Palomar (NASDAQ:PLMR) Sees Large Volume Increase - Here's Why

Key Points

• Palomar Holdings, Inc. experienced a significant surge in trading volume, with approximately 1.7 million shares traded, marking a 486% increase from the previous session.
• Several analysts upgraded Palomar's stock ratings and price targets, with JPMorgan raising its target from $115 to $150 and Jefferies increasing their target to $168.
• The company reported earnings of $1.76 EPS for the last quarter, exceeding estimates and showing a 47.6% increase in revenue year over year.

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 1,699,424 shares changed hands during trading, an increase of 486% from the previous session's volume of 289,837 shares.The stock last traded at $116.80 and had previously closed at $112.26.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PLMR shares. JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $115.00 to $150.00 in a research report on Tuesday, April 8th. Evercore ISI raised their price objective on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research report on Friday, May 30th. Jefferies Financial Group raised their price objective on Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Keefe, Bruyette & Woods lowered their price target on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating for the company in a report on Monday, June 30th. Finally, Truist Financial increased their price target on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, Palomar has a consensus rating of "Moderate Buy" and an average price target of $169.83.

Palomar Stock Up 3.9%

The company's 50 day moving average price is $148.95 and its two-hundred day moving average price is $139.58. The stock has a market cap of $3.12 billion, a P/E ratio of 20.50 and a beta of 0.44.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.08. The company had revenue of $496.29 million for the quarter, compared to analyst estimates of $173.86 million. Palomar had a net margin of 22.71% and a return on equity of 21.08%. Palomar's revenue was up 47.6% compared to the same quarter last year. During the same period last year, the company posted $1.25 earnings per share. As a group, equities research analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Timothy Carter sold 473 shares of the business's stock in a transaction on Saturday, June 28th. The shares were sold at an average price of $153.65, for a total transaction of $72,676.45. Following the sale, the insider directly owned 361 shares of the company's stock, valued at $55,467.65. The trade was a 56.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 500 shares of the business's 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 sale, the chief financial officer directly owned 7,420 shares in the company, valued at $1,177,479.80. This trade represents a 6.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,294 shares of company stock valued at $3,208,102. Company insiders own 3.70% of the company's stock.

Institutional Investors Weigh In On Palomar

Several hedge funds have recently added to or reduced their stakes in PLMR. Wealth Enhancement Advisory Services LLC raised its holdings in Palomar by 3.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 2,461 shares of the company's stock valued at $363,000 after acquiring an additional 90 shares during the last quarter. KBC Group NV boosted its position in shares of Palomar by 9.1% during the 1st quarter. KBC Group NV now owns 1,140 shares of the company's stock worth $156,000 after purchasing an additional 95 shares during the period. Bank of Montreal Can boosted its position in shares of Palomar by 1.7% during the 2nd quarter. Bank of Montreal Can now owns 5,766 shares of the company's stock worth $889,000 after purchasing an additional 98 shares during the period. Hohimer Wealth Management LLC lifted its holdings in Palomar by 3.9% during the 1st quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company's stock worth $359,000 after buying an additional 99 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Palomar by 14.4% during the 2nd quarter. GAMMA Investing LLC now owns 833 shares of the company's stock worth $128,000 after buying an additional 105 shares in the last quarter. 90.25% of the stock is 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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