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

Palomar Holdings, Inc. (NASDAQ:PLMR) has received a consensus recommendation of “Moderate Buy” from the seven analysts that are currently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $89.17.

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. downgraded shares of Palomar from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $79.00 to $85.00 in a report on Monday, April 8th. Piper Sandler lifted their price target on shares of Palomar from $89.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday. Evercore ISI increased their price objective on Palomar from $68.00 to $86.00 and gave the company an “in-line” rating in a report on Thursday, April 11th. Truist Financial upped their price target on Palomar from $88.00 to $97.00 and gave the company a “buy” rating in a research report on Monday. Finally, JMP Securities reissued a “market perform” rating on shares of Palomar in a report on Monday, April 15th.

Insider Activity at Palomar

In other Palomar news, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $82.09, for a total transaction of $820,900.00. Following the completion of the transaction, the president now owns 59,761 shares of the company’s stock, valued at approximately $4,905,780.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Thomas A. Bradley purchased 1,500 shares of Palomar stock in a transaction dated Tuesday, March 5th. The stock was purchased at an average cost of $74.30 per share, for a total transaction of $111,450.00. Following the transaction, the director now directly owns 1,500 shares of the company’s stock, valued at $111,450. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Jon Christianson sold 10,000 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $82.09, for a total transaction of $820,900.00. Following the completion of the transaction, the president now directly owns 59,761 shares in the company, valued at approximately $4,905,780.49. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,250 shares of company stock worth $3,305,655. 4.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Palomar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Palomar by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 2,363,067 shares of the company’s stock valued at $131,150,000 after acquiring an additional 85,329 shares during the last quarter. Stephens Investment Management Group LLC grew its stake in Palomar by 11.3% in the 4th quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock worth $59,752,000 after buying an additional 109,261 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Palomar by 1.0% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 954,290 shares of the company’s stock worth $52,963,000 after buying an additional 9,462 shares during the last quarter. Westfield Capital Management Co. LP raised its position in shares of Palomar by 6.3% during the 4th quarter. Westfield Capital Management Co. LP now owns 460,545 shares of the company’s stock valued at $25,560,000 after buying an additional 27,199 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Palomar by 14.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company’s stock worth $23,407,000 after acquiring an additional 52,659 shares during the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Palomar Trading Down 0.4 %

Shares of NASDAQ:PLMR opened at $84.76 on Friday. The stock has a market cap of $2.11 billion, a PE ratio of 24.36 and a beta of 0.24. The stock’s fifty day simple moving average is $79.43 and its two-hundred day simple moving average is $66.89. Palomar has a 1-year low of $46.09 and a 1-year high of $86.25.

Palomar (NASDAQ:PLMR) last announced its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.28. The firm had revenue of $108.39 million for the quarter, compared to the consensus estimate of $322.10 million. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The company’s revenue was up 29.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.80 EPS. On average, sell-side analysts forecast that Palomar will post 3.84 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.