Palomar Holdings, Inc. (NASDAQ:PLMR) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been assigned an average recommendation of “Moderate Buy” from the seven analysts that are presently covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $115.50.

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

Insiders Place Their Bets

In related news, insider Angela L. Grant sold 394 shares of the company’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $108.34, for a total transaction of $42,685.96. Following the completion of the transaction, the insider now owns 4,485 shares in the company, valued at approximately $485,904.90. This represents a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $103.04, for a total transaction of $721,280.00. Following the sale, the chief executive officer now directly owns 419,388 shares in the company, valued at approximately $43,213,739.52. The trade was a 1.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,974 shares of company stock worth $4,033,026 over the last three months. 4.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Palomar

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Blue Trust Inc. bought a new position in shares of Palomar in the fourth quarter worth about $26,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Palomar in the 3rd quarter valued at about $25,000. GAMMA Investing LLC raised its position in shares of Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after purchasing an additional 125 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of Palomar by 490.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after purchasing an additional 378 shares during the last quarter. Finally, KBC Group NV raised its position in Palomar by 44.9% during the 4th quarter. KBC Group NV now owns 1,045 shares of the company’s stock worth $110,000 after buying an additional 324 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Stock Performance

Shares of Palomar stock opened at $107.87 on Monday. The stock has a market capitalization of $2.86 billion, a PE ratio of 25.62 and a beta of 0.38. Palomar has a 52-week low of $57.55 and a 52-week high of $112.90. The company has a 50-day simple moving average of $106.93 and a two-hundred day simple moving average of $99.45.

Palomar (NASDAQ:PLMR) last issued 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 during 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 previous year, the company earned $0.80 earnings per share. As a group, equities research analysts forecast that Palomar will post 4.33 EPS for the current fiscal year.

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.