Analysts Set Palomar Holdings, Inc. (NASDAQ:PLMR) Price Target at $165.83

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.

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) has earned a consensus rating of "Moderate Buy" from the seven research firms that are currently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $165.8333.

Several research analysts have weighed in on PLMR shares. JPMorgan Chase & Co. cut their price objective on Palomar from $170.00 to $158.00 and set an "overweight" rating on the stock in a research report on Monday, August 11th. Keefe, Bruyette & Woods cut their price objective on 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 Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Piper Sandler cut their price objective on Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 6th. Finally, Evercore ISI boosted their price objective on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th.

Palomar Trading Down 1.6%

Palomar stock traded down $1.93 during trading on Tuesday, hitting $115.84. 437,584 shares of the company were exchanged, compared to its average volume of 290,665. The business's 50 day moving average is $125.62 and its 200 day moving average is $140.76. Palomar has a 52 week low of $85.00 and a 52 week high of $175.85. The company has a market capitalization of $3.10 billion, a P/E ratio of 20.36 and a beta of 0.34.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, topping 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 business had revenue of $496.29 million during the quarter, compared to the consensus estimate of $173.86 million. During the same quarter in the prior year, the company posted $1.25 earnings per share. Palomar's revenue was up 47.6% compared to the same quarter last year. Equities analysts expect that Palomar will post 5.99 EPS for the current year.

Insider Activity

In other news, Director Richard H. Taketa purchased 500 shares of the company's stock in a transaction dated Monday, August 18th. The shares were purchased at an average price of $121.14 per share, with a total value 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction 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 transaction, the chief executive officer directly owned 387,388 shares in the company, valued at $61,261,538.32. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,378 shares of company stock worth $3,122,952. 3.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PLMR. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Palomar by 3.8% in the 2nd 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 period. KBC Group NV lifted its stake in shares of Palomar by 9.1% in the 1st 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 period. California State Teachers Retirement System lifted its stake in shares of Palomar by 0.4% in the 2nd 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 period. Bank of Montreal Can lifted its stake in shares of Palomar by 1.7% in the 2nd 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 period. Finally, Hohimer Wealth Management LLC lifted its stake in shares of Palomar by 3.9% in the 1st 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 period. 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.