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

Key Points

• Palomar Holdings, Inc. has a consensus rating of "Moderate Buy" from seven research firms, with five analysts issuing buy ratings and two holding ratings.
• The average 12-month price target for Palomar's stock among analysts is currently $165.83, with significant adjustments made by firms such as JPMorgan Chase and Evercore ISI.
• The company reported $1.76 earnings per share for the last quarter, exceeding analyst expectations, alongside a revenue of $496.29 million, significantly higher than estimates of $173.86 million.

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) has received a consensus rating of "Moderate Buy" from the seven research firms that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $165.8333.

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. reduced their price target on shares of Palomar from $170.00 to $158.00 and set an "overweight" rating on the stock in a research report on Monday, August 11th. Evercore ISI increased their price target on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods reduced their price target on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Finally, Piper Sandler reduced their price target on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 6th.

Palomar Price Performance

Shares of PLMR stock opened at $126.87 on Friday. The firm has a market cap of $3.40 billion, a PE ratio of 22.30 and a beta of 0.44. The company has a 50-day moving average of $138.33 and a two-hundred day moving average of $140.55. Palomar has a 1-year low of $85.00 and a 1-year high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.08. The company 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%. Palomar's revenue was up 47.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.25 earnings per share. Sell-side analysts anticipate that Palomar will post 5.99 EPS for the current fiscal year.

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $126.56, for a total transaction of $632,800.00. Following the sale, the chief executive officer owned 377,388 shares of the company's stock, valued at approximately $47,762,225.28. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard H. Taketa purchased 500 shares of Palomar stock in a transaction dated Monday, August 18th. The shares were acquired at an average cost of $121.14 per share, for a total transaction of $60,570.00. Following the transaction, the director directly owned 44,226 shares of the company's stock, valued at approximately $5,357,537.64. This represents a 1.14% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 22,878 shares of company stock valued at $3,202,297. Corporate insiders own 3.70% of the company's stock.

Institutional Trading of Palomar

Several hedge funds have recently added to or reduced their stakes in PLMR. Allworth Financial LP raised its holdings in Palomar by 1,970.0% in the second quarter. Allworth Financial LP now owns 207 shares of the company's stock valued at $32,000 after acquiring an additional 197 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in Palomar by 185.3% in the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock valued at $43,000 after acquiring an additional 202 shares in the last quarter. Maseco LLP acquired a new stake in Palomar in the second quarter valued at approximately $45,000. Opal Wealth Advisors LLC acquired a new stake in Palomar in the first quarter valued at approximately $46,000. Finally, Hollencrest Capital Management raised its holdings in Palomar by 56.5% in the second quarter. Hollencrest Capital Management now owns 313 shares of the company's stock valued at $48,000 after acquiring an additional 113 shares in the last quarter. Institutional investors and hedge funds 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.

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