Palomar Holdings, Inc. (NASDAQ:PLMR) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been assigned a consensus recommendation of “Moderate Buy” from the seven analysts that are covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $101.33.

Several research analysts have recently commented on PLMR shares. Keefe, Bruyette & Woods lifted 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. 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 report on Thursday, August 8th. Evercore ISI raised their price target on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a report on Tuesday, August 6th. Piper Sandler lifted their price target on shares of Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. increased their price objective on Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Thursday, July 11th.

Palomar Trading Down 0.2 %

Shares of NASDAQ PLMR opened at $94.67 on Tuesday. The stock has a market cap of $2.37 billion, a PE ratio of 27.20 and a beta of 0.34. Palomar has a 12-month low of $48.08 and a 12-month high of $100.29. The company has a 50-day moving average of $94.12 and a 200 day moving average of $86.46.

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

Insider Transactions at Palomar

In related news, CEO Mac Armstrong sold 12,227 shares of Palomar stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $91.08, for a total value of $1,113,635.16. Following the completion of the sale, the chief executive officer now owns 47,082 shares in the company, valued at approximately $4,288,228.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, President Jon Christianson sold 2,000 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $91.35, for a total value of $182,700.00. Following the sale, the president now owns 51,761 shares in the company, valued at approximately $4,728,367.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Mac Armstrong sold 12,227 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $91.08, for a total value of $1,113,635.16. Following the transaction, the chief executive officer now owns 47,082 shares of the company’s stock, valued at $4,288,228.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,500 shares of company stock worth $4,464,266. 4.30% of the stock is currently owned by insiders.

Institutional Trading of Palomar

Institutional investors and hedge funds have recently bought and sold shares of the business. Arizona State Retirement System grew its holdings in shares of Palomar by 2.4% in the second quarter. Arizona State Retirement System now owns 6,961 shares of the company’s stock valued at $565,000 after purchasing an additional 164 shares in the last quarter. CWM LLC grew its stake in shares of Palomar by 15.7% in the second quarter. CWM LLC now owns 1,601 shares of the company’s stock worth $130,000 after acquiring an additional 217 shares in the last quarter. Covestor Ltd grew its stake in shares of Palomar by 29.0% in the first quarter. Covestor Ltd now owns 1,183 shares of the company’s stock worth $99,000 after acquiring an additional 266 shares in the last quarter. Conestoga Capital Advisors LLC increased its position in shares of Palomar by 1.0% during the first quarter. Conestoga Capital Advisors LLC now owns 27,407 shares of the company’s stock worth $2,298,000 after acquiring an additional 270 shares during the period. Finally, Texas Permanent School Fund Corp raised its stake in shares of Palomar by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 21,644 shares of the company’s stock valued at $1,814,000 after acquiring an additional 280 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

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.