Palomar Holdings, Inc. (NASDAQ:PLMR) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Palomar Holdings, Inc. has received a consensus recommendation of "Moderate Buy" from eight brokerages, with an average 1-year price target of $156.67.
• Recent analyst reports have seen target price reductions, with Keefe, Bruyette & Woods lowering their target from $204.00 to $172.00, and Evercore ISI reducing it from $168.00 to $134.00.
• Insider transactions indicate increased activity, with Director Richard H. Taketa acquiring 500 shares at an average cost of $121.14, while CFO T. Christopher Uchida sold 500 shares at $121.59.

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the eight brokerages that are currently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $156.6667.

Several analysts have recently weighed in on the company. Keefe, Bruyette & Woods decreased their target price on Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Evercore ISI decreased their target price on Palomar from $168.00 to $134.00 and set an "in-line" rating for the company in a research report on Wednesday, October 1st. Weiss Ratings reiterated a "hold (c+)" rating on shares of Palomar in a research report on Wednesday. Piper Sandler decreased their price objective on Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. Finally, Wall Street Zen downgraded Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th.

Insider Transactions at Palomar

In other news, Director Richard H. Taketa acquired 500 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was purchased at an average cost of $121.14 per share, for a total transaction of $60,570.00. Following the completion of the acquisition, the director directly owned 44,226 shares of the company's stock, valued at $5,357,537.64. The trade was a 1.14% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 500 shares of Palomar stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $121.59, for a total value of $60,795.00. Following the completion of the sale, the chief financial officer owned 7,168 shares of the company's stock, valued at $871,557.12. The trade was a 6.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,905 shares of company stock valued at $2,839,676 over the last three months. 3.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Palomar

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC grew its stake in Palomar by 3.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 2,461 shares of the company's stock valued at $363,000 after purchasing an additional 90 shares during the last quarter. KBC Group NV grew its stake in Palomar by 9.1% in the first quarter. KBC Group NV now owns 1,140 shares of the company's stock valued at $156,000 after purchasing an additional 95 shares during the last quarter. California State Teachers Retirement System grew its stake in Palomar by 0.4% in the second quarter. California State Teachers Retirement System now owns 24,207 shares of the company's stock valued at $3,734,000 after purchasing an additional 97 shares during the last quarter. Bank of Montreal Can grew its stake in Palomar by 1.7% in the second quarter. Bank of Montreal Can now owns 5,766 shares of the company's stock valued at $889,000 after purchasing an additional 98 shares during the last quarter. Finally, Hohimer Wealth Management LLC grew its stake in Palomar by 3.9% in the first quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company's stock valued at $359,000 after purchasing an additional 99 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company's stock.

Palomar Trading Down 1.4%

NASDAQ:PLMR opened at $118.07 on Friday. Palomar has a twelve month low of $85.00 and a twelve month high of $175.85. The company has a market cap of $3.16 billion, a price-to-earnings ratio of 20.75 and a beta of 0.30. The stock has a fifty day simple moving average of $119.53 and a 200-day simple moving average of $139.26.

Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Friday, December 16th. The company reported $0.07 earnings per share for the quarter. Palomar had a return on equity of 20.35% and a net margin of 22.71%.The business had revenue of $65.74 million during the quarter. As a group, equities research analysts predict that Palomar will post 5.99 EPS for the current fiscal year.

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.

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