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

Key Points

• Palomar Holdings, Inc. has received a consensus recommendation of "Moderate Buy" from seven analysts, with five rating it as a buy and two as a hold.
• Piper Sandler recently increased their target price for Palomar from $171.00 to $177.00, while Jefferies Financial Group raised their target from $145.00 to $168.00.
• Insider trading activity includes CEO Mac Armstrong selling 5,000 shares for approximately $700,500 and CFO T Christopher Uchida selling 500 shares, highlighting ongoing stock movements among company executives.

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the seven analysts that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $174.17.

PLMR has been the subject of a number of research analyst reports. Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Keefe, Bruyette & Woods reduced their price target on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a research note on Monday, June 30th. Truist Financial boosted their price target on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research note on Tuesday, April 15th. JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Finally, Jefferies Financial Group lifted their target price on Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a report on Friday, April 11th.

Palomar Stock Performance

Palomar stock traded down $2.21 during midday trading on Monday, hitting $130.31. 314,722 shares of the company's stock were exchanged, compared to its average volume of 319,102. The firm has a 50-day moving average of $153.65 and a two-hundred day moving average of $138.72. Palomar has a 12 month low of $82.54 and a 12 month high of $175.85. The company has a market cap of $3.48 billion, a PE ratio of 26.01 and a beta of 0.46.

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

Insider Buying and Selling

In related news, CFO T Christopher Uchida sold 500 shares of Palomar stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $158.69, for a total transaction of $79,345.00. Following the transaction, the chief financial officer owned 7,420 shares in the company, valued at approximately $1,177,479.80. The trade was a 6.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Timothy Carter sold 473 shares of the company's stock in a transaction dated Saturday, June 28th. The shares were sold at an average price of $153.65, for a total transaction of $72,676.45. Following the completion of the transaction, the insider directly owned 361 shares of the company's stock, valued at approximately $55,467.65. The trade was a 56.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,164 shares of company stock valued at $3,061,089. 3.70% of the stock is currently owned by company insiders.

Institutional Trading of Palomar

Several hedge funds and other institutional investors have recently bought and sold shares of the company. New York State Teachers Retirement System grew its stake in Palomar by 1.0% during the 2nd quarter. New York State Teachers Retirement System now owns 22,667 shares of the company's stock worth $3,496,000 after buying an additional 225 shares during the last quarter. TD Asset Management Inc acquired a new stake in Palomar during the 2nd quarter valued at $1,000,000. Axxcess Wealth Management LLC purchased a new position in Palomar in the second quarter valued at about $1,300,000. Yousif Capital Management LLC lifted its stake in Palomar by 2.1% in the second quarter. Yousif Capital Management LLC now owns 10,061 shares of the company's stock valued at $1,552,000 after acquiring an additional 205 shares during the last quarter. Finally, Concurrent Investment Advisors LLC acquired a new position in Palomar during the second quarter worth $2,844,000. 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.