palomar will post 9.29 EPS for the current year.

Palomar Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Wednesday, August 19th. Palomar’s dividend payout ratio (DPR) is presently 24.19%.

Palomar Company Profile

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in markets that may be underserved by traditional insurers. The company focuses on risks that are complex, difficult to place or exposed to natural catastrophes, using specialized underwriting and risk-management capabilities.

Its offerings include residential and commercial earthquake insurance, inland marine coverage, specialty property insurance, casualty products, workers’ compensation and other tailored insurance solutions.