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

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) have been assigned an average rating of "Moderate Buy" from the seven brokerages that are currently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $109.00.

Several research firms recently weighed in on PLMR. Truist Financial upped their price objective on shares of Palomar from $100.00 to $112.00 and gave the stock a "buy" rating in a research report on Thursday, August 8th. Evercore ISI raised 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 raised their price target on Palomar from $117.00 to $120.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. Piper Sandler lifted their price target on shares of Palomar from $105.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, November 8th. Finally, Jefferies Financial Group increased their price objective on shares of Palomar from $110.00 to $113.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th.

Palomar Price Performance

Shares of Palomar stock traded up $1.23 during trading on Wednesday, reaching $108.39. 163,830 shares of the company traded hands, compared to its average volume of 163,567. Palomar has a 1-year low of $54.50 and a 1-year high of $109.44. The company has a 50 day moving average price of $96.31 and a 200-day moving average price of $90.69. The firm has a market capitalization of $2.87 billion, a PE ratio of 25.45 and a beta of 0.34.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.03 by $0.20. The business had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same period in the prior year, the firm posted $0.80 EPS. Equities research analysts expect that Palomar will post 4.32 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 1,750 shares of Palomar stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $99.00, for a total transaction of $173,250.00. Following the completion of the sale, the chief financial officer now directly owns 20,594 shares in the company, valued at $2,038,806. The trade was a 7.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Jon Christianson sold 2,195 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $104.10, for a total value of $228,499.50. Following the transaction, the president now owns 51,926 shares in the company, valued at $5,405,496.60. This trade represents a 4.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 39,076 shares of company stock worth $3,806,029 over the last 90 days. Corporate insiders own 4.30% of the company's stock.

Institutional Investors Weigh In On Palomar

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in Palomar in the 1st quarter valued at about $122,000. ProShare Advisors LLC grew its holdings in Palomar by 7.4% during the first quarter. ProShare Advisors LLC now owns 4,925 shares of the company's stock worth $413,000 after acquiring an additional 339 shares during the period. State Board of Administration of Florida Retirement System lifted its position in shares of Palomar by 23.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 8,641 shares of the company's stock valued at $724,000 after acquiring an additional 1,650 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Palomar by 1.7% during the first quarter. Vanguard Group Inc. now owns 2,403,520 shares of the company's stock valued at $201,487,000 after buying an additional 40,453 shares in the last quarter. Finally, Covestor Ltd lifted its position in shares of Palomar by 29.0% in the first quarter. Covestor Ltd now owns 1,183 shares of the company's stock worth $99,000 after purchasing an additional 266 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.