Palomar (NASDAQ:PLMR) Director Richard Taketa Buys 500 Shares

Key Points

• Richard Taketa, a director at Palomar Holdings, acquired 500 shares of the company's stock at an average price of $121.14 per share, amounting to a total investment of $60,570.
• Palomar's recent earnings report showed an EPS of $1.76, exceeding analyst expectations and showcasing a revenue increase of 47.6% year-over-year.
• Wall Street analysts have adjusted their target prices for Palomar, with most maintaining an "overweight" rating, while the average target price now stands at $165.83.

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) Director Richard Taketa purchased 500 shares of the firm's stock in a transaction on Monday, August 18th. The shares were acquired at an average cost of $121.14 per share, for a total transaction of $60,570.00. Following the completion of the acquisition, the director owned 44,226 shares of the company's stock, valued at approximately $5,357,537.64. This trade 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 can be accessed through this link.

Palomar Stock Up 0.3%

NASDAQ:PLMR traded up $0.33 on Tuesday, reaching $120.86. 163,348 shares of the company's stock traded hands, compared to its average volume of 463,173. The stock has a 50-day simple moving average of $139.67 and a 200-day simple moving average of $140.52. The firm has a market cap of $3.24 billion, a PE ratio of 21.24 and a beta of 0.44. Palomar Holdings, Inc. has a 12 month low of $85.00 and a 12 month high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its 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 firm had revenue of $496.29 million for the quarter, compared to analysts' expectations of $173.86 million. During the same period in the previous year, the firm posted $1.25 earnings per share. The business's revenue was up 47.6% compared to the same quarter last year. On average, equities analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Institutional Investors Weigh In On Palomar

Institutional investors and hedge funds have recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. purchased a new stake in Palomar in the first quarter valued at $276,000. Principal Financial Group Inc. grew its position in Palomar by 2.5% during the first quarter. Principal Financial Group Inc. now owns 151,237 shares of the company's stock worth $20,732,000 after buying an additional 3,697 shares during the period. Informed Momentum Co LLC acquired a new position in Palomar during the first quarter worth about $4,894,000. Beacon Harbor Wealth Advisors Inc. acquired a new position in Palomar during the first quarter worth about $6,943,000. Finally, Penserra Capital Management LLC acquired a new position in Palomar during the first quarter worth about $1,327,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PLMR has been the subject of a number of analyst reports. JPMorgan Chase & Co. lowered their target price on Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Piper Sandler lowered their price target on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a report on Wednesday, August 6th. Wall Street Zen lowered shares of Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Evercore ISI increased their target price on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research note on Friday, May 30th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $165.83.

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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