Brokerages Set Palomar Holdings, Inc. (NASDAQ:PLMR) Price Target at $174.17

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the seven ratings firms that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $174.17.

A number of research firms recently commented on PLMR. Piper Sandler increased their price objective on Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a report on Friday, May 30th. Evercore ISI increased their price objective on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a report on Friday, May 30th. Truist Financial upped their target price on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research report on Tuesday, April 15th. Jefferies Financial Group upped their target price on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Finally, JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th.

Palomar Price Performance

NASDAQ:PLMR traded up $2.45 during mid-day trading on Thursday, reaching $146.10. The stock had a trading volume of 247,177 shares, compared to its average volume of 216,363. The business's 50 day moving average is $158.02 and its 200 day moving average is $134.89. Palomar has a fifty-two week low of $79.82 and a fifty-two week high of $175.85. The stock has a market cap of $3.91 billion, a P/E ratio of 29.16 and a beta of 0.46.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $1.87 EPS for the quarter, topping analysts' consensus estimates of $1.61 by $0.26. Palomar had a return on equity of 20.56% and a net margin of 21.99%. The firm had revenue of $174.63 million for the quarter, compared to the consensus estimate of $161.97 million. During the same quarter in the prior year, the company posted $1.09 earnings per share. Equities analysts expect that Palomar will post 5.99 EPS for the current year.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 500 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $158.69, for a total value of $79,345.00. Following the completion of the sale, the chief financial officer directly owned 7,420 shares of the company's stock, valued at approximately $1,177,479.80. This represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $158.14, for a total value of $790,700.00. Following the completion of the sale, the chief executive officer directly owned 387,388 shares of the company's stock, valued at $61,261,538.32. This represents a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,175 shares of company stock valued at $3,420,251 over the last 90 days. 3.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Palomar

Hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC boosted its position in shares of 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 during the period. Opal Wealth Advisors LLC bought a new stake in shares of Palomar in the first quarter valued at approximately $46,000. TCTC Holdings LLC boosted its position in shares of Palomar by 116.5% in the first quarter. TCTC Holdings LLC now owns 381 shares of the company's stock valued at $52,000 after acquiring an additional 205 shares during the period. NBC Securities Inc. bought a new stake in shares of Palomar in the first quarter valued at approximately $53,000. Finally, USA Financial Formulas acquired a new position in shares of Palomar in the first quarter valued at $55,000. 90.25% of the stock is owned by institutional investors.

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.