Palomar (NASDAQ:PLMR) Reaches New 1-Year High at $96.64

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $96.64 and last traded at $96.36, with a volume of 82028 shares changing hands. The stock had previously closed at $94.32.

Analyst Ratings Changes

Several research firms have recently issued reports on PLMR. Piper Sandler upped their target price on shares of Palomar from $99.00 to $105.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 7th. Evercore ISI increased their price objective on shares of Palomar from $90.00 to $99.00 and gave the company an "in-line" rating in a research note on Tuesday, August 6th. Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $96.00 to $113.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 13th. Truist Financial increased their price target on Palomar from $100.00 to $112.00 and gave the company a "buy" rating in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. boosted their price objective on Palomar from $88.00 to $91.00 and gave the stock a "neutral" rating in a research report on Thursday, July 11th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Palomar has an average rating of "Moderate Buy" and an average target price of $101.33.

Palomar Price Performance

The firm has a fifty day simple moving average of $87.19 and a two-hundred day simple moving average of $81.55. The firm has a market capitalization of $2.44 billion, a P/E ratio of 27.99 and a beta of 0.31.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.16. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The company had revenue of $123.08 million during the quarter, compared to the consensus estimate of $338.74 million. During the same quarter in the prior year, the company earned $0.72 EPS. The firm's quarterly revenue was up 47.0% compared to the same quarter last year. On average, research analysts anticipate that Palomar Holdings, Inc. will post 4.31 EPS for the current year.

Insider Activity at Palomar

In other Palomar news, President Jon Christianson sold 2,000 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $81.21, for a total transaction of $162,420.00. Following the sale, the president now owns 53,761 shares in the company, valued at $4,365,930.81. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Thomas A. Bradley acquired 1,000 shares of Palomar stock in a transaction that occurred on Friday, August 9th. The stock was bought at an average price of $89.42 per share, with a total value of $89,420.00. Following the completion of the purchase, the director now owns 4,724 shares in the company, valued at $422,420.08. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Jon Christianson sold 2,000 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $81.21, for a total transaction of $162,420.00. Following the completion of the sale, the president now owns 53,761 shares in the company, valued at $4,365,930.81. The disclosure for this sale can be found here. In the last ninety days, insiders sold 39,750 shares of company stock worth $3,470,896. Corporate insiders own 4.30% of the company's stock.

Hedge Funds Weigh In On Palomar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLMR. Signaturefd LLC boosted its position in shares of Palomar by 59.4% during the 4th quarter. Signaturefd LLC now owns 593 shares of the company's stock valued at $33,000 after acquiring an additional 221 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Palomar during the second quarter valued at approximately $49,000. DekaBank Deutsche Girozentrale purchased a new position in Palomar in the 1st quarter worth approximately $59,000. Advisors Asset Management Inc. lifted its holdings in shares of Palomar by 137.1% during the 1st quarter. Advisors Asset Management Inc. now owns 735 shares of the company's stock worth $62,000 after acquiring an additional 425 shares during the last quarter. Finally, Atwood & Palmer Inc. grew its position in Palomar by 66.7% in the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company's stock worth $63,000 after acquiring an additional 300 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

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.