Palomar (NASDAQ:PLMR) Hits New 1-Year High at $88.00

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $88.00 and last traded at $87.00, with a volume of 69431 shares changing hands. The stock had previously closed at $85.30.

Analysts Set New Price Targets

PLMR has been the topic of a number of recent analyst reports. 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 research note on Thursday, April 11th. JPMorgan Chase & Co. downgraded Palomar from an "overweight" rating to a "neutral" rating and boosted their price target for the company from $79.00 to $85.00 in a research report on Monday, April 8th. Piper Sandler upped their price target on Palomar from $89.00 to $90.00 and gave the stock an "overweight" rating in a research note on Monday, May 6th. Jefferies Financial Group raised Palomar from a "hold" rating to a "buy" rating and lifted their price objective for the company from $78.00 to $88.00 in a research note on Thursday, March 14th. Finally, Truist Financial increased their target price on shares of Palomar from $88.00 to $97.00 and gave the stock a "buy" rating in a research report on Monday, May 6th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, Palomar has an average rating of "Moderate Buy" and an average price target of $89.17.

Palomar Stock Performance

The firm has a fifty day moving average of $80.56 and a 200 day moving average of $68.20. The firm has a market capitalization of $2.17 billion, a PE ratio of 25.07 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 (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.28. The company had revenue of $108.39 million for the quarter, compared to analyst estimates of $322.10 million. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The business's quarterly revenue was up 29.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.80 earnings per share. Research analysts forecast that Palomar Holdings, Inc. will post 4.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Mac Armstrong sold 7,000 shares of Palomar 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 sale, the chief executive officer now directly owns 482,388 shares of the company's stock, valued at $36,540,891. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Thomas A. Bradley purchased 1,000 shares of the company's stock in a transaction that occurred on Tuesday, May 7th. The shares were acquired at an average cost of $84.32 per share, with a total value of $84,320.00. Following the transaction, the director now owns 2,500 shares in the company, valued at approximately $210,800. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $75.75, for a total transaction of $530,250.00. Following the sale, the chief executive officer now directly owns 482,388 shares in the company, valued at $36,540,891. The disclosure for this sale can be found here. Insiders have sold 39,500 shares of company stock worth $3,153,625 in the last quarter. 4.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PLMR. Silvercrest Asset Management Group LLC increased its holdings in shares of Palomar by 0.7% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 86,299 shares of the company's stock worth $7,234,000 after acquiring an additional 604 shares during the period. Lazard Asset Management LLC grew its position in Palomar by 122.2% in the 1st quarter. Lazard Asset Management LLC now owns 5,158 shares of the company's stock worth $432,000 after purchasing an additional 2,837 shares during the last quarter. Quadrature Capital Ltd increased its stake in shares of Palomar by 155.9% in the first quarter. Quadrature Capital Ltd now owns 22,773 shares of the company's stock valued at $1,906,000 after purchasing an additional 13,873 shares during the period. Advisors Asset Management Inc. raised its holdings in shares of Palomar by 137.1% during the first quarter. Advisors Asset Management Inc. now owns 735 shares of the company's stock valued at $62,000 after buying an additional 425 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its position in shares of Palomar by 8.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 21,397 shares of the company's stock worth $1,791,000 after buying an additional 1,743 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

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.