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

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the seven ratings firms that are presently covering the company, Marketbeat reports. Two analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $148.33.

PLMR has been the subject of several recent research reports. JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and increased their price target for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. JMP Securities reissued a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Keefe, Bruyette & Woods cut their target price on Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. Truist Financial raised their target price on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research note on Tuesday, April 15th. Finally, Piper Sandler raised their target price on Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, February 14th.

Palomar Stock Performance

NASDAQ:PLMR opened at $155.68 on Wednesday. Palomar has a one year low of $77.28 and a one year high of $165.00. The stock has a market cap of $4.16 billion, a PE ratio of 34.75 and a beta of 0.51. The stock has a 50 day moving average price of $142.13 and a 200 day moving average price of $120.13.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.61 by $0.26. Palomar had a return on equity of 19.76% and a net margin of 21.23%. The firm had revenue of $174.63 million during the quarter, compared to analysts' expectations of $161.97 million. During the same quarter last year, the firm earned $1.09 earnings per share. As a group, analysts predict that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Transactions at Palomar

In other news, CFO T Christopher Uchida sold 552 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $123.26, for a total transaction of $68,039.52. Following the completion of the transaction, the chief financial officer now directly owns 15,683 shares in the company, valued at $1,933,086.58. This trade represents a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction on Monday, April 21st. The shares were sold at an average price of $145.41, for a total value of $727,050.00. Following the completion of the transaction, the chief executive officer now owns 397,388 shares of the company's stock, valued at approximately $57,784,189.08. This trade represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,254 shares of company stock worth $2,443,484 over the last ninety days. Company insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PLMR. Barclays PLC boosted its holdings in Palomar by 112.6% in the third quarter. Barclays PLC now owns 71,803 shares of the company's stock valued at $6,798,000 after purchasing an additional 38,027 shares during the period. Contravisory Investment Management Inc. purchased a new position in Palomar in the fourth quarter valued at $318,000. Avanza Fonder AB purchased a new position in Palomar in the fourth quarter valued at $143,000. Artemis Investment Management LLP boosted its holdings in Palomar by 18.7% in the fourth quarter. Artemis Investment Management LLP now owns 455,082 shares of the company's stock valued at $48,052,000 after purchasing an additional 71,806 shares during the period. Finally, Crossmark Global Holdings Inc. purchased a new position in Palomar in the fourth quarter valued at $206,000. 90.25% of the stock is currently owned by hedge funds and other 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.

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