Analysts Set Palomar Holdings, Inc. (NASDAQ:PLMR) Target Price at $84.17

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) has earned an average rating of "Moderate Buy" from the six brokerages that are currently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $84.17.

PLMR has been the subject of several recent research reports. Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $73.00 to $87.00 and gave the company an "outperform" rating in a research report on Wednesday, February 21st. Piper Sandler boosted their target price on shares of Palomar from $80.00 to $89.00 and gave the company an "overweight" rating in a research report on Monday, April 1st. Evercore ISI boosted their target price on shares of Palomar from $66.00 to $68.00 and gave the company an "in-line" rating in a research report on Thursday, February 15th. JPMorgan Chase & Co. lowered shares of Palomar from an "overweight" rating to a "neutral" rating and boosted their target price for the company from $79.00 to $85.00 in a research report on Monday. Finally, Jefferies Financial Group upgraded shares of Palomar from a "hold" rating to a "buy" rating and upped their price target for the stock from $78.00 to $88.00 in a research report on Thursday, March 14th.

Palomar Stock Performance

Shares of PLMR traded down $1.20 during mid-day trading on Tuesday, hitting $77.22. 100,705 shares of the company traded hands, compared to its average volume of 159,822. The stock has a 50-day moving average price of $73.86 and a two-hundred day moving average price of $62.61. Palomar has a 1 year low of $46.09 and a 1 year high of $86.25. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 24.75 and a beta of 0.21.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its earnings results on Wednesday, February 14th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.09. The company had revenue of $102.35 million during the quarter, compared to analyst estimates of $95.07 million. Palomar had a net margin of 21.07% and a return on equity of 19.35%. On average, analysts forecast that Palomar will post 3.82 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Mac Armstrong sold 7,000 shares of the company's stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $82.62, for a total transaction of $578,340.00. Following the completion of the transaction, the chief executive officer now owns 475,388 shares in the company, valued at $39,276,556.56. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Mac Armstrong sold 7,000 shares of the company's stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $82.62, for a total transaction of $578,340.00. Following the completion of the transaction, the chief executive officer now owns 475,388 shares in the company, valued at $39,276,556.56. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Jon Christianson sold 10,000 shares of the company's stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $82.09, for a total transaction of $820,900.00. Following the transaction, the president now owns 59,761 shares of the company's stock, valued at approximately $4,905,780.49. The disclosure for this sale can be found here. Insiders sold a total of 39,509 shares of company stock worth $2,950,557 over the last three months. 4.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Palomar

A number of hedge funds have recently bought and sold shares of PLMR. UBS Group AG raised its stake in Palomar by 7,440.0% during the third quarter. UBS Group AG now owns 377 shares of the company's stock valued at $32,000 after purchasing an additional 372 shares in the last quarter. Signaturefd LLC raised its stake in Palomar by 59.4% during the fourth 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. FMR LLC raised its stake in Palomar by 89.9% during the first quarter. FMR LLC now owns 864 shares of the company's stock valued at $48,000 after purchasing an additional 409 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in Palomar during the first quarter valued at $55,000. Finally, Advisor Group Holdings Inc. raised its stake in Palomar by 34.1% during the first quarter. Advisor Group Holdings Inc. now owns 1,470 shares of the company's stock valued at $94,000 after purchasing an additional 374 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company's stock.

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.