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

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have earned a consensus recommendation of “Moderate Buy” from the seven brokerages that are covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $101.33.

PLMR has been the topic of a number of analyst reports. Keefe, Bruyette & Woods increased their target price on shares of Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. JPMorgan Chase & Co. increased their price target on Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Thursday, July 11th. Evercore ISI lifted their price objective on Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a report on Tuesday, August 6th. Truist Financial increased their target price on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Finally, Piper Sandler raised their price target on Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th.

Palomar Trading Down 1.8 %

NASDAQ:PLMR opened at $96.08 on Friday. The stock has a 50 day simple moving average of $90.51 and a 200 day simple moving average of $83.91. The stock has a market cap of $2.39 billion, a P/E ratio of 27.61 and a beta of 0.34. Palomar has a 1-year low of $48.08 and a 1-year high of $100.29.

Palomar (NASDAQ:PLMR) last posted its earnings results on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.16. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The company had revenue of $123.08 million during the quarter, compared to the consensus estimate of $338.74 million. During the same quarter last year, the firm earned $0.72 earnings per share. The company’s revenue was up 47.0% on a year-over-year basis. As a group, sell-side analysts forecast that Palomar will post 4.37 EPS for the current year.

Insider Buying and Selling

In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $80.32, for a total transaction of $80,320.00. Following the completion of the transaction, the chief financial officer now owns 24,094 shares of the company’s stock, valued at $1,935,230.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $80.32, for a total value of $80,320.00. Following the sale, the chief financial officer now owns 24,094 shares in the company, valued at $1,935,230.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Jon Christianson sold 2,000 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $81.21, for a total transaction of $162,420.00. Following the transaction, the president now owns 53,761 shares of the company’s stock, valued at $4,365,930.81. The disclosure for this sale can be found here. Insiders sold a total of 41,500 shares of company stock worth $3,644,146 in the last ninety days. 4.30% of the stock is owned by insiders.

Institutional Trading of Palomar

A number of hedge funds have recently made changes to their positions in PLMR. Arizona State Retirement System lifted its holdings in shares of Palomar by 2.4% during the second quarter. Arizona State Retirement System now owns 6,961 shares of the company’s stock worth $565,000 after purchasing an additional 164 shares during the period. CWM LLC lifted its holdings in Palomar by 15.7% during the 2nd quarter. CWM LLC now owns 1,601 shares of the company’s stock worth $130,000 after buying an additional 217 shares during the period. Covestor Ltd grew its position in shares of Palomar by 29.0% in the 1st quarter. Covestor Ltd now owns 1,183 shares of the company’s stock valued at $99,000 after buying an additional 266 shares during the last quarter. Conestoga Capital Advisors LLC increased its stake in shares of Palomar by 1.0% in the first quarter. Conestoga Capital Advisors LLC now owns 27,407 shares of the company’s stock valued at $2,298,000 after buying an additional 270 shares during the period. Finally, Texas Permanent School Fund Corp raised its position in shares of Palomar by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 21,644 shares of the company’s stock worth $1,814,000 after acquiring an additional 280 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

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.