Palomar (NASDAQ:PLMR) Hits New 52-Week High – Here’s Why

Palomar Holdings, Inc. (NASDAQ:PLMR)’s share price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $100.57 and last traded at $100.27, with a volume of 45460 shares trading hands. The stock had previously closed at $97.28.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Piper Sandler lifted their target price on Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their target price on Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Truist Financial lifted their target price on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Evercore ISI boosted their price target on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a report on Tuesday, August 6th. Finally, Keefe, Bruyette & Woods boosted their price target on Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $101.33.

Palomar Price Performance

The company has a fifty day moving average of $94.55 and a 200 day moving average of $86.75. The firm has a market capitalization of $2.57 billion, a P/E ratio of 29.44 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last announced its earnings results on Monday, August 5th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.09 by $0.16. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The business had revenue of $123.08 million for the quarter, compared to analysts’ expectations of $338.74 million. During the same period in the prior year, the business posted $0.72 earnings per share. The firm’s revenue was up 47.0% on a year-over-year basis. On average, sell-side analysts forecast that Palomar Holdings, Inc. will post 4.37 EPS for the current year.

Insider Activity at Palomar

In other Palomar news, CEO Mac Armstrong sold 12,773 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $88.19, for a total value of $1,126,450.87. Following the transaction, the chief executive officer now directly owns 59,309 shares of the company’s stock, valued at approximately $5,230,460.71. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Palomar news, CEO Mac Armstrong sold 12,773 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $88.19, for a total value of $1,126,450.87. Following the transaction, the chief executive officer now directly owns 59,309 shares of the company’s stock, valued at approximately $5,230,460.71. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas A. Bradley purchased 1,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was acquired at an average cost of $89.42 per share, for a total transaction of $89,420.00. Following the completion of the purchase, the director now owns 4,724 shares of the company’s stock, valued at approximately $422,420.08. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 48,500 shares of company stock worth $4,464,266 over the last ninety days. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Palomar

Institutional investors have recently added to or reduced their stakes in the business. Artemis Investment Management LLP acquired a new position in shares of Palomar during the first quarter worth approximately $20,904,000. Norges Bank acquired a new position in shares of Palomar during the fourth quarter worth approximately $9,726,000. Victory Capital Management Inc. raised its position in shares of Palomar by 1,634.6% during the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock worth $14,419,000 after purchasing an additional 167,435 shares during the period. F M Investments LLC acquired a new position in shares of Palomar during the second quarter worth approximately $11,946,000. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Palomar by 214.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company’s stock worth $13,445,000 after purchasing an additional 112,996 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Company Profile

Palomar Holdings, Inc, a specialty insurance company, provides property and casualty insurance to residential and businesses in the United States. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, fronting, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance.