Palomar (NASDAQ:PLMR) Hits New 52-Week High – Should You Buy?

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $139.21 and last traded at $137.08, with a volume of 328720 shares traded. The stock had previously closed at $136.77.

Wall Street Analyst Weigh In

PLMR has been the topic of several recent analyst reports. Piper Sandler upped their price target on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Keefe, Bruyette & Woods upped their target price on shares of Palomar from $152.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday, March 21st. Truist Financial lifted their price target on shares of Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, JMP Securities restated a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $127.83.

Palomar Price Performance

The stock’s 50 day simple moving average is $122.73 and its 200-day simple moving average is $109.08. The company has a market capitalization of $3.78 billion, a PE ratio of 31.63 and a beta of 0.33.

Palomar (NASDAQ:PLMR) last released its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. On average, equities analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Activity at Palomar

In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $139.00, for a total value of $139,000.00. Following the sale, the chief financial officer now owns 10,172 shares of the company’s stock, valued at $1,413,908. This trade represents a 8.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Mac Armstrong sold 5,000 shares of the business’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $129.72, for a total value of $648,600.00. Following the transaction, the chief executive officer now directly owns 402,388 shares of the company’s stock, valued at approximately $52,197,771.36. This represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,097 shares of company stock worth $3,271,422. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Blue Trust Inc. purchased a new position in Palomar in the fourth quarter valued at $26,000. Smartleaf Asset Management LLC increased its holdings in shares of Palomar by 536.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock valued at $43,000 after acquiring an additional 349 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of Palomar by 63.2% during the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock worth $52,000 after acquiring an additional 191 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in Palomar by 21.8% during the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock worth $58,000 after purchasing an additional 99 shares during the last quarter. Finally, KBC Group NV boosted its holdings in Palomar by 44.9% in the fourth quarter. KBC Group NV now owns 1,045 shares of the company’s stock valued at $110,000 after purchasing an additional 324 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.