Palomar (NASDAQ:PLMR) Sets New 52-Week High Following Analyst Upgrade

Palomar Holdings, Inc. (NASDAQ:PLMR)’s stock price reached a new 52-week high during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $88.00 to $97.00. Truist Financial currently has a buy rating on the stock. Palomar traded as high as $86.25 and last traded at $85.78, with a volume of 76864 shares trading hands. The stock had previously closed at $83.39.

PLMR has been the subject of several other research reports. Keefe, Bruyette & Woods increased their price objective on Palomar from $88.00 to $89.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Piper Sandler upped their target price on shares of Palomar from $89.00 to $90.00 and gave the company an “overweight” rating in a report on Monday. Evercore ISI lifted their price target on shares of Palomar from $68.00 to $86.00 and gave the stock an “in-line” rating in a report on Thursday, April 11th. Jefferies Financial Group raised shares of Palomar from a “hold” rating to a “buy” rating and upped their price objective for the company from $78.00 to $88.00 in a research note on Thursday, March 14th. Finally, JMP Securities reissued a “market perform” rating on shares of Palomar in a research note on Monday, April 15th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Palomar currently has an average rating of “Moderate Buy” and a consensus price target of $89.17.

Insider Transactions at Palomar

In other Palomar news, President Jon Christianson sold 10,000 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $82.09, for a total transaction of $820,900.00. Following the completion of the sale, the president now owns 59,761 shares of the company’s stock, valued at $4,905,780.49. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $80.03, for a total value of $560,210.00. Following the completion of the sale, the chief executive officer now owns 468,388 shares of the company’s stock, valued at $37,485,091.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Jon Christianson sold 10,000 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $82.09, for a total value of $820,900.00. Following the completion of the sale, the president now directly owns 59,761 shares of the company’s stock, valued at approximately $4,905,780.49. The disclosure for this sale can be found here. Insiders sold a total of 42,250 shares of company stock worth $3,305,655 in the last ninety days. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Signaturefd LLC raised its stake in Palomar by 59.4% during the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock valued at $33,000 after buying an additional 221 shares in the last quarter. Atwood & Palmer Inc. grew its stake in shares of Palomar by 66.7% in the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after buying an additional 300 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Palomar in the 1st quarter valued at approximately $122,000. Picton Mahoney Asset Management bought a new stake in shares of Palomar in the 4th quarter valued at approximately $108,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Palomar in the 1st quarter valued at approximately $235,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Stock Performance

The firm has a market cap of $2.14 billion, a P/E ratio of 23.96 and a beta of 0.24. The company has a 50 day moving average of $79.04 and a 200 day moving average of $66.51.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $1.09 EPS for the quarter, beating the consensus estimate of $0.81 by $0.28. The business had revenue of $108.39 million during the quarter, compared to analysts’ expectations of $322.10 million. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The firm’s quarterly revenue was up 29.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.80 EPS. As a group, analysts expect that Palomar Holdings, Inc. will post 3.84 EPS 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.