Palomar Holdings, Inc. (NASDAQ:PLMR) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Palomar Holdings, Inc. has received a consensus rating of “Moderate Buy” from seven brokerages, with two holding and five buying recommendations.
• The average twelve-month price target for Palomar stock is $165.83, indicating potential upside based on current trading levels.
• Palomar reported earnings of $1.76 per share for the last quarter, exceeding estimates, and saw a 47.6% year-over-year increase in quarterly revenue.

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the seven brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $165.8333.

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

Palomar Stock Performance

NASDAQ:PLMR opened at $115.79 on Tuesday. The firm has a market capitalization of $3.10 billion, a price-to-earnings ratio of 20.35 and a beta of 0.34. Palomar has a 52-week low of $85.00 and a 52-week high of $175.85. The stock has a fifty day moving average of $127.57 and a 200 day moving average of $141.28.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.08. Palomar had a return on equity of 20.35% and a net margin of 22.71%.The company had revenue of $496.29 million during the quarter, compared to analyst estimates of $173.86 million. During the same quarter last year, the company earned $1.25 earnings per share. The firm's quarterly revenue was up 47.6% on a year-over-year basis. Equities analysts forecast that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO T Christopher Uchida sold 782 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $120.13, for a total value of $93,941.66. Following the transaction, the chief financial officer directly owned 7,668 shares of the company's stock, valued at approximately $921,156.84. This represents a 9.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the company's 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 transaction, the chief executive officer directly owned 387,388 shares in the company, valued at $61,261,538.32. This trade represents a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,878 shares of company stock worth $3,202,297. Company insiders own 3.70% of the company's stock.

Hedge Funds Weigh In On Palomar

Hedge funds and other institutional investors have recently modified their holdings of the company. Allworth Financial LP increased its stake in shares of Palomar by 1,970.0% in the 2nd quarter. Allworth Financial LP now owns 207 shares of the company's stock worth $32,000 after purchasing an additional 197 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Palomar by 185.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock worth $43,000 after purchasing an additional 202 shares in the last quarter. Maseco LLP purchased a new stake in shares of Palomar in the 2nd quarter worth $45,000. Opal Wealth Advisors LLC purchased a new stake in shares of Palomar in the 1st quarter worth $46,000. Finally, Hollencrest Capital Management increased its stake in shares of Palomar by 56.5% in the 2nd quarter. Hollencrest Capital Management now owns 313 shares of the company's stock worth $48,000 after purchasing an additional 113 shares in the last quarter. 90.25% of the stock is owned by institutional investors.

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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