Palomar (NASDAQ:PLMR) Sets New 1-Year High on Analyst Upgrade

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report)'s share price reached a new 52-week high on Tuesday after Truist Financial raised their price target on the stock from $88.00 to $97.00. Truist Financial currently has a buy rating on the stock. Palomar traded as high as $86.25 and last traded at $85.78, with a volume of 76864 shares. The stock had previously closed at $83.39.

PLMR has been the topic of a number of other research reports. Keefe, Bruyette & Woods increased their price target on shares of Palomar from $88.00 to $89.00 and gave the stock an "outperform" rating in a report on Wednesday, April 10th. Jefferies Financial Group raised shares of Palomar from a "hold" rating to a "buy" rating and increased their price target for the stock from $78.00 to $88.00 in a report on Thursday, March 14th. Evercore ISI increased their price target on shares of Palomar from $68.00 to $86.00 and gave the stock an "in-line" rating in a report on Thursday, April 11th. JMP Securities reissued a "market perform" rating on shares of Palomar in a report on Monday, April 15th. Finally, Piper Sandler increased their price target on shares of Palomar from $89.00 to $90.00 and gave the stock an "overweight" rating in a report on Monday. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $89.17.

Insider Buying and Selling at Palomar

In other Palomar news, President Jon Christianson sold 2,000 shares of the stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $60.00, for a total transaction of $120,000.00. Following the completion of the sale, the president now owns 69,521 shares of the company's stock, valued at approximately $4,171,260. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, President Jon Christianson sold 2,000 shares of the firm's stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $60.00, for a total value of $120,000.00. Following the completion of the sale, the president now directly owns 69,521 shares of the company's stock, valued at approximately $4,171,260. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the firm's stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $75.75, for a total transaction of $530,250.00. Following the completion of the sale, the chief executive officer now directly owns 482,388 shares of the company's stock, valued at $36,540,891. The disclosure for this sale can be found here. Insiders sold 42,250 shares of company stock valued at $3,305,655 in the last quarter. Company insiders own 4.30% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PLMR. Signaturefd LLC increased its stake in Palomar by 59.4% during the 4th quarter. Signaturefd LLC now owns 593 shares of the company's stock valued at $33,000 after purchasing an additional 221 shares in the last quarter. Atwood & Palmer Inc. boosted its holdings in shares of Palomar by 66.7% in the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company's stock worth $63,000 after buying an additional 300 shares during the last quarter. SG Americas Securities LLC purchased a new position in Palomar during the first quarter valued at approximately $122,000. Picton Mahoney Asset Management purchased a new position in Palomar during the fourth quarter valued at approximately $108,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in Palomar during the first quarter valued at approximately $235,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Stock Up 2.1 %

The firm's fifty day moving average price is $79.24 and its 200 day moving average price is $66.76. The stock has a market cap of $2.12 billion, a PE ratio of 24.46 and a beta of 0.24.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.28. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The business had revenue of $108.39 million for the quarter, compared to analysts' expectations of $322.10 million. During the same quarter in the previous year, the business posted $0.80 earnings per share. The business's revenue was up 29.1% compared to the same quarter last year. As a group, analysts anticipate that Palomar Holdings, Inc. will post 3.84 earnings per share for the current fiscal 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.