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

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) hit a new 52-week high on Thursday . The company traded as high as $136.90 and last traded at $128.89, with a volume of 325146 shares trading hands. The stock had previously closed at $127.18.

Analyst Ratings Changes

Several research firms have recently commented on PLMR. Keefe, Bruyette & Woods lifted their price target on Palomar from $136.00 to $152.00 and gave the stock an “outperform” rating in a report on Tuesday, February 18th. Truist Financial raised their price objective on Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Piper Sandler lifted their target price on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Finally, JMP Securities reissued a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $127.33.

Palomar Stock Performance

The stock has a market cap of $3.40 billion, a PE ratio of 28.47 and a beta of 0.33. The business has a 50-day moving average of $113.04 and a 200 day moving average of $104.39.

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

Insider Activity at Palomar

In other news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $103.04, for a total value of $721,280.00. Following the completion of the sale, the chief executive officer now owns 419,388 shares in the company, valued at $43,213,739.52. This represents a 1.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO T Christopher Uchida sold 1,030 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $110.85, for a total value of $114,175.50. Following the completion of the sale, the chief financial officer now owns 15,994 shares of the company’s stock, valued at approximately $1,772,934.90. This trade represents a 6.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,485 shares of company stock worth $4,098,195. 4.30% of the stock is currently owned by company insiders.

Institutional Trading of Palomar

Institutional investors have recently modified their holdings of the company. Blue Trust Inc. acquired a new stake in shares of Palomar in the fourth quarter valued at $26,000. Smartleaf Asset Management LLC raised its position in shares of Palomar by 536.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock worth $43,000 after purchasing an additional 349 shares during the period. Farther Finance Advisors LLC raised its position in shares of Palomar by 490.9% during the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after purchasing an additional 378 shares during the period. Jones Financial Companies Lllp raised its position in Palomar by 63.2% during the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock valued at $52,000 after buying an additional 191 shares during the period. Finally, KBC Group NV boosted its holdings in shares of Palomar by 44.9% during the fourth quarter. KBC Group NV now owns 1,045 shares of the company’s stock worth $110,000 after purchasing an additional 324 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

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.