Palomar Holdings, Inc. (NASDAQ:PLMR) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been given an average rating of “Moderate Buy” by the seven research firms that are presently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $111.67.

A number of equities research analysts recently commented on PLMR shares. Keefe, Bruyette & Woods lifted their price objective on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Piper Sandler upped their price target on shares of Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. JPMorgan Chase & Co. increased their price objective on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group boosted their price target on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, October 9th.

Palomar Stock Up 0.1 %

Shares of NASDAQ PLMR opened at $109.67 on Friday. The stock has a market cap of $2.90 billion, a PE ratio of 26.05 and a beta of 0.36. The business has a 50-day moving average price of $100.92 and a 200 day moving average price of $93.72. Palomar has a 52-week low of $54.50 and a 52-week high of $112.10.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The firm had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $134.72 million. During the same quarter in the previous year, the firm posted $0.80 EPS. Sell-side analysts anticipate that Palomar will post 4.33 earnings per share for the current year.

Insider Activity at Palomar

In other news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $95.49, for a total transaction of $668,430.00. Following the completion of the transaction, the chief executive officer now owns 440,388 shares in the company, valued at approximately $42,052,650.12. This represents a 1.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 1,030 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $97.65, for a total value of $100,579.50. Following the completion of the transaction, the chief financial officer now directly owns 17,543 shares of the company’s stock, valued at $1,713,073.95. This trade represents a 5.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,326 shares of company stock valued at $2,688,779 over the last three months. 4.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PLMR. Victory Capital Management Inc. raised its position in Palomar by 1,634.6% in the second 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. F M Investments LLC acquired a new stake in shares of Palomar during the 2nd quarter valued at $11,946,000. Point72 Asset Management L.P. purchased a new position in shares of Palomar during the 3rd quarter valued at $10,994,000. Allspring Global Investments Holdings LLC increased its stake in shares of Palomar by 214.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company’s stock worth $13,445,000 after acquiring an additional 112,996 shares during the last quarter. Finally, Soros Fund Management LLC purchased a new stake in shares of Palomar during the third quarter worth $9,467,000. Institutional investors own 90.25% of the company’s stock.

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.