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

Shares of Palomar Holdings, Inc. (NASDAQ:PLMRGet Rating) have been assigned an average recommendation of “Buy” from the eight brokerages that are covering the firm, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a buy rating. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $81.17.

PLMR has been the topic of a number of recent research reports. Keefe, Bruyette & Woods raised their price objective on Palomar from $84.00 to $88.00 in a research note on Sunday, August 7th. Barclays raised their price objective on Palomar from $72.00 to $80.00 and gave the stock an “overweight” rating in a research note on Monday, August 8th. Finally, Piper Sandler upgraded Palomar from a “neutral” rating to an “overweight” rating and set a $70.00 price target on the stock in a research note on Wednesday, June 22nd.

Insider Activity

In related news, CFO T Christopher Uchida sold 1,000 shares of the firm’s stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $57.04, for a total transaction of $57,040.00. Following the sale, the chief financial officer now owns 25,925 shares of the company’s stock, valued at approximately $1,478,762. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO T Christopher Uchida sold 1,000 shares of the firm’s stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $57.04, for a total transaction of $57,040.00. Following the sale, the chief financial officer now owns 25,925 shares of the company’s stock, valued at approximately $1,478,762. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Jon Christianson sold 4,000 shares of the firm’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $73.43, for a total value of $293,720.00. Following the sale, the president now directly owns 90,386 shares in the company, valued at approximately $6,637,043.98. The disclosure for this sale can be found here. In the last quarter, insiders have sold 79,927 shares of company stock worth $5,754,691. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its holdings in Palomar by 0.9% during the 1st quarter. BlackRock Inc. now owns 3,633,581 shares of the company’s stock worth $232,512,000 after buying an additional 32,307 shares during the period. Vanguard Group Inc. raised its position in shares of Palomar by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 2,107,594 shares of the company’s stock worth $134,865,000 after acquiring an additional 26,142 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Palomar by 0.4% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,600,319 shares of the company’s stock worth $103,061,000 after acquiring an additional 6,497 shares in the last quarter. Nordea Investment Management AB raised its position in shares of Palomar by 1.6% in the 2nd quarter. Nordea Investment Management AB now owns 1,240,561 shares of the company’s stock worth $76,033,000 after acquiring an additional 19,663 shares in the last quarter. Finally, Villere ST Denis J & Co. LLC raised its position in shares of Palomar by 14.5% in the 1st quarter. Villere ST Denis J & Co. LLC now owns 1,070,673 shares of the company’s stock worth $68,512,000 after acquiring an additional 135,549 shares in the last quarter. 86.83% of the stock is owned by institutional investors and hedge funds.

Palomar Trading Down 2.7 %

Shares of NASDAQ PLMR opened at $83.84 on Monday. The firm has a market cap of $2.12 billion, a P/E ratio of 47.10 and a beta of 0.02. Palomar has a 1-year low of $44.01 and a 1-year high of $97.18. The business’s 50 day moving average is $70.00 and its 200-day moving average is $64.00.

Palomar (NASDAQ:PLMRGet Rating) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.07. Palomar had a return on equity of 14.95% and a net margin of 15.41%. The firm had revenue of $84.40 million for the quarter, compared to analyst estimates of $87.23 million. Analysts forecast that Palomar will post 3 EPS for the current year.

Palomar Company Profile

(Get Rating)

Palomar Holdings, Inc, an insurance holding company, provides specialty property insurance to residential and commercial customers. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance, commercial flood, real estate error and omission, and real estate investor products.

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Analyst Recommendations for Palomar (NASDAQ:PLMR)

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