Palomar (NASDAQ:PLMR) Hits New 12-Month High - Still a Buy?

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $144.46 and last traded at $143.13, with a volume of 492372 shares traded. The stock had previously closed at $131.06.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PLMR. Piper Sandler lifted their price objective on shares of Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a report on Friday, February 14th. Truist Financial boosted their target price on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research note on Tuesday. Jefferies Financial Group lifted their price objective on shares of Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday. JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $148.33.

Palomar Stock Performance

The company's 50-day moving average price is $129.28 and its two-hundred day moving average price is $112.12. The stock has a market cap of $4.12 billion, a PE ratio of 34.47 and a beta of 0.46.

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Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. Equities research analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Palomar news, CFO T Christopher Uchida sold 1,030 shares of Palomar stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $109.65, for a total value of $112,939.50. Following the transaction, the chief financial officer now directly owns 16,258 shares of the company's stock, valued at $1,782,689.70. The trade was a 5.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $109.76, for a total value of $768,320.00. Following the sale, the chief executive officer now directly owns 412,388 shares of the company's stock, valued at approximately $45,263,706.88. This trade represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 30,097 shares of company stock valued at $3,415,422 over the last three months. Insiders own 4.30% of the company's stock.

Institutional Trading of Palomar

Large investors have recently modified their holdings of the business. Blue Trust Inc. bought a new position in Palomar in the fourth quarter worth about $26,000. Smartleaf Asset Management LLC grew its position in Palomar by 536.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock valued at $43,000 after purchasing an additional 349 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in Palomar by 63.2% in the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock worth $52,000 after acquiring an additional 191 shares during the last quarter. NBC Securities Inc. purchased a new stake in Palomar during the 1st quarter valued at $53,000. Finally, Farther Finance Advisors LLC boosted its position in shares of Palomar by 21.8% during the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock valued at $58,000 after buying an additional 99 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

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.