Palomar Holdings, Inc. (NASDAQ:PLMR) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Palomar Holdings, Inc. (NASDAQ:PLMR) has received an average recommendation of “Moderate Buy” from the seven research firms that are currently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $101.33.

A number of analysts have recently issued reports on the company. Piper Sandler boosted their price objective on Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Evercore ISI raised their price objective on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a report on Tuesday, August 6th. JPMorgan Chase & Co. increased their price target on shares of Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Thursday, July 11th. Truist Financial lifted their price objective on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Finally, Keefe, Bruyette & Woods increased their target price on Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th.

Insider Buying and Selling

In other Palomar news, Director Thomas A. Bradley acquired 1,000 shares of the business’s stock in a transaction on Friday, August 9th. The stock was purchased at an average price of $89.42 per share, for a total transaction of $89,420.00. Following the transaction, the director now owns 4,724 shares in the company, valued at $422,420.08. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Palomar news, CFO T Christopher Uchida sold 1,750 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $99.00, for a total value of $173,250.00. Following the completion of the transaction, the chief financial officer now directly owns 20,594 shares of the company’s stock, valued at approximately $2,038,806. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Thomas A. Bradley bought 1,000 shares of Palomar stock in a transaction dated Friday, August 9th. The shares were bought at an average price of $89.42 per share, for a total transaction of $89,420.00. Following the completion of the transaction, the director now directly owns 4,724 shares of the company’s stock, valued at $422,420.08. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 48,500 shares of company stock worth $4,464,266 in the last three months. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PLMR. Artemis Investment Management LLP acquired a new position in shares of Palomar during the first quarter valued at $20,904,000. Norges Bank bought a new position in shares of Palomar in the 4th quarter valued at about $9,726,000. Victory Capital Management Inc. grew its position in shares of 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 during the period. F M Investments LLC bought a new stake in shares of Palomar during the second quarter worth approximately $11,946,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Palomar by 214.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company’s stock valued at $13,445,000 after buying an additional 112,996 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Price Performance

NASDAQ:PLMR opened at $102.88 on Tuesday. The stock has a market cap of $2.56 billion, a P/E ratio of 29.56 and a beta of 0.33. The company has a fifty day moving average price of $94.77 and a 200 day moving average price of $86.92. Palomar has a one year low of $48.08 and a one year high of $103.40.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Monday, August 5th. The company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.16. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The business had revenue of $123.08 million during the quarter, compared to analyst estimates of $338.74 million. During the same quarter in the prior year, the business earned $0.72 earnings per share. The firm’s revenue for the quarter was up 47.0% on a year-over-year basis. As a group, equities research analysts anticipate that Palomar will post 4.37 EPS 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.