Analysts Set Palomar Holdings, Inc. (NASDAQ:PLMR) PT at $111.67

Palomar Holdings, Inc. (NASDAQ:PLMR) has been given an average rating of “Moderate Buy” by the seven ratings firms that are currently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $111.67.

PLMR has been the topic of several analyst reports. Piper Sandler increased their price target on Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. upped their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Jefferies Financial Group lifted their price target on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods upped their price objective on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th.

Insider Activity at Palomar

In other Palomar news, CFO T Christopher Uchida sold 1,030 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $97.65, for a total transaction of $100,579.50. Following the completion of the transaction, the chief financial officer now directly owns 17,543 shares in the company, valued at approximately $1,713,073.95. This represents a 5.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $95.49, for a total transaction of $668,430.00. Following the completion of the sale, the chief executive officer now owns 440,388 shares in the company, valued at approximately $42,052,650.12. This trade represents a 1.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,356 shares of company stock worth $2,802,955 in the last 90 days. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. increased its stake in Palomar by 1,634.6% during the 2nd quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock worth $14,419,000 after buying an additional 167,435 shares in the last quarter. F M Investments LLC purchased a new stake in shares of Palomar during the second quarter worth approximately $11,946,000. Point72 Asset Management L.P. purchased a new stake in shares of Palomar during the third quarter worth approximately $10,994,000. Allspring Global Investments Holdings LLC raised its stake in Palomar by 214.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company’s stock valued at $13,445,000 after purchasing an additional 112,996 shares during the last quarter. Finally, Soros Fund Management LLC purchased a new position in Palomar in the 3rd quarter valued at $9,467,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Stock Up 1.1 %

Shares of NASDAQ PLMR opened at $104.93 on Friday. Palomar has a 52 week low of $54.50 and a 52 week high of $112.90. The business’s 50 day moving average price is $102.14 and its 200 day moving average price is $94.59. The firm has a market cap of $2.78 billion, a P/E ratio of 24.92 and a beta of 0.36.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The business had revenue of $148.50 million for the quarter, compared to the consensus estimate of $134.72 million. During the same period in the prior year, the firm earned $0.80 EPS. As a group, research analysts expect that Palomar will post 4.33 earnings per share 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.