Insider Buying: Palomar Holdings, Inc. (NASDAQ:PLMR) Director Purchases 100 Shares of Stock

Key Points

• Martha Notaras, a director at Palomar Holdings, acquired 100 shares of the company's stock for $119.92 each, increasing her stake by 1.29% to a total of 7,870 shares.
• Palomar reported a quarterly earnings per share (EPS) of $1.76, exceeding analysts' expectations of $1.68, with a revenue of $496.29 million, up 47.6% compared to the previous year.
• Several analysts have revised their price targets for Palomar, with an average target of $164.50, highlighting a mix of ratings with three holds and five buys from investment analysts.

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) Director Martha Notaras bought 100 shares of the company's stock in a transaction on Thursday, August 7th. The shares were acquired at an average price of $119.92 per share, for a total transaction of $11,992.00. Following the transaction, the director directly owned 7,870 shares in the company, valued at $943,770.40. This trade represents a 1.29% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Palomar Price Performance

Shares of PLMR stock traded down $0.19 on Wednesday, hitting $122.86. The company's stock had a trading volume of 23,102 shares, compared to its average volume of 293,495. Palomar Holdings, Inc. has a fifty-two week low of $85.00 and a fifty-two week high of $175.85. The firm's fifty day moving average price is $144.07 and its 200-day moving average price is $140.07. The stock has a market capitalization of $3.29 billion, a price-to-earnings ratio of 21.71 and a beta of 0.44.

Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, topping analysts' consensus estimates of $1.68 by $0.08. The firm had revenue of $496.29 million during the quarter, compared to analyst estimates of $173.86 million. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The business's revenue was up 47.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.25 EPS. Analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Piper Sandler reduced their price target on Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 6th. Evercore ISI increased their target price on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Wall Street Zen lowered Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Keefe, Bruyette & Woods lowered their price target on Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Finally, JPMorgan Chase & Co. lowered their price target on Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a report on Monday. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Palomar has an average rating of "Moderate Buy" and an average price target of $165.83.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. LPL Financial LLC grew its stake in shares of Palomar by 6.7% during the fourth quarter. LPL Financial LLC now owns 3,082 shares of the company's stock valued at $325,000 after purchasing an additional 194 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Palomar by 37.8% during the fourth quarter. JPMorgan Chase & Co. now owns 176,561 shares of the company's stock worth $18,643,000 after acquiring an additional 48,396 shares during the period. Pictet Asset Management Holding SA increased its stake in Palomar by 46.3% in the 4th quarter. Pictet Asset Management Holding SA now owns 3,968 shares of the company's stock valued at $419,000 after buying an additional 1,256 shares during the last quarter. Orion Portfolio Solutions LLC acquired a new position in shares of Palomar during the 4th quarter worth about $246,000. Finally, Alliancebernstein L.P. boosted its holdings in shares of Palomar by 15.1% during the 4th quarter. Alliancebernstein L.P. now owns 30,157 shares of the company's stock worth $3,184,000 after buying an additional 3,955 shares during the period. Institutional investors and hedge funds own 90.25% of the company's stock.

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.