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

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been given an average rating of “Moderate Buy” by the seven analysts that are presently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $148.33.

PLMR has been the topic of a number of analyst reports. Truist Financial raised their price target on Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a research note on Tuesday, April 15th. Jefferies Financial Group raised their price target on Palomar from $145.00 to $168.00 and gave the company a “buy” rating in a research note on Friday, April 11th. JPMorgan Chase & Co. upgraded Palomar from a “neutral” rating to an “overweight” rating and raised their price target for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods cut their target price on Palomar from $155.00 to $145.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. Finally, Piper Sandler lifted their target price on Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th.

Palomar Price Performance

Palomar stock opened at $155.68 on Wednesday. Palomar has a 1-year low of $77.28 and a 1-year high of $165.00. The stock has a market cap of $4.16 billion, a PE ratio of 34.75 and a beta of 0.51. The stock’s fifty day moving average is $142.13 and its two-hundred day moving average is $120.13.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.61 by $0.26. Palomar had a return on equity of 19.76% and a net margin of 21.23%. The company had revenue of $174.63 million for the quarter, compared to analysts’ expectations of $161.97 million. During the same period last year, the firm earned $1.09 earnings per share. On average, research analysts expect that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Transactions at Palomar

In other news, CFO T Christopher Uchida sold 500 shares of Palomar stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $153.04, for a total transaction of $76,520.00. Following the sale, the chief financial officer now owns 7,672 shares in the company, valued at approximately $1,174,122.88. The trade was a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mac Armstrong sold 5,000 shares of the business’s stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $145.41, for a total value of $727,050.00. Following the completion of the transaction, the chief executive officer now owns 397,388 shares in the company, valued at $57,784,189.08. This trade represents a 1.24% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,254 shares of company stock worth $2,443,484. Corporate insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Palomar

Institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its position in Palomar by 5.6% in the 4th quarter. Principal Financial Group Inc. now owns 147,540 shares of the company’s stock valued at $15,579,000 after acquiring an additional 7,875 shares during the period. Artemis Investment Management LLP increased its position in Palomar by 18.7% in the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company’s stock valued at $48,052,000 after acquiring an additional 71,806 shares during the period. Atlas Capital Advisors Inc. increased its position in Palomar by 175.5% in the 4th quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company’s stock valued at $14,918,000 after acquiring an additional 90,000 shares during the period. Avantax Advisory Services Inc. increased its position in Palomar by 2.5% in the 4th quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company’s stock valued at $616,000 after acquiring an additional 145 shares during the period. Finally, Jump Financial LLC increased its position in Palomar by 146.1% in the 4th quarter. Jump Financial LLC now owns 6,885 shares of the company’s stock valued at $727,000 after acquiring an additional 4,087 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

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.