Palomar (NASDAQ:PLMR) Reaches New 12-Month High – Here’s What Happened

Palomar Holdings, Inc. (NASDAQ:PLMR)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $107.11 and last traded at $106.57, with a volume of 49055 shares. The stock had previously closed at $103.69.

Analysts Set New Price Targets

PLMR has been the topic of a number of research analyst reports. Truist Financial boosted their target price on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $117.00 to $120.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Jefferies Financial Group increased their price target on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Evercore ISI lifted their target price on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. Finally, Piper Sandler lifted their target price on shares of Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $109.00.

Palomar Stock Performance

The company has a market cap of $2.84 billion, a PE ratio of 25.45 and a beta of 0.34. The stock’s 50-day simple moving average is $96.31 and its 200 day simple moving average is $90.69.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The firm had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. During the same quarter last year, the firm earned $0.80 earnings per share. On average, sell-side analysts predict that Palomar Holdings, Inc. will post 4.32 EPS for the current fiscal year.

Insider Activity

In other Palomar news, President Jon Christianson sold 10,000 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $94.40, for a total value of $944,000.00. Following the completion of the transaction, the president now directly owns 51,926 shares of the company’s stock, valued at approximately $4,901,814.40. This trade represents a 16.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 1,750 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $99.00, for a total value of $173,250.00. Following the sale, the chief financial officer now owns 20,594 shares in the company, valued at approximately $2,038,806. The trade was a 7.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 39,076 shares of company stock valued at $3,806,029 in the last three months. 4.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Palomar

A number of large investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. lifted its stake in shares of Palomar by 1,634.6% during the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock valued at $14,419,000 after buying an additional 167,435 shares during the period. F M Investments LLC purchased a new position in shares of Palomar in the 2nd quarter worth $11,946,000. Point72 Asset Management L.P. acquired a new position in Palomar in the third quarter valued at $10,994,000. Allspring Global Investments Holdings LLC grew its position in Palomar by 214.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company’s stock valued at $13,445,000 after acquiring an additional 112,996 shares during the period. Finally, Soros Fund Management LLC acquired a new stake in Palomar during the third quarter worth about $9,467,000. 90.25% of the stock is owned by institutional investors and hedge funds.

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.