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

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the seven analysts that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $164.33.

A number of research analysts recently weighed in on the company. Piper Sandler boosted their target price on Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a report on Friday, May 30th. Jefferies Financial Group upped their price objective on Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a report on Friday, April 11th. JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. JMP Securities reaffirmed a "market perform" rating on shares of Palomar in a report on Thursday, February 13th. Finally, Evercore ISI upped their price objective on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a report on Friday, May 30th.

Palomar Stock Down 1.4%

Shares of Palomar stock opened at $166.00 on Friday. Palomar has a 12-month low of $77.28 and a 12-month high of $175.85. The stock has a market cap of $4.44 billion, a P/E ratio of 37.05 and a beta of 0.51. The business's 50 day moving average is $153.67 and its 200-day moving average is $128.45.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, topping analysts' consensus estimates of $1.61 by $0.26. The business had revenue of $174.63 million for the quarter, compared to analyst estimates of $161.97 million. Palomar had a return on equity of 19.76% and a net margin of 21.23%. During the same period in the previous year, the firm earned $1.09 EPS. On average, sell-side analysts expect that Palomar will post 5.99 EPS for the current year.

Insider Buying and Selling

In related news, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction on Friday, March 21st. The stock was sold at an average price of $129.72, for a total value of $648,600.00. Following the transaction, the chief executive officer now owns 402,388 shares in the company, valued at approximately $52,197,771.36. This trade represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO T Christopher Uchida sold 500 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $159.77, for a total value of $79,885.00. Following the completion of the transaction, the chief financial officer now owns 7,920 shares in the company, valued at $1,265,378.40. The trade was a 5.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,202 shares of company stock worth $3,265,129. Company insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PLMR. Blue Trust Inc. acquired a new stake in Palomar in the fourth quarter valued at about $26,000. Smartleaf Asset Management LLC boosted its stake in Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock valued at $43,000 after buying an additional 349 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake 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 buying an additional 202 shares in the last quarter. Opal Wealth Advisors LLC acquired a new stake in Palomar in the first quarter valued at about $46,000. Finally, Jones Financial Companies Lllp boosted its stake in Palomar by 63.2% in the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock valued at $52,000 after buying an additional 191 shares in the last quarter. Institutional investors own 90.25% of the company's stock.

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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