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

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been assigned an average recommendation of “Moderate Buy” from the seven brokerages that are currently covering the stock, MarketBeat Ratings reports. Three 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 objective among analysts that have updated their coverage on the stock in the last year is $127.83.

Several analysts recently issued reports on PLMR shares. Truist Financial upped their price objective on shares of Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, February 14th. JMP Securities restated a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Piper Sandler upped their price target on Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Palomar from $152.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday.

Palomar Stock Performance

Shares of Palomar stock opened at $134.99 on Tuesday. The company has a market cap of $3.60 billion, a P/E ratio of 30.13 and a beta of 0.33. The firm has a 50-day simple moving average of $118.71 and a two-hundred day simple moving average of $107.05. Palomar has a fifty-two week low of $74.09 and a fifty-two week high of $136.90.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. Equities research analysts forecast that Palomar will post 5.99 EPS for the current year.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction on Friday, March 21st. The shares were sold at an average price of $129.72, for a total value of $648,600.00. Following the transaction, the chief executive officer now directly owns 402,388 shares in the company, valued at approximately $52,197,771.36. The trade was a 1.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 394 shares of the company’s stock in a transaction that occurred on Sunday, January 26th. The shares were sold at an average price of $101.69, for a total value of $40,065.86. Following the sale, the chief financial officer now directly owns 16,943 shares of the company’s stock, valued at approximately $1,722,933.67. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 35,455 shares of company stock worth $3,911,340. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Palomar by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company’s stock valued at $271,886,000 after buying an additional 53,123 shares during the period. State Street Corp boosted its stake in shares of Palomar by 3.0% during the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after purchasing an additional 32,151 shares during the last quarter. American Century Companies Inc. grew its stake in Palomar by 36.6% in the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company’s stock worth $82,932,000 after acquiring an additional 210,523 shares during the period. Geode Capital Management LLC lifted its stake in shares of Palomar by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 618,840 shares of the company’s stock worth $65,358,000 after purchasing an additional 18,748 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Palomar by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company’s stock valued at $59,313,000 after purchasing an additional 17,320 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

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.