Palomar (NASDAQ:PLMR) Hits New 12-Month High - Here's Why

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) hit a new 52-week high during trading on Monday . The company traded as high as $165.00 and last traded at $155.30, with a volume of 337284 shares trading hands. The stock had previously closed at $159.93.

Analysts Set New Price Targets

PLMR has been the subject of a number of research reports. JPMorgan Chase & Co. raised shares of 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 research note on Tuesday, April 8th. Keefe, Bruyette & Woods cut their price target on shares of Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. Piper Sandler lifted their price objective on Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a report on Friday, February 14th. JMP Securities reissued a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Finally, Truist Financial raised their price target on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research report on Tuesday, April 15th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $148.33.

Palomar Stock Performance

The stock has a 50-day simple moving average of $141.00 and a two-hundred day simple moving average of $119.44. The firm has a market cap of $4.15 billion, a PE ratio of 34.67 and a beta of 0.51.

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

Insiders Place Their Bets

In other news, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $129.72, for a total transaction of $648,600.00. Following the completion of the transaction, the chief executive officer now directly owns 402,388 shares in the company, valued at approximately $52,197,771.36. This represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 552 shares of the business'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 sale, the chief financial officer now owns 15,683 shares in the company, valued at $1,933,086.58. This represents a 3.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,254 shares of company stock worth $2,443,484 in the last 90 days. 3.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. lifted its stake in shares of Palomar by 36.6% in the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock valued at $82,932,000 after purchasing an additional 210,523 shares during the last quarter. Norges Bank bought a new stake in Palomar in the fourth quarter worth $20,637,000. Price T Rowe Associates Inc. MD boosted its stake in Palomar by 39.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock worth $45,622,000 after buying an additional 122,057 shares during the period. Freestone Grove Partners LP bought a new position in Palomar during the fourth quarter valued at $11,774,000. Finally, GAMMA Investing LLC raised its stake in shares of Palomar by 27,543.8% in the first quarter. GAMMA Investing LLC now owns 99,794 shares of the company's stock valued at $13,680,000 after acquiring an additional 99,433 shares during the period. Hedge funds and other 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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