Palomar Holdings, Inc. (NASDAQ:PLMR) Receives $101.33 Average Price Target from Analysts

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

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

Palomar Stock Performance

Shares of NASDAQ PLMR opened at $94.51 on Friday. Palomar has a fifty-two week low of $48.08 and a fifty-two week high of $100.29. The company has a 50 day simple moving average of $91.07 and a two-hundred day simple moving average of $84.28. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of 27.16 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last announced its earnings results on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.16. The business had revenue of $123.08 million during the quarter, compared to the consensus estimate of $338.74 million. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The business’s revenue for the quarter was up 47.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.72 earnings per share. On average, analysts forecast that Palomar will post 4.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Mac Armstrong sold 12,773 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $88.19, for a total transaction of $1,126,450.87. Following the transaction, the chief executive officer now owns 59,309 shares in the company, valued at $5,230,460.71. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Mac Armstrong sold 12,773 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $88.19, for a total value of $1,126,450.87. Following the transaction, the chief executive officer now owns 59,309 shares in the company, valued at approximately $5,230,460.71. The sale was disclosed in a filing with the SEC, which is available through this link. Also, President Jon Christianson sold 2,000 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $81.21, for a total transaction of $162,420.00. Following the completion of the transaction, the president now owns 53,761 shares in the company, valued at approximately $4,365,930.81. The disclosure for this sale can be found here. Insiders sold a total of 41,500 shares of company stock valued at $3,644,146 over the last three months. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC purchased a new position in Palomar in the 2nd quarter valued at $49,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Palomar during the 1st quarter worth about $59,000. Advisors Asset Management Inc. increased its position in shares of Palomar by 137.1% during the 1st quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock worth $62,000 after purchasing an additional 425 shares during the last quarter. Atwood & Palmer Inc. grew its position in Palomar by 66.7% in the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after acquiring an additional 300 shares in the last quarter. Finally, Covestor Ltd grew its position in Palomar by 29.0% in the 1st quarter. Covestor Ltd now owns 1,183 shares of the company’s stock valued at $99,000 after acquiring an additional 266 shares in the last quarter. Hedge funds and other 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.