Palomar (NASDAQ:PLMR) Reaches New 52-Week High Following Analyst Upgrade

Palomar Holdings, Inc. (NASDAQ:PLMR)’s share price hit a new 52-week high on Monday after Keefe, Bruyette & Woods raised their price target on the stock from $117.00 to $120.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Palomar traded as high as $105.42 and last traded at $105.42, with a volume of 26013 shares. The stock had previously closed at $100.10.

PLMR has been the subject of several other reports. Evercore ISI lifted their price objective on Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a report on Tuesday, August 6th. Jefferies Financial Group boosted their price target on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Piper Sandler increased their price objective on shares of Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Truist Financial boosted their target price on shares of Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Palomar has an average rating of “Moderate Buy” and an average target price of $109.00.

Insider Activity

In other Palomar news, CFO T Christopher Uchida sold 1,750 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $99.00, for a total transaction of $173,250.00. Following the sale, the chief financial officer now owns 20,594 shares of the company’s stock, valued at approximately $2,038,806. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO T Christopher Uchida sold 1,750 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $99.00, for a total transaction of $173,250.00. Following the sale, the chief financial officer now directly owns 20,594 shares in the company, valued at approximately $2,038,806. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Jon Christianson sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $94.40, for a total value of $944,000.00. Following the completion of the transaction, the president now directly owns 51,926 shares of the company’s stock, valued at $4,901,814.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,076 shares of company stock worth $3,806,029. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

Several institutional investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC acquired a new position in shares of Palomar in the 1st quarter worth approximately $602,000. Picton Mahoney Asset Management lifted its holdings in Palomar by 1,940.6% in the first quarter. Picton Mahoney Asset Management now owns 39,690 shares of the company’s stock valued at $3,329,000 after buying an additional 37,745 shares during the period. Quadrature Capital Ltd boosted its position in Palomar by 155.9% during the first quarter. Quadrature Capital Ltd now owns 22,773 shares of the company’s stock valued at $1,906,000 after acquiring an additional 13,873 shares during the last quarter. Driehaus Capital Management LLC grew its holdings in Palomar by 17.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock worth $24,362,000 after acquiring an additional 43,841 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of Palomar by 1,634.6% in the 2nd quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock worth $14,419,000 after acquiring an additional 167,435 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors.

Palomar Stock Performance

The business has a 50 day moving average price of $95.31 and a 200-day moving average price of $89.64. The company has a market capitalization of $2.67 billion, a price-to-earnings ratio of 23.92 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last issued its earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.20. The business had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. Palomar had a return on equity of 19.65% and a net margin of 21.55%. During the same period in the previous year, the company posted $0.80 earnings per share. As a group, equities analysts predict that Palomar Holdings, Inc. will post 4.35 EPS for the current fiscal year.

About Palomar

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.