Analysts Set Palomar Holdings, Inc. (NASDAQ:PLMR) Price Target at $109.00

Palomar Holdings, Inc. (NASDAQ:PLMR) has been assigned an average rating of “Moderate Buy” from the seven analysts that are presently covering the stock, Marketbeat Ratings reports. Three 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 brokerages that have issued ratings on the stock in the last year is $109.00.

Several equities analysts recently commented on the company. Truist Financial boosted their target price on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Evercore ISI boosted their price objective on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a report on Tuesday, August 6th. Piper Sandler raised their target price on shares of Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. boosted their price target on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group increased their price target on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th.

Palomar Stock Down 0.3 %

Shares of PLMR opened at $108.32 on Wednesday. Palomar has a twelve month low of $54.50 and a twelve month high of $110.98. The stock has a market cap of $2.87 billion, a PE ratio of 25.73 and a beta of 0.34. The business’s 50-day moving average price is $96.95 and its 200-day moving average price is $90.93.

Palomar (NASDAQ:PLMR) last posted its earnings results 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 business had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same period in the prior year, the company posted $0.80 EPS. Analysts expect that Palomar will post 4.33 earnings per share for the current fiscal year.

Insider Transactions at Palomar

In related news, President Jon Christianson sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $94.40, for a total transaction of $944,000.00. Following the transaction, the president now directly owns 51,926 shares in the company, valued at $4,901,814.40. This trade represents a 16.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO T Christopher Uchida sold 1,030 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $97.65, for a total value of $100,579.50. Following the completion of the sale, the chief financial officer now owns 17,543 shares of the company’s stock, valued at $1,713,073.95. The trade was a 5.55 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,326 shares of company stock worth $3,632,779. 4.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Quadrature Capital Ltd grew its holdings in Palomar by 155.9% in the 1st quarter. Quadrature Capital Ltd now owns 22,773 shares of the company’s stock worth $1,906,000 after acquiring an additional 13,873 shares during the last quarter. Driehaus Capital Management LLC grew its stake in shares of Palomar by 17.1% in the second quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock worth $24,362,000 after purchasing an additional 43,841 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Palomar by 1,634.6% during the 2nd quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock valued at $14,419,000 after purchasing an additional 167,435 shares during the period. Vanguard Group Inc. raised its position in Palomar by 1.7% during the 1st 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. Finally, Exchange Traded Concepts LLC purchased a new stake in Palomar in the 3rd quarter worth approximately $731,000. Institutional investors own 90.25% of the company’s stock.

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.