Palomar (NASDAQ:PLMR) Reaches New 52-Week High – Should You Buy?

Palomar Holdings, Inc. (NASDAQ:PLMR)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $112.11 and last traded at $111.90, with a volume of 45842 shares traded. The stock had previously closed at $109.67.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PLMR shares. Piper Sandler boosted their price target on shares of Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. boosted their price target 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. Keefe, Bruyette & Woods boosted their price target on shares of Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, Jefferies Financial Group boosted their price target on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $111.67.

Palomar Stock Performance

The company has a 50-day simple moving average of $101.55 and a 200-day simple moving average of $94.25. The company has a market cap of $2.77 billion, a price-to-earnings ratio of 24.88 and a beta of 0.36.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The company had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $134.72 million. During the same quarter in the previous year, the firm posted $0.80 EPS. As a group, equities research analysts forecast that Palomar Holdings, Inc. will post 4.33 EPS for the current year.

Insiders Place Their Bets

In related news, President Jon Christianson sold 2,195 shares of the company’s 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 sale, the president now owns 51,926 shares in the company, valued at $5,405,496.60. This represents a 4.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $95.49, for a total value of $668,430.00. Following the completion of the sale, the chief executive officer now owns 440,388 shares in the company, valued at approximately $42,052,650.12. This represents a 1.56 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,326 shares of company stock worth $2,688,779. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

A number of institutional investors and hedge funds have recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. acquired a new stake in Palomar during the 3rd quarter valued at $25,000. GAMMA Investing LLC grew its holdings in Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after buying an additional 125 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in Palomar by 490.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after buying an additional 378 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Palomar during the 2nd quarter valued at $49,000. Finally, Covestor Ltd grew its holdings in Palomar by 20.2% during the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company’s stock valued at $102,000 after buying an additional 181 shares during the last quarter. Institutional investors and hedge funds 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.