Palomar (NASDAQ:PLMR) Sets New 1-Year High After Analyst Upgrade

Palomar Holdings, Inc. (NASDAQ:PLMR) reached a new 52-week high on Tuesday after Truist Financial raised their price target on the stock from $88.00 to $97.00. Truist Financial currently has a buy rating on the stock. Palomar traded as high as $86.25 and last traded at $85.78, with a volume of 76864 shares changing hands. The stock had previously closed at $83.39.

A number of other equities analysts have also commented on PLMR. Jefferies Financial Group upgraded shares of Palomar from a “hold” rating to a “buy” rating and lifted their price target for the stock from $78.00 to $88.00 in a report on Thursday, March 14th. Keefe, Bruyette & Woods upped their price target on Palomar from $88.00 to $89.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Evercore ISI raised their price objective on Palomar from $68.00 to $86.00 and gave the stock an “in-line” rating in a research report on Thursday, April 11th. Piper Sandler upped their target price on Palomar from $89.00 to $90.00 and gave the company an “overweight” rating in a report on Monday. Finally, JPMorgan Chase & Co. lowered shares of Palomar from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $79.00 to $85.00 in a report on Monday, April 8th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.17.

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $80.03, for a total value of $560,210.00. Following the completion of the sale, the chief executive officer now directly owns 468,388 shares of the company’s stock, valued at $37,485,091.64. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $80.03, for a total transaction of $560,210.00. Following the transaction, the chief executive officer now directly owns 468,388 shares in the company, valued at approximately $37,485,091.64. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Jon Christianson sold 2,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $76.30, for a total transaction of $152,600.00. Following the transaction, the president now owns 57,761 shares in the company, valued at $4,407,164.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,250 shares of company stock worth $3,305,655. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Palomar

Several institutional investors and hedge funds have recently bought and sold shares of PLMR. Sei Investments Co. grew its position in shares of Palomar by 1.7% in the first quarter. Sei Investments Co. now owns 73,501 shares of the company’s stock valued at $6,162,000 after purchasing an additional 1,240 shares in the last quarter. Concurrent Investment Advisors LLC purchased a new position in Palomar during the 1st quarter valued at about $536,000. Illinois Municipal Retirement Fund increased its position in shares of Palomar by 3.8% during the first quarter. Illinois Municipal Retirement Fund now owns 14,348 shares of the company’s stock valued at $1,203,000 after buying an additional 531 shares during the period. Oppenheimer Asset Management Inc. bought a new position in shares of Palomar in the first quarter valued at approximately $235,000. Finally, SG Americas Securities LLC purchased a new position in Palomar during the first quarter valued at approximately $122,000. 90.25% of the stock is owned by institutional investors.

Palomar Trading Up 2.1 %

The firm has a market cap of $2.12 billion, a P/E ratio of 24.46 and a beta of 0.24. The stock’s fifty day moving average is $79.24 and its two-hundred day moving average is $66.76.

Palomar (NASDAQ:PLMR) last announced its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.28. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The business had revenue of $108.39 million for the quarter, compared to analyst estimates of $322.10 million. During the same period in the prior year, the company earned $0.80 EPS. The company’s quarterly revenue was up 29.1% compared to the same quarter last year. On average, analysts forecast that Palomar Holdings, Inc. will post 3.84 EPS 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.