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

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been assigned an average recommendation of “Moderate Buy” from the seven analysts that are covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $109.00.

PLMR has been the topic of a number of recent research reports. Jefferies Financial Group increased their price objective on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. lifted their price target on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods increased their price objective on shares of Palomar from $117.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Piper Sandler increased their target price on Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, Truist Financial upped their price objective on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th.

Palomar Trading Down 1.2 %

Shares of NASDAQ PLMR opened at $107.16 on Wednesday. The stock has a fifty day simple moving average of $96.03 and a 200-day simple moving average of $90.50. Palomar has a twelve month low of $54.50 and a twelve month high of $109.44. The stock has a market capitalization of $2.84 billion, a PE ratio of 25.45 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.20. The business had revenue of $148.50 million for 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 in the prior year, the company earned $0.80 earnings per share. On average, equities analysts predict that Palomar will post 4.32 earnings per share for the current year.

Insider Buying and Selling

In other news, President Jon Christianson sold 2,195 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $104.10, for a total value of $228,499.50. Following the transaction, the president now owns 51,926 shares of the company’s stock, valued at approximately $5,405,496.60. The trade was a 4.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 1,111 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $104.00, for a total value of $115,544.00. Following the transaction, the chief financial officer now directly owns 16,432 shares of the company’s stock, valued at approximately $1,708,928. This trade represents a 6.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 39,076 shares of company stock worth $3,806,029 in the last quarter. 4.30% of the stock is owned by insiders.

Institutional Trading of Palomar

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Palomar by 1.7% in the first quarter. Vanguard Group Inc. now owns 2,403,520 shares of the company’s stock worth $201,487,000 after acquiring an additional 40,453 shares during the last quarter. State Street Corp raised its position in shares of Palomar by 3.0% in the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after purchasing an additional 32,151 shares in the last quarter. Geode Capital Management LLC grew its holdings in Palomar by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock worth $56,822,000 after acquiring an additional 18,335 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Palomar by 15.0% during the second quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after buying an additional 66,478 shares in the last quarter. Finally, Emerald Advisers LLC boosted its holdings in Palomar by 1.9% in the third quarter. Emerald Advisers LLC now owns 449,973 shares of the company’s stock worth $42,599,000 after purchasing an additional 8,601 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

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.