Palomar (NASDAQ:PLMR) Sets New 1-Year High After Analyst Upgrade

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) hit a new 52-week high during mid-day trading on Monday after Keefe, Bruyette & Woods raised their price target on the stock from $117.00 to $120.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Palomar traded as high as $105.42 and last traded at $105.42, with a volume of 26013 shares changing hands. The stock had previously closed at $100.10.

A number of other equities research analysts also recently commented on PLMR. Jefferies Financial Group increased their price objective on Palomar from $110.00 to $113.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. Piper Sandler increased their price objective on Palomar from $105.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday. Evercore ISI increased their price objective on Palomar from $90.00 to $99.00 and gave the company an "in-line" rating in a research report on Tuesday, August 6th. Truist Financial increased their price objective on Palomar from $100.00 to $112.00 and gave the company a "buy" rating in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. increased their price objective on Palomar from $93.00 to $100.00 and gave the company a "neutral" rating in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $109.00.

Insider Activity

In related news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $96.28, for a total transaction of $673,960.00. Following the completion of the sale, the chief executive officer now directly owns 433,388 shares in the company, valued at approximately $41,726,596.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $96.28, for a total transaction of $673,960.00. Following the completion of the sale, the chief executive officer now directly owns 433,388 shares in the company, valued at approximately $41,726,596.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 1,750 shares of the 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 sale, the chief financial officer now owns 20,594 shares of the company's stock, valued at approximately $2,038,806. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,770 shares of company stock worth $3,461,986 over the last quarter. Corporate insiders own 4.30% of the company's stock.

Hedge Funds Weigh In On Palomar

Several hedge funds have recently bought and sold shares of the business. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Palomar in the third quarter valued at about $25,000. GAMMA Investing LLC grew its position in shares of Palomar by 48.6% in the third quarter. GAMMA Investing LLC now owns 382 shares of the company's stock valued at $36,000 after purchasing an additional 125 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of Palomar by 490.9% in the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company's stock valued at $43,000 after purchasing an additional 378 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Palomar in the second quarter valued at about $49,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of Palomar in the first quarter valued at about $59,000. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Stock Up 1.5 %

The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of 25.19 and a beta of 0.34. The company has a 50-day moving average price of $95.26 and a 200-day moving average price of $89.49.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The firm had revenue of $148.50 million for the quarter, compared to analyst estimates of $134.72 million. During the same period in the previous year, the company posted $0.80 earnings per share. Equities analysts expect that Palomar Holdings, Inc. will post 4.35 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.