Brokerages Set Palomar Holdings, Inc. (NASDAQ:PLMR) PT at $115.50

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the seven research firms that are currently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $115.50.

A number of research analysts have issued reports on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $120.00 to $136.00 and gave the company an "outperform" rating in a research note on Friday, December 6th. Piper Sandler increased their price objective on Palomar from $119.00 to $133.00 and gave the stock an "overweight" rating in a report on Monday. JPMorgan Chase & Co. lifted their target price on Palomar from $93.00 to $100.00 and gave the company a "neutral" rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group increased their price target on Palomar from $110.00 to $113.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th.

Palomar Trading Up 0.4 %

PLMR traded up $0.40 on Thursday, hitting $105.87. 133,015 shares of the company's stock were exchanged, compared to its average volume of 128,483. The stock has a fifty day moving average of $104.67 and a two-hundred day moving average of $96.60. Palomar has a twelve month low of $54.81 and a twelve month high of $112.90. The firm has a market cap of $2.80 billion, a PE ratio of 25.15 and a beta of 0.38.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.20. The business had revenue of $148.50 million for the quarter, compared to the consensus estimate of $134.72 million. Palomar had a return on equity of 19.65% and a net margin of 21.55%. During the same quarter last year, the business posted $0.80 EPS. On average, analysts predict that Palomar will post 4.33 EPS for the current year.

Insider Buying and Selling at Palomar

In other news, President Jon Christianson sold 2,000 shares of the firm's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $98.45, for a total value of $196,900.00. Following the completion of the sale, the president now owns 51,926 shares of the company's stock, valued at $5,112,114.70. This trade represents a 3.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Angela L. Grant sold 1,505 shares of the company's stock in a transaction on Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total value of $159,319.30. Following the transaction, the insider now directly owns 2,534 shares in the company, valued at $268,249.24. The trade was a 37.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 31,909 shares of company stock valued at $3,242,655. 4.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Palomar

Hedge funds have recently modified their holdings of the stock. Rhumbline Advisers boosted its stake in shares of Palomar by 1.4% during the 2nd quarter. Rhumbline Advisers now owns 68,490 shares of the company's stock worth $5,558,000 after acquiring an additional 947 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Palomar by 1,634.6% in the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company's stock valued at $14,419,000 after purchasing an additional 167,435 shares during the last quarter. Arizona State Retirement System increased its position 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 buying an additional 164 shares during the period. Texas Permanent School Fund Corp raised its stake in Palomar by 5.5% during the 2nd quarter. Texas Permanent School Fund Corp now owns 22,835 shares of the company's stock valued at $1,853,000 after purchasing an additional 1,191 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D acquired a new stake in Palomar during the second quarter worth about $1,790,000. 90.25% of the stock is owned by institutional investors and hedge funds.

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.