Palomar (NASDAQ:PLMR) Reaches New 12-Month High – What’s Next?

Palomar Holdings, Inc. (NASDAQ:PLMR)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $137.89 and last traded at $135.47, with a volume of 5658 shares. The stock had previously closed at $135.14.

Wall Street Analyst Weigh In

PLMR has been the subject of several research analyst reports. Piper Sandler upped their target price on shares of Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Keefe, Bruyette & Woods upped their price objective on shares of Palomar from $152.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday, March 21st. Truist Financial lifted their target price on Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Palomar currently has a consensus rating of “Moderate Buy” and a consensus target price of $127.83.

Palomar Stock Performance

The firm has a 50 day moving average price of $120.41 and a two-hundred day moving average price of $107.73. The company has a market capitalization of $3.64 billion, a P/E ratio of 30.49 and a beta of 0.33.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. On average, equities analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Activity

In related news, CEO Mac Armstrong sold 5,000 shares of the firm’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $129.72, for a total transaction of $648,600.00. Following the completion of the sale, the chief executive officer now directly owns 402,388 shares of the company’s stock, valued at $52,197,771.36. This trade represents a 1.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO T Christopher Uchida sold 864 shares of the business’s stock in a transaction on Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total value of $91,463.04. Following the completion of the transaction, the chief financial officer now directly owns 17,288 shares in the company, valued at approximately $1,830,107.68. This represents a 4.76 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,455 shares of company stock worth $3,911,340. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. American Century Companies Inc. increased its stake in shares of Palomar by 36.6% in the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company’s stock valued at $82,932,000 after buying an additional 210,523 shares during the period. Norges Bank acquired a new stake in Palomar in the fourth quarter worth about $20,637,000. Price T Rowe Associates Inc. MD raised its holdings in Palomar by 39.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company’s stock worth $45,622,000 after purchasing an additional 122,057 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Palomar during the 3rd quarter worth about $10,994,000. Finally, Freestone Grove Partners LP acquired a new position in Palomar during the 4th quarter valued at about $11,774,000. Institutional investors 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.