Palomar Holdings, Inc. (NASDAQ:PLMR) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been given a consensus recommendation of “Moderate Buy” by the seven brokerages that are presently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $111.67.

Several research analysts have commented on PLMR shares. Keefe, Bruyette & Woods raised their price objective on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Piper Sandler raised their price target on 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. lifted their price objective on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, Jefferies Financial Group increased their target price on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th.

Insider Buying and Selling at Palomar

In other Palomar news, CFO T Christopher Uchida sold 1,030 shares of Palomar stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $110.85, for a total value of $114,175.50. Following the transaction, the chief financial officer now directly owns 15,994 shares of the company’s stock, valued at approximately $1,772,934.90. The trade was a 6.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $95.49, for a total value of $668,430.00. Following the transaction, the chief executive officer now directly owns 440,388 shares in the company, valued at approximately $42,052,650.12. The trade was a 1.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,356 shares of company stock worth $2,802,955 over the last quarter. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

Institutional investors have recently added to or reduced their stakes in the business. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Palomar during the third quarter valued at about $25,000. GAMMA Investing LLC increased its stake in Palomar by 48.6% during 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 in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Palomar by 490.9% in the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after buying an additional 378 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Palomar in the second quarter worth $49,000. Finally, Covestor Ltd grew its holdings in shares of Palomar by 20.2% during the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock valued at $102,000 after buying an additional 181 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Trading Up 1.1 %

Shares of PLMR opened at $104.93 on Friday. The firm has a fifty day moving average price of $102.14 and a 200-day moving average price of $94.59. The firm has a market capitalization of $2.78 billion, a P/E ratio of 24.92 and a beta of 0.36. Palomar has a 12-month low of $54.50 and a 12-month high of $112.90.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share (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 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 EPS. Analysts predict that Palomar will post 4.33 earnings per share for the current 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.