Palomar Holdings, Inc. (NASDAQ:PLMR) Given Average Rating of “Moderate Buy” by Analysts

Palomar Holdings, Inc. (NASDAQ:PLMR) has been given an average rating of “Moderate Buy” by the seven brokerages that are covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $109.00.

PLMR has been the subject of several analyst reports. Jefferies Financial Group upped their price target on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Truist Financial increased their target price on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Evercore ISI lifted their price target on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research note on Tuesday, August 6th. Keefe, Bruyette & Woods increased their price objective on Palomar from $117.00 to $120.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th.

Insider Activity

In other Palomar news, CEO Mac Armstrong sold 3,185 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $98.21, for a total transaction of $312,798.85. Following the transaction, the chief executive officer now owns 50,312 shares in the company, valued at approximately $4,941,141.52. This represents a 5.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Jon Christianson sold 2,195 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $104.10, for a total value of $228,499.50. Following the completion of the transaction, the president now directly owns 51,926 shares of the company’s stock, valued at $5,405,496.60. This represents a 4.06 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,326 shares of company stock valued at $3,632,779. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hohimer Wealth Management LLC bought a new stake in shares of Palomar during the 3rd quarter valued at $224,000. Geode Capital Management LLC boosted its stake in Palomar by 3.2% during the third quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock worth $56,822,000 after acquiring an additional 18,335 shares in the last quarter. Barclays PLC grew its holdings in Palomar by 112.6% in the third quarter. Barclays PLC now owns 71,803 shares of the company’s stock worth $6,798,000 after purchasing an additional 38,027 shares during the period. Soros Fund Management LLC bought a new position in shares of Palomar during the third quarter valued at approximately $9,467,000. Finally, State Street Corp lifted its holdings in shares of Palomar by 3.0% during the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after purchasing an additional 32,151 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Trading Down 0.2 %

Shares of NASDAQ PLMR opened at $108.80 on Wednesday. The stock’s 50-day moving average is $97.70 and its 200 day moving average is $91.55. The stock has a market cap of $2.88 billion, a price-to-earnings ratio of 25.84 and a beta of 0.34. Palomar has a 1-year low of $54.50 and a 1-year high of $110.98.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The firm had revenue of $148.50 million for the quarter, compared to the consensus estimate of $134.72 million. During the same period last year, the firm posted $0.80 earnings per share. On average, analysts forecast that Palomar will post 4.33 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.