Analysts Set Palomar Holdings, Inc. (NASDAQ:PLMR) Price Target at $87.50

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been assigned an average recommendation of “Moderate Buy” from the seven brokerages that are covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $89.17.

PLMR has been the subject of several research analyst reports. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a research note on Monday, April 15th. Jefferies Financial Group raised shares of Palomar from a “hold” rating to a “buy” rating and increased their price objective for the company from $78.00 to $88.00 in a report on Thursday, March 14th. Piper Sandler boosted their target price on shares of Palomar from $89.00 to $90.00 and gave the stock an “overweight” rating in a research note on Monday. Evercore ISI lifted their price objective on Palomar from $68.00 to $86.00 and gave the stock an “in-line” rating in a report on Thursday, April 11th. Finally, Truist Financial increased their target price on Palomar from $88.00 to $97.00 and gave the company a “buy” rating in a report on Monday.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $59.45, for a total transaction of $59,450.00. Following the completion of the sale, the chief financial officer now owns 31,344 shares in the company, valued at approximately $1,863,400.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO T Christopher Uchida sold 1,000 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $59.45, for a total value of $59,450.00. Following the sale, the chief financial officer now directly owns 31,344 shares in the company, valued at approximately $1,863,400.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $82.62, for a total transaction of $578,340.00. Following the sale, the chief executive officer now owns 475,388 shares of the company’s stock, valued at $39,276,556.56. The disclosure for this sale can be found here. Insiders have sold 42,250 shares of company stock valued at $3,305,655 over the last ninety days. Company insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Palomar by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 2,363,067 shares of the company’s stock worth $131,150,000 after buying an additional 85,329 shares in the last quarter. Stephens Investment Management Group LLC increased its holdings in Palomar by 11.3% during the 4th quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock worth $59,752,000 after purchasing an additional 109,261 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its position in Palomar by 1.0% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 954,290 shares of the company’s stock valued at $52,963,000 after purchasing an additional 9,462 shares in the last quarter. Westfield Capital Management Co. LP grew its position in shares of Palomar by 6.3% during the fourth quarter. Westfield Capital Management Co. LP now owns 460,545 shares of the company’s stock worth $25,560,000 after buying an additional 27,199 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Palomar by 14.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company’s stock worth $23,407,000 after buying an additional 52,659 shares during the period. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Palomar Price Performance

PLMR opened at $83.39 on Friday. The firm has a fifty day moving average price of $79.04 and a 200 day moving average price of $66.51. Palomar has a 1 year low of $46.09 and a 1 year high of $86.25. The stock has a market cap of $2.08 billion, a P/E ratio of 23.96 and a beta of 0.24.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.28. The business had revenue of $108.39 million during 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 company’s revenue was up 29.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.80 earnings per share. Equities analysts expect that Palomar will post 3.84 EPS for the current year.

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.