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

Palomar Holdings, Inc. (NASDAQ:PLMR) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $111.19 and last traded at $111.19, with a volume of 8162 shares changing hands. The stock had previously closed at $108.80.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Piper Sandler increased their price objective on Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Truist Financial upped 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 upped their target price on Palomar from $117.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Evercore ISI upped their target price on Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research report on Tuesday, August 6th. Finally, Jefferies Financial Group increased their price objective on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Palomar has a consensus rating of “Moderate Buy” and a consensus target price of $109.00.

Palomar Stock Up 0.5 %

The firm has a fifty day moving average of $97.70 and a 200-day moving average of $91.55. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of 26.20 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.20. The firm had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. Palomar had a return on equity of 19.65% and a net margin of 21.55%. During the same period in the previous year, the firm posted $0.80 earnings per share. As a group, research analysts forecast that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Insider Transactions at Palomar

In related news, President Jon Christianson sold 2,195 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $104.10, for a total value of $228,499.50. Following the completion of the transaction, the president now directly owns 51,926 shares in the company, valued at approximately $5,405,496.60. This represents a 4.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $95.49, for a total value of $668,430.00. Following the completion of the transaction, the chief executive officer now owns 440,388 shares of the company’s stock, valued at $42,052,650.12. The trade was a 1.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,326 shares of company stock valued at $3,632,779 over the last three months. 4.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Palomar

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Palomar by 1.7% in the first quarter. Vanguard Group Inc. now owns 2,403,520 shares of the company’s stock valued at $201,487,000 after purchasing an additional 40,453 shares during the last quarter. State Street Corp boosted its holdings in Palomar by 3.0% in the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after purchasing an additional 32,151 shares during the last quarter. Geode Capital Management LLC boosted its holdings in 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 last quarter. Dimensional Fund Advisors LP boosted its holdings in Palomar by 15.0% in the second quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after purchasing an additional 66,478 shares during the last quarter. Finally, Emerald Advisers LLC boosted its holdings in Palomar by 1.9% in the third quarter. Emerald Advisers LLC now owns 449,973 shares of the company’s stock valued at $42,599,000 after purchasing an additional 8,601 shares during the last quarter. Hedge funds and other institutional investors 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.