Palomar Holdings, Inc. (NASDAQ:PLMR) Stock Has Consensus Target Price of $165.80

Key Points

• Analysts have a “Moderate Buy” consensus on Palomar, with six buy ratings and one hold; the average 12-month price target is $165.80.
• Palomar reported quarterly EPS of $3.01, beating the $2.56 consensus. Shares traded at $159.20, near their 12-month high of $162.08.
• The company announced a quarterly dividend of $0.45 per share, equivalent to a 1.1% annualized yield. Insiders sold 12,115 shares worth about $1.62 million over the last quarter.

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) have received an average recommendation of "Moderate Buy" from the seven research firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $165.80.

Several equities research analysts recently weighed in on the company. Zacks Research downgraded Palomar from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 29th. Truist Financial boosted their price objective on shares of Palomar from $168.00 to $175.00 and gave the company a "buy" rating in a research note on Thursday, November 5th. Keefe, Bruyette & Woods upped their price objective on shares of Palomar from $161.00 to $172.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 10th. JPMorgan Chase & Co. lowered their target price on shares of Palomar from $167.00 to $156.00 and set an "overweight" rating on the stock in a report on Friday, October 9th. Finally, Weiss Ratings lowered shares of Palomar from a "buy (b+)" rating to a "buy (b)" rating in a research note on Friday, October 30th.

Insiders Place Their Bets

In other news, CFO T. Christopher Uchida sold 791 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $127.74, for a total transaction of $101,042.34. Following the completion of the transaction, the chief financial officer directly owned 16,238 shares of the company's stock, valued at approximately $2,074,242.12. This represents a 4.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mac Armstrong sold 3,500 shares of the firm's stock in a transaction that occurred on Wednesday, October 21st. The shares were sold at an average price of $138.31, for a total value of $484,085.00. Following the completion of the sale, the chief executive officer directly owned 315,388 shares of the company's stock, valued at $43,621,314.28. This represents a 1.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 12,115 shares of company stock worth $1,619,923 over the last quarter. 3.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PLMR. Arizona State Retirement System raised its holdings in shares of Palomar by 1.2% during the second quarter. Arizona State Retirement System now owns 7,364 shares of the company's stock worth $931,000 after purchasing an additional 84 shares during the period. Commonwealth Equity Services LLC boosted its holdings in shares of Palomar by 1.1% in the 3rd quarter. Commonwealth Equity Services LLC now owns 9,434 shares of the company's stock valued at $1,163,000 after buying an additional 100 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of Palomar by 4.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,410 shares of the company's stock valued at $429,000 after buying an additional 160 shares during the period. Global Retirement Partners LLC grew its position in shares of Palomar by 18.6% during the 3rd quarter. Global Retirement Partners LLC now owns 1,154 shares of the company's stock valued at $142,000 after buying an additional 181 shares during the last quarter. Finally, KBC Group NV grew its position in shares of Palomar by 38.0% during the 1st quarter. KBC Group NV now owns 1,017 shares of the company's stock valued at $122,000 after buying an additional 280 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Palomar Stock Performance

Palomar stock traded up $0.89 during mid-day trading on Friday, reaching $159.20. 146,781 shares of the company were exchanged, compared to its average volume of 331,962. The firm's 50-day simple moving average is $137.60 and its two-hundred day simple moving average is $127.70. Palomar has a twelve month low of $100.81 and a twelve month high of $162.08. The firm has a market cap of $4.19 billion, a PE ratio of 19.92 and a beta of 0.28. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.50 and a current ratio of 0.49.

Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Wednesday, November 4th. The company reported $3.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.56 by $0.45. Palomar had a return on equity of 25.27% and a net margin of 17.60%. The business had revenue of $386.59 million for the quarter, compared to analyst estimates of $754.28 million. During the same quarter in the previous year, the company posted $2.01 earnings per share. Equities analysts predict that Palomar will post 9.29 earnings per share for the current fiscal year.

Palomar Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Tuesday, November 17th will be given a $0.45 dividend. The ex-dividend date is Tuesday, November 17th. This represents a $1.80 dividend on an annualized basis and a yield of 1.1%. Palomar's dividend payout ratio (DPR) is presently 22.53%.

Palomar Company Profile

Palomar Holdings, Inc. is a specialty property insurer that provides coverage for risks that can be difficult to insure through standard policies. Its offerings include earthquake, hurricane, flood and wildfire insurance, along with specialty homeowners and commercial property coverage. The company distributes its products through a network of agents, brokers and other partners, serving customers in the United States. Its business has grown from an initial focus on earthquake insurance into a broader range of specialty insurance markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.