Palomar Holdings, Inc. (NASDAQ:PLMR) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been given a consensus rating of “Moderate Buy” by the seven ratings firms that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $115.50.

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

Insider Activity

In other Palomar news, CEO Mac Armstrong sold 3,185 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $98.21, for a total transaction of $312,798.85. Following the completion of the transaction, the chief executive officer now directly owns 50,312 shares of the company’s stock, valued at $4,941,141.52. The trade was a 5.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO T Christopher Uchida sold 1,030 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $110.85, for a total transaction of $114,175.50. Following the completion of the transaction, the chief financial officer now owns 15,994 shares of the company’s stock, valued at approximately $1,772,934.90. This trade represents a 6.05 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,909 shares of company stock valued at $3,242,655. 4.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Palomar

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Victory Capital Management Inc. raised its stake 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 acquiring an additional 167,435 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Palomar during the third quarter valued at $10,994,000. Soros Fund Management LLC bought a new stake in shares of Palomar during the third quarter valued at about $9,467,000. Westfield Capital Management Co. LP lifted its holdings in Palomar by 24.5% in the third quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company’s stock worth $37,339,000 after purchasing an additional 77,552 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Palomar by 15.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after buying an additional 66,478 shares in the last quarter. 90.25% of the stock is owned by institutional investors.

Palomar Stock Performance

Shares of PLMR opened at $105.87 on Thursday. Palomar has a one year low of $54.81 and a one year high of $112.90. The stock has a 50-day moving average price of $104.42 and a 200 day moving average price of $96.54. The company has a market capitalization of $2.80 billion, a P/E ratio of 25.15 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.03 by $0.20. The company had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. Palomar had a return on equity of 19.65% and a net margin of 21.55%. During the same period in the prior year, the business posted $0.80 EPS. As a group, equities research analysts forecast that Palomar will post 4.33 earnings per share 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.