Palomar Holdings, Inc. (NASDAQ:PLMR) Receives $115.50 Consensus Target Price from Brokerages

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have earned a consensus rating of “Moderate Buy” from the seven research firms that are currently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $115.50.

A number of equities research analysts have recently issued reports on the company. Jefferies Financial Group increased their target price on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Piper Sandler lifted their price objective on shares of Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods upped their target price on shares of Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. raised their price target on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 7th.

Palomar Stock Up 1.5 %

PLMR opened at $107.11 on Thursday. Palomar has a 52-week low of $57.55 and a 52-week high of $112.90. The company has a 50 day moving average of $106.05 and a two-hundred day moving average of $97.46. The company has a market cap of $2.84 billion, a P/E ratio of 25.44 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping 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 analysts’ expectations of $134.72 million. During the same period in the prior year, the company earned $0.80 EPS. Research analysts anticipate that Palomar will post 4.33 earnings per share for the current year.

Insider Activity at Palomar

In related news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $96.28, for a total transaction of $673,960.00. Following the sale, the chief executive officer now directly owns 433,388 shares of the company’s stock, valued at approximately $41,726,596.64. This represents a 1.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 1,111 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $104.00, for a total value of $115,544.00. Following the transaction, the chief financial officer now owns 16,432 shares in the company, valued at $1,708,928. This trade represents a 6.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,694 shares of company stock valued at $2,632,377 over the last ninety days. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PLMR. GAMMA Investing LLC raised its stake in Palomar by 48.6% during the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after acquiring an additional 125 shares during the period. Arizona State Retirement System grew its holdings in shares of Palomar by 2.4% during the second quarter. Arizona State Retirement System now owns 6,961 shares of the company’s stock valued at $565,000 after purchasing an additional 164 shares during the last quarter. Covestor Ltd raised its position in shares of Palomar by 20.2% during the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after purchasing an additional 181 shares during the period. Louisiana State Employees Retirement System lifted its holdings in shares of Palomar by 1.6% in the 3rd quarter. Louisiana State Employees Retirement System now owns 12,700 shares of the company’s stock worth $1,202,000 after purchasing an additional 200 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. acquired a new position in Palomar during the 3rd quarter valued at approximately $25,000. 90.25% of the stock is currently owned by institutional investors.

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.