Palomar (NASDAQ:PLMR) Hits New 52-Week High After Analyst Upgrade

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) reached a new 52-week high during mid-day trading on Monday after Keefe, Bruyette & Woods raised their price target on the stock from $117.00 to $120.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Palomar traded as high as $105.42 and last traded at $105.42, with a volume of 26013 shares traded. The stock had previously closed at $100.10.

Several other equities research analysts have also issued reports on the stock. Truist Financial increased their target price on shares of Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Piper Sandler increased their target price on shares of Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday. 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 research note on Wednesday, October 9th. Evercore ISI upped their price target on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. upped their price target on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $109.00.

Insider Buying and Selling at Palomar

In other Palomar news, President Jon Christianson sold 10,000 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $94.40, for a total value of $944,000.00. Following the completion of the sale, the president now owns 51,926 shares in the company, valued at approximately $4,901,814.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Palomar news, President Jon Christianson sold 10,000 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $94.40, for a total value of $944,000.00. Following the completion of the sale, the president now owns 51,926 shares in the company, valued at approximately $4,901,814.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 1,750 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $99.00, for a total transaction of $173,250.00. Following the completion of the sale, the chief financial officer now owns 20,594 shares of the company’s stock, valued at approximately $2,038,806. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,770 shares of company stock worth $3,461,986. Insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in shares of Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after buying an additional 125 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Palomar by 2.4% during the 2nd quarter. Arizona State Retirement System now owns 6,961 shares of the company’s stock worth $565,000 after buying an additional 164 shares during the last quarter. Covestor Ltd increased its holdings in shares of Palomar by 20.2% during the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after buying an additional 181 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Palomar by 1.6% during the 3rd quarter. Louisiana State Employees Retirement System now owns 12,700 shares of the company’s stock worth $1,202,000 after buying an additional 200 shares during the last quarter. Finally, CWM LLC increased its holdings in shares of 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 last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Stock Performance

The stock has a market cap of $2.69 billion, a PE ratio of 25.19 and a beta of 0.34. The stock’s 50-day moving average is $95.26 and its two-hundred day moving average is $89.49.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.20. The firm 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 quarter last year, the company posted $0.80 EPS. Analysts forecast that Palomar Holdings, Inc. will post 4.35 EPS for the current year.

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.