Palomar (NASDAQ:PLMR) Hits New 52-Week High – What’s Next?

Palomar Holdings, Inc. (NASDAQ:PLMR)’s share price reached a new 52-week high during trading on Friday . The company traded as high as $128.85 and last traded at $128.66, with a volume of 371869 shares trading hands. The stock had previously closed at $122.59.

Wall Street Analysts Forecast Growth

PLMR has been the subject of a number of research analyst reports. Truist Financial increased their price target on Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Piper Sandler raised their price objective on Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Keefe, Bruyette & Woods raised their target price on Palomar from $136.00 to $152.00 and gave the stock an “outperform” rating in a report on Tuesday, February 18th. JMP Securities reissued a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Finally, JPMorgan Chase & Co. lifted their price target on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Palomar currently has an average rating of “Moderate Buy” and a consensus target price of $127.33.

Palomar Stock Up 5.0 %

The company has a market cap of $3.43 billion, a PE ratio of 28.72 and a beta of 0.38. The stock has a 50-day simple moving average of $110.74 and a 200 day simple moving average of $103.28.

Palomar (NASDAQ:PLMR) last released its earnings results on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. As a group, research analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Transactions at Palomar

In other Palomar news, insider Angela L. Grant sold 1,505 shares of the company’s stock in a transaction that occurred on Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total transaction of $159,319.30. Following the completion of the sale, the insider now directly owns 2,534 shares of the company’s stock, valued at $268,249.24. This represents a 37.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Jon Christianson sold 819 shares of the company’s stock in a transaction that occurred on Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total value of $86,699.34. Following the sale, the president now directly owns 55,126 shares of the company’s stock, valued at approximately $5,835,638.36. This represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,485 shares of company stock valued at $4,098,195. 4.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Palomar

A number of large investors have recently modified their holdings of the business. State Street Corp grew its holdings in shares of Palomar by 3.0% in the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after acquiring an additional 32,151 shares during the period. Geode Capital Management LLC grew its position in shares of Palomar by 3.2% in the third quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock valued at $56,822,000 after purchasing an additional 18,335 shares during the period. JPMorgan Chase & Co. boosted its holdings in Palomar by 9.5% in the third quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company’s stock valued at $12,133,000 after acquiring an additional 11,140 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in shares of Palomar by 58.7% during the third quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock worth $3,109,000 after purchasing an additional 12,147 shares in the last quarter. Finally, HighTower Advisors LLC acquired a new position in shares of Palomar during the third quarter worth about $1,711,000. 90.25% of the stock is 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.