Palomar Holdings, Inc. (NASDAQ:PLMR) Given Consensus Recommendation of "Moderate Buy" by Analysts

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) has been given an average recommendation of "Moderate Buy" by the seven brokerages that are covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $101.33.

PLMR has been the topic of a number of analyst reports. Piper Sandler boosted their price target on Palomar from $99.00 to $105.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price target on Palomar from $88.00 to $91.00 and gave the stock a "neutral" rating in a research report on Thursday, July 11th. Truist Financial boosted their price target on Palomar from $100.00 to $112.00 and gave the stock a "buy" rating in a research report on Thursday, August 8th. Keefe, Bruyette & Woods increased their target price on Palomar from $96.00 to $113.00 and gave the company an "outperform" rating in a research note on Tuesday, August 13th. Finally, Evercore ISI increased their target price on Palomar from $90.00 to $99.00 and gave the company an "in-line" rating in a research note on Tuesday, August 6th.

Insider Transactions at Palomar

In other news, CFO T Christopher Uchida sold 1,750 shares of the firm's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $99.00, for a total value of $173,250.00. Following the transaction, the chief financial officer now directly owns 20,594 shares in the company, valued at approximately $2,038,806. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Thomas A. Bradley purchased 1,000 shares of the company's stock in a transaction dated Friday, August 9th. The shares were purchased at an average cost of $89.42 per share, for a total transaction of $89,420.00. Following the purchase, the director now directly owns 4,724 shares in the company, valued at approximately $422,420.08. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 1,750 shares of the firm's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $99.00, for a total value of $173,250.00. Following the completion of the transaction, the chief financial officer now owns 20,594 shares in the company, valued at $2,038,806. The disclosure for this sale can be found here. Insiders have sold a total of 41,500 shares of company stock worth $3,644,146 in the last ninety days. Insiders own 4.30% of the company's stock.

Hedge Funds Weigh In On Palomar

A number of institutional investors have recently bought and sold shares of the stock. Truist Financial Corp bought a new position in Palomar in the 2nd quarter worth $461,000. Algert Global LLC raised its holdings in Palomar by 18.5% in the 2nd quarter. Algert Global LLC now owns 37,687 shares of the company's stock worth $3,058,000 after purchasing an additional 5,896 shares during the period. Driehaus Capital Management LLC raised its holdings in Palomar by 17.1% in the 2nd 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 period. The Manufacturers Life Insurance Company raised its holdings in Palomar by 0.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 60,123 shares of the company's stock worth $4,879,000 after purchasing an additional 426 shares during the period. Finally, AQR Capital Management LLC raised its holdings in Palomar by 17.7% in the 2nd quarter. AQR Capital Management LLC now owns 44,691 shares of the company's stock worth $3,627,000 after purchasing an additional 6,735 shares during the period. 90.25% of the stock is owned by institutional investors.

Palomar Trading Down 1.6 %

Shares of PLMR stock traded down $1.57 during midday trading on Friday, reaching $94.51. 123,858 shares of the stock were exchanged, compared to its average volume of 164,841. The company's 50 day moving average is $90.80 and its two-hundred day moving average is $84.00. Palomar has a 1 year low of $48.08 and a 1 year high of $100.29. The firm has a market cap of $2.36 billion, a PE ratio of 27.10 and a beta of 0.34.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings results on Monday, August 5th. The company reported $1.25 EPS 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 for the quarter, compared to analysts' expectations of $338.74 million. During the same period in the previous year, the firm posted $0.72 EPS. The business's revenue for the quarter was up 47.0% compared to the same quarter last year. As a group, equities analysts expect that Palomar will post 4.37 EPS for the current fiscal 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.