Palomar Holdings, Inc. (NASDAQ:PLMR) Receives Consensus Rating of “Moderate Buy” from Brokerages

Palomar Holdings, Inc. (NASDAQ:PLMR) has been assigned an average rating of “Moderate Buy” from the seven research firms that are covering the company, MarketBeat Ratings reports. Three 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 brokerages that have issued a report on the stock in the last year is $93.83.

A number of equities analysts recently weighed in on PLMR shares. JMP Securities restated a “market perform” rating on shares of Palomar in a report on Monday, April 15th. JPMorgan Chase & Co. boosted their target price on shares of Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Piper Sandler restated an “overweight” rating and set a $99.00 target price (up from $90.00) on shares of Palomar in a report on Wednesday, May 29th. Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $93.00 to $96.00 and gave the stock an “outperform” rating in a report on Wednesday, May 29th. Finally, Evercore ISI upped their price objective on shares of Palomar from $88.00 to $89.00 and gave the company an “in-line” rating in a report on Wednesday, May 29th.

Insider Buying and Selling at Palomar

In other news, President Jon Christianson sold 2,000 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $81.21, for a total value of $162,420.00. Following the completion of the sale, the president now owns 53,761 shares of the company’s stock, valued at $4,365,930.81. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, President Jon Christianson sold 2,000 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $81.21, for a total value of $162,420.00. Following the completion of the sale, the president now owns 53,761 shares of the company’s stock, valued at $4,365,930.81. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas A. Bradley bought 1,000 shares of Palomar stock in a transaction dated Tuesday, May 7th. The stock was acquired at an average cost of $84.32 per share, with a total value of $84,320.00. Following the transaction, the director now owns 2,500 shares of the company’s stock, valued at approximately $210,800. The disclosure for this purchase can be found here. Insiders have sold a total of 47,250 shares of company stock worth $4,080,716 over the last ninety days. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

A number of institutional investors have recently modified their holdings of the business. Diversified Trust Co boosted its position in shares of Palomar by 2.6% in the second quarter. Diversified Trust Co now owns 11,700 shares of the company’s stock valued at $949,000 after acquiring an additional 300 shares during the period. Artemis Investment Management LLP lifted its position in Palomar by 36.1% during the second quarter. Artemis Investment Management LLP now owns 339,464 shares of the company’s stock worth $27,548,000 after purchasing an additional 90,010 shares during the period. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in Palomar during the second quarter worth about $914,000. SG Americas Securities LLC lifted its position in Palomar by 3,117.4% during the second quarter. SG Americas Securities LLC now owns 46,942 shares of the company’s stock worth $3,809,000 after purchasing an additional 45,483 shares during the period. Finally, CWM LLC lifted its position in Palomar by 15.7% during the second quarter. CWM LLC now owns 1,601 shares of the company’s stock worth $130,000 after purchasing an additional 217 shares during the period. Institutional investors own 90.25% of the company’s stock.

Palomar Stock Up 1.6 %

NASDAQ PLMR opened at $90.22 on Thursday. Palomar has a 12-month low of $48.08 and a 12-month high of $93.51. The company has a market capitalization of $2.25 billion, a PE ratio of 25.93 and a beta of 0.31. The firm’s 50 day moving average is $83.68 and its 200-day moving average is $76.74.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.28. The company had revenue of $108.39 million for the quarter, compared to the consensus estimate of $322.10 million. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The firm’s revenue was up 29.1% compared to the same quarter last year. During the same period last year, the company earned $0.80 earnings per share. As a group, sell-side analysts expect that Palomar will post 4.2 EPS for the current 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.