Palomar (NASDAQ:PLMR) Reaches New 52-Week High - Here's What Happened

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) shares reached a new 52-week high during trading on Friday . The stock traded as high as $128.85 and last traded at $128.66, with a volume of 371869 shares trading hands. The stock had previously closed at $122.59.

Analyst Upgrades and Downgrades

PLMR has been the subject of a number of research reports. JMP Securities reiterated a "market perform" rating on shares of Palomar in a report on Thursday, February 13th. Keefe, Bruyette & Woods increased their price objective on Palomar from $136.00 to $152.00 and gave the stock an "outperform" rating in a report on Tuesday, February 18th. Piper Sandler boosted their target price on Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday, February 14th. Truist Financial raised their price target on shares of Palomar from $112.00 to $150.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Palomar from $93.00 to $100.00 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $127.33.

Palomar Stock Down 0.8 %

The stock has a market capitalization of $3.39 billion, a P/E ratio of 28.39 and a beta of 0.38. The stock has a 50 day simple moving average of $111.25 and a two-hundred day simple moving average of $103.61.

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

Insider Transactions at Palomar

In other Palomar news, President Jon Christianson sold 819 shares of Palomar stock in a transaction on Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total transaction of $86,699.34. Following the completion of the transaction, the president now directly owns 55,126 shares of the company's stock, valued at $5,835,638.36. The trade was a 1.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jonathan Knutzen sold 282 shares of the company's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $104.46, for a total transaction of $29,457.72. Following the completion of the transaction, the insider now owns 20,098 shares in the company, valued at approximately $2,099,437.08. This trade represents a 1.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,485 shares of company stock worth $4,098,195 in the last ninety days. Insiders own 4.30% of the company's stock.

Institutional Investors Weigh In On Palomar

A number of institutional investors have recently modified their holdings of PLMR. Vanguard Group Inc. increased its position in shares of Palomar by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company's stock worth $271,886,000 after purchasing an additional 53,123 shares during the period. State Street Corp lifted its stake in shares of Palomar by 3.0% in the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company's stock valued at $103,919,000 after acquiring an additional 32,151 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Palomar by 36.6% during the fourth quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock valued at $82,932,000 after purchasing an additional 210,523 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Palomar by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 618,840 shares of the company's stock worth $65,358,000 after purchasing an additional 18,748 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Palomar by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock worth $59,313,000 after purchasing an additional 17,320 shares during the last quarter. 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.