Palomar (NASDAQ:PLMR) Sets New 12-Month High After Analyst Upgrade

Palomar Holdings, Inc. (NASDAQ:PLMR)’s stock price reached a new 52-week high during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $88.00 to $97.00. Truist Financial currently has a buy rating on the stock. Palomar traded as high as $86.25 and last traded at $85.78, with a volume of 76864 shares changing hands. The stock had previously closed at $83.39.

PLMR has been the subject of a number of other reports. JMP Securities reiterated a “market perform” rating on shares of Palomar in a research report on Monday, April 15th. JPMorgan Chase & Co. cut Palomar from an “overweight” rating to a “neutral” rating and raised their price target for the company from $79.00 to $85.00 in a report on Monday, April 8th. Jefferies Financial Group raised Palomar from a “hold” rating to a “buy” rating and upped their price objective for the stock from $78.00 to $88.00 in a research note on Thursday, March 14th. Piper Sandler lifted their target price on Palomar from $89.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Evercore ISI upped their price target on Palomar from $68.00 to $86.00 and gave the stock an “in-line” rating in a research note on Thursday, April 11th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $89.17.

Insider Buying and Selling

In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $59.45, for a total transaction of $59,450.00. Following the completion of the transaction, the chief financial officer now directly owns 31,344 shares of the company’s stock, valued at approximately $1,863,400.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $80.03, for a total transaction of $560,210.00. Following the transaction, the chief executive officer now owns 468,388 shares in the company, valued at approximately $37,485,091.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $59.45, for a total transaction of $59,450.00. Following the completion of the sale, the chief financial officer now owns 31,344 shares in the company, valued at approximately $1,863,400.80. The disclosure for this sale can be found here. Insiders sold 42,250 shares of company stock worth $3,305,655 in the last 90 days. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

A number of hedge funds have recently modified their holdings of the business. Signaturefd LLC increased its stake in shares of Palomar by 59.4% in the 4th quarter. Signaturefd LLC now owns 593 shares of the company’s stock worth $33,000 after acquiring an additional 221 shares during the last quarter. Atwood & Palmer Inc. boosted its holdings in Palomar by 66.7% in the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after purchasing an additional 300 shares during the last quarter. Picton Mahoney Asset Management purchased a new stake in shares of Palomar in the 4th quarter valued at approximately $108,000. SG Americas Securities LLC acquired a new stake in shares of Palomar during the 1st quarter worth approximately $122,000. Finally, AXS Investments LLC purchased a new stake in shares of Palomar during the 4th quarter valued at approximately $170,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Price Performance

The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of 24.36 and a beta of 0.24. The business has a fifty day moving average of $79.43 and a 200 day moving average of $66.89.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.28. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The company had revenue of $108.39 million for the quarter, compared to analyst estimates of $322.10 million. During the same period in the prior year, the firm earned $0.80 earnings per share. The business’s revenue for the quarter was up 29.1% compared to the same quarter last year. On average, equities research analysts expect that Palomar Holdings, Inc. will post 3.84 EPS for the current year.

Palomar Company Profile

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.