Palomar (NASDAQ:PLMR) Hits New 1-Year High After Analyst Upgrade

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) hit a new 52-week high on Monday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The company traded as high as $172.93 and last traded at $172.02, with a volume of 22048 shares traded. The stock had previously closed at $171.47.

Several other research analysts have also issued reports on the company. Keefe, Bruyette & Woods lowered their target price on Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. JMP Securities reaffirmed a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Piper Sandler boosted their price target on shares of Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research report on Friday. Truist Financial increased their price objective on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research report on Tuesday, April 15th. Finally, Jefferies Financial Group boosted their target price on shares of Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a report on Friday, April 11th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, Palomar currently has a consensus rating of "Moderate Buy" and an average price target of $164.33.

Insider Activity at Palomar

In related news, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $161.96, for a total transaction of $809,800.00. Following the transaction, the chief executive officer now owns 392,388 shares in the company, valued at $63,551,160.48. The trade was a 1.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO T Christopher Uchida sold 1,000 shares of the company's stock in a transaction on Wednesday, April 9th. The stock was sold at an average price of $144.00, for a total transaction of $144,000.00. Following the transaction, the chief financial officer now owns 9,172 shares in the company, valued at approximately $1,320,768. The trade was a 9.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,202 shares of company stock worth $3,265,129 in the last quarter. Company insiders own 3.70% of the company's stock.

Institutional Trading of Palomar

Several institutional investors and hedge funds have recently made changes to their positions in PLMR. Barclays PLC raised its holdings in shares of Palomar by 112.6% in the third quarter. Barclays PLC now owns 71,803 shares of the company's stock valued at $6,798,000 after purchasing an additional 38,027 shares during the last quarter. KBC Group NV grew its position in Palomar by 44.9% during the fourth quarter. KBC Group NV now owns 1,045 shares of the company's stock valued at $110,000 after buying an additional 324 shares during the period. State of Alaska Department of Revenue boosted its position in Palomar by 0.7% during the fourth quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company's stock worth $1,588,000 after purchasing an additional 100 shares during the period. Louisiana State Employees Retirement System boosted its position in Palomar by 0.8% during the fourth quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company's stock worth $1,352,000 after purchasing an additional 100 shares during the period. Finally, Legato Capital Management LLC boosted its position in Palomar by 8.0% during the fourth quarter. Legato Capital Management LLC now owns 5,920 shares of the company's stock worth $625,000 after purchasing an additional 436 shares during the period. Hedge funds and other institutional investors own 90.25% of the company's stock.

Palomar Stock Down 0.3%

The stock has a market cap of $4.68 billion, a P/E ratio of 39.08 and a beta of 0.51. The business's 50-day simple moving average is $151.03 and its two-hundred day simple moving average is $126.85.

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

About Palomar

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.