Palomar (NASDAQ:PLMR) Hits New 1-Year High - Here's What Happened

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report)'s stock price reached a new 52-week high on Friday . The stock traded as high as $100.57 and last traded at $100.27, with a volume of 45460 shares traded. The stock had previously closed at $97.28.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Keefe, Bruyette & Woods upped their price target on shares of Palomar from $96.00 to $113.00 and gave the stock an "outperform" rating in a report on Tuesday, August 13th. 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 lifted their price target 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. JPMorgan Chase & Co. boosted their price target on Palomar from $88.00 to $91.00 and gave the company a "neutral" rating in a report on Thursday, July 11th. Finally, Truist Financial raised their price objective on Palomar from $100.00 to $112.00 and gave the stock a "buy" rating in a report on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $101.33.

Palomar Price Performance

The company has a market cap of $2.57 billion, a PE ratio of 29.56 and a beta of 0.34. The business has a fifty day simple moving average of $94.77 and a two-hundred day simple moving average of $86.89.

Palomar (NASDAQ:PLMR - Get Free Report) last issued 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. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The firm had revenue of $123.08 million during the quarter, compared to analysts' expectations of $338.74 million. During the same period in the prior year, the business posted $0.72 EPS. The firm's quarterly revenue was up 47.0% on a year-over-year basis. On average, equities research analysts predict that Palomar Holdings, Inc. will post 4.37 EPS for the current year.

Insider Activity

In other news, Director Thomas A. Bradley purchased 1,000 shares of the business's stock in a transaction on Friday, August 9th. The shares were acquired at an average cost of $89.42 per share, with a total value of $89,420.00. Following the completion of the acquisition, the director now owns 4,724 shares of the company's stock, valued at $422,420.08. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Palomar news, CEO Mac Armstrong sold 12,773 shares of the business's stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $88.19, for a total transaction of $1,126,450.87. Following the sale, the chief executive officer now owns 59,309 shares of the company's stock, valued at approximately $5,230,460.71. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas A. Bradley purchased 1,000 shares of the firm's stock in a transaction on Friday, August 9th. The stock was bought at an average cost of $89.42 per share, with a total value of $89,420.00. Following the acquisition, the director now owns 4,724 shares of the company's stock, valued at approximately $422,420.08. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 48,500 shares of company stock worth $4,464,266. Corporate insiders own 4.30% of the company's stock.

Hedge Funds Weigh In On Palomar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PLMR. Vanguard Group Inc. raised its stake in shares of Palomar by 1.7% in the first quarter. Vanguard Group Inc. now owns 2,403,520 shares of the company's stock worth $201,487,000 after purchasing an additional 40,453 shares during the last quarter. Champlain Investment Partners LLC boosted its holdings in shares of Palomar by 5.5% in the 1st quarter. Champlain Investment Partners LLC now owns 1,340,795 shares of the company's stock valued at $112,399,000 after acquiring an additional 69,615 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Palomar by 15.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company's stock valued at $41,295,000 after acquiring an additional 66,478 shares during the last quarter. Artemis Investment Management LLP increased its stake in shares of Palomar by 36.1% in the second quarter. Artemis Investment Management LLP now owns 339,464 shares of the company's stock worth $27,548,000 after acquiring an additional 90,010 shares during the period. Finally, Driehaus Capital Management LLC raised its holdings in shares of 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 purchasing an additional 43,841 shares during the last quarter. Hedge funds and other 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.