Palomar Holdings, Inc. (NASDAQ:PLMR) Receives $115.50 Consensus Target Price from Analysts

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have received an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $115.50.

A number of research firms have recently issued reports on PLMR. Piper Sandler boosted their price target on shares of Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Jefferies Financial Group upped their target price 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. Keefe, Bruyette & Woods lifted their price target on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. raised their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th.

Palomar Price Performance

NASDAQ:PLMR opened at $101.85 on Thursday. The company’s 50-day moving average is $105.53 and its two-hundred day moving average is $97.22. Palomar has a 1-year low of $57.55 and a 1-year high of $112.90. The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of 24.19 and a beta of 0.38.

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

Insider Buying and Selling at Palomar

In related news, President Jon Christianson sold 2,195 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $104.10, for a total transaction of $228,499.50. Following the completion of the sale, the president now directly owns 51,926 shares of the company’s stock, valued at $5,405,496.60. This trade represents a 4.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO T Christopher Uchida sold 1,030 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $110.85, for a total transaction of $114,175.50. Following the completion of the transaction, the chief financial officer now directly owns 15,994 shares in the company, valued at $1,772,934.90. This represents a 6.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,694 shares of company stock worth $2,632,377. 4.30% of the stock is owned by company insiders.

Institutional Trading of Palomar

Hedge funds have recently modified their holdings of the business. State Street Corp lifted its holdings in Palomar by 3.0% in the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after acquiring an additional 32,151 shares during the period. Geode Capital Management LLC boosted its holdings 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 buying an additional 18,335 shares in the last quarter. Victory Capital Management Inc. grew its position in Palomar by 1,634.6% during the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock worth $14,419,000 after buying an additional 167,435 shares during the period. Driehaus Capital Management LLC grew its position in Palomar by 17.1% during the second quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock worth $24,362,000 after buying an additional 43,841 shares during the period. Finally, Thrivent Financial for Lutherans lifted its position in shares of Palomar by 58.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock valued at $3,109,000 after acquiring an additional 12,147 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Company Profile

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.