Brokerages Set Palomar Holdings, Inc. (NASDAQ:PLMR) Price Target at $98.50

Palomar Holdings, Inc. (NASDAQ:PLMR) has received an average rating of “Moderate Buy” from the seven analysts that are presently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $101.33.

PLMR has been the topic of several recent research reports. JPMorgan Chase & Co. boosted their price objective on shares of Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Thursday, July 11th. Piper Sandler upped their price target on shares of Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Evercore ISI raised their price objective on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research note on Tuesday, August 6th. Truist Financial upped their target price on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th.

Palomar Price Performance

Shares of PLMR stock opened at $94.66 on Monday. Palomar has a 1-year low of $48.08 and a 1-year high of $96.44. The business’s fifty day moving average price is $86.36 and its 200 day moving average price is $80.85. The firm has a market capitalization of $2.37 billion, a PE ratio of 27.20 and a beta of 0.31.

Palomar (NASDAQ:PLMR) last issued its earnings results on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.16. The company had revenue of $123.08 million during the quarter, compared to analysts’ expectations of $338.74 million. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The firm’s quarterly revenue was up 47.0% compared to the same quarter last year. During the same period last year, the company posted $0.72 earnings per share. Equities research analysts expect that Palomar will post 4.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $78.51, for a total value of $549,570.00. Following the completion of the sale, the chief executive officer now owns 454,388 shares of the company’s stock, valued at approximately $35,674,001.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Thomas A. Bradley acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were acquired at an average price of $89.42 per share, with a total value of $89,420.00. Following the acquisition, the director now directly owns 4,724 shares in the company, valued at $422,420.08. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $78.51, for a total value of $549,570.00. Following the transaction, the chief executive officer now owns 454,388 shares of the company’s stock, valued at $35,674,001.88. The disclosure for this sale can be found here. Insiders have sold a total of 46,750 shares of company stock valued at $4,050,776 in the last three months. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Signaturefd LLC raised its stake in shares of Palomar by 59.4% during the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock valued at $33,000 after purchasing an additional 221 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Palomar during the second quarter valued at approximately $49,000. DekaBank Deutsche Girozentrale acquired a new stake in Palomar in the first quarter worth approximately $59,000. Advisors Asset Management Inc. boosted its stake in Palomar by 137.1% during the 1st quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock valued at $62,000 after purchasing an additional 425 shares in the last quarter. Finally, Atwood & Palmer Inc. boosted its stake in Palomar by 66.7% during the first 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. Institutional investors own 90.25% of the company’s stock.

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.