Palomar Holdings, Inc. (NASDAQ:PLMR) Receives $92.83 Consensus PT from Analysts

Palomar Holdings, Inc. (NASDAQ:PLMR) has been assigned an average rating of “Moderate Buy” from the seven research firms that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $92.83.

Several brokerages have recently issued reports on PLMR. JMP Securities reiterated a “market perform” rating on shares of Palomar in a report on Monday, April 15th. Keefe, Bruyette & Woods lifted their price target on Palomar from $93.00 to $96.00 and gave the company an “outperform” rating in a report on Wednesday, May 29th. Piper Sandler reissued an “overweight” rating and issued a $99.00 price objective (up from $90.00) on shares of Palomar in a research note on Wednesday, May 29th. Truist Financial raised their price objective on Palomar from $97.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, May 29th. Finally, Jefferies Financial Group raised Palomar from a “hold” rating to a “buy” rating and raised their price objective for the company from $78.00 to $88.00 in a research note on Thursday, March 14th.

Palomar Trading Down 0.2 %

Shares of NASDAQ PLMR opened at $81.15 on Friday. The firm has a market capitalization of $2.02 billion, a PE ratio of 23.32 and a beta of 0.32. Palomar has a one year low of $48.08 and a one year high of $89.22. The business has a 50-day moving average price of $82.41 and a two-hundred day moving average price of $73.50.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.28. The business had revenue of $108.39 million during the quarter, compared to analyst estimates of $322.10 million. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The firm’s revenue was up 29.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.80 EPS. Research analysts anticipate that Palomar will post 4.2 EPS for the current year.

Insider Activity at Palomar

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of Palomar 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 transaction, the chief executive officer now directly owns 468,388 shares of the company’s stock, valued at approximately $37,485,091.64. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Palomar news, CEO Mac Armstrong sold 7,000 shares of Palomar 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 transaction, the chief executive officer now directly owns 468,388 shares of the company’s stock, valued at approximately $37,485,091.64. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Jon Christianson sold 2,000 shares of Palomar stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $76.30, for a total value of $152,600.00. Following the completion of the transaction, the president now directly 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 ninety days, insiders have sold 29,250 shares of company stock valued at $2,355,740. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

Institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in shares of Palomar by 14.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company’s stock valued at $23,407,000 after purchasing an additional 52,659 shares during the period. Dynamic Technology Lab Private Ltd increased its position in shares of Palomar by 174.7% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,117 shares of the company’s stock valued at $1,061,000 after purchasing an additional 12,157 shares during the period. Westfield Capital Management Co. LP increased its position in shares of Palomar by 6.3% during the fourth quarter. Westfield Capital Management Co. LP now owns 460,545 shares of the company’s stock valued at $25,560,000 after purchasing an additional 27,199 shares during the period. International Assets Investment Management LLC increased its position in shares of Palomar by 375,455.6% during the fourth quarter. International Assets Investment Management LLC now owns 33,800 shares of the company’s stock valued at $1,876,000 after purchasing an additional 33,791 shares during the period. Finally, Stephens Investment Management Group LLC increased its position in shares of Palomar by 11.3% during the fourth quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock valued at $59,752,000 after purchasing an additional 109,261 shares during the period. 90.25% of the stock is currently owned by institutional investors.

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.