Palomar (NASDAQ:PLMR) Sets New 52-Week High at $99.74

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report)'s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $99.74 and last traded at $99.67, with a volume of 72312 shares trading hands. The stock had previously closed at $98.80.

Analyst Upgrades and Downgrades

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

Palomar Trading Up 0.4 %

The stock has a market capitalization of $2.47 billion, a P/E ratio of 28.39 and a beta of 0.31. The stock's fifty day moving average price is $88.91 and its two-hundred day moving average price is $82.89.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings data on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.16. The firm had revenue of $123.08 million during the quarter, compared to analyst estimates of $338.74 million. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The business's quarterly revenue was up 47.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.72 EPS. As a group, analysts expect that Palomar Holdings, Inc. will post 4.31 earnings per share for the current fiscal year.

Insider Activity at Palomar

In other news, Director Thomas A. Bradley purchased 1,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was bought at an average cost of $89.42 per share, for a total transaction of $89,420.00. Following the acquisition, the director now directly owns 4,724 shares of the company's stock, valued at approximately $422,420.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Thomas A. Bradley purchased 1,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was bought at an average cost of $89.42 per share, for a total transaction of $89,420.00. Following the acquisition, the director now directly owns 4,724 shares of the company's stock, valued at approximately $422,420.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 1,750 shares of the company's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $99.00, for a total transaction of $173,250.00. Following the completion of the transaction, the chief financial officer now owns 20,594 shares of the company's stock, valued at $2,038,806. The disclosure for this sale can be found here. Insiders sold 41,500 shares of company stock worth $3,644,146 in the last three months. 4.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System raised its holdings in Palomar by 2.4% in the 2nd quarter. Arizona State Retirement System now owns 6,961 shares of the company's stock worth $565,000 after purchasing an additional 164 shares in the last quarter. CWM LLC grew its position in shares of Palomar by 15.7% in the 2nd quarter. CWM LLC now owns 1,601 shares of the company's stock worth $130,000 after buying an additional 217 shares during the period. Signaturefd LLC grew its position in shares of Palomar by 59.4% in the 4th quarter. Signaturefd LLC now owns 593 shares of the company's stock worth $33,000 after buying an additional 221 shares during the period. Covestor Ltd grew its position in shares of Palomar by 29.0% in the 1st quarter. Covestor Ltd now owns 1,183 shares of the company's stock worth $99,000 after buying an additional 266 shares during the period. Finally, Conestoga Capital Advisors LLC grew its position in shares of Palomar by 1.0% in the 1st quarter. Conestoga Capital Advisors LLC now owns 27,407 shares of the company's stock worth $2,298,000 after buying an additional 270 shares during the period. 90.25% of the stock is currently owned by institutional investors.

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.

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