Analysts Set Palomar Holdings, Inc. (NASDAQ:PLMR) Target Price at $115.50

Palomar Holdings, Inc. (NASDAQ:PLMR) has earned a consensus rating of “Moderate Buy” from the seven analysts that are currently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $115.50.

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods lifted their price objective on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Piper Sandler increased their target price on Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Jefferies Financial Group boosted their price target on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th.

Insider Activity at Palomar

In other Palomar news, CFO T Christopher Uchida sold 1,030 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $97.65, for a total transaction of $100,579.50. Following the completion of the transaction, the chief financial officer now owns 17,543 shares in the company, valued at $1,713,073.95. The trade was a 5.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Mac Armstrong sold 3,185 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $98.21, for a total value of $312,798.85. Following the completion of the sale, the chief executive officer now owns 50,312 shares in the company, valued at approximately $4,941,141.52. The trade was a 5.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,909 shares of company stock worth $3,242,655. Company insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

A number of large investors have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its holdings in Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after buying an additional 125 shares in the last quarter. Arizona State Retirement System increased its position in shares of Palomar by 2.4% during the second quarter. Arizona State Retirement System now owns 6,961 shares of the company’s stock worth $565,000 after acquiring an additional 164 shares during the period. Covestor Ltd raised its stake in shares of Palomar by 20.2% during the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock valued at $102,000 after acquiring an additional 181 shares in the last quarter. Louisiana State Employees Retirement System boosted its holdings in shares of Palomar by 1.6% in the third quarter. Louisiana State Employees Retirement System now owns 12,700 shares of the company’s stock valued at $1,202,000 after purchasing an additional 200 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. bought a new position in Palomar in the third quarter worth approximately $25,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Trading Down 4.1 %

NASDAQ:PLMR opened at $101.51 on Thursday. The stock has a 50-day moving average price of $105.26 and a 200 day moving average price of $96.95. Palomar has a 12-month low of $56.67 and a 12-month high of $112.90. The stock has a market capitalization of $2.69 billion, a P/E ratio of 24.11 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data 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 net margin of 21.55% and a return on equity of 19.65%. The firm had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $134.72 million. During the same quarter last year, the business posted $0.80 earnings per share. On average, research analysts predict that Palomar will post 4.33 earnings per share 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.