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

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) reached a new 52-week high during trading on Monday . The company traded as high as $112.11 and last traded at $111.90, with a volume of 45842 shares changing hands. The stock had previously closed at $109.67.

Wall Street Analyst Weigh In

PLMR has been the subject of several recent analyst reports. Jefferies Financial Group raised their target price on shares of Palomar from $110.00 to $113.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. Keefe, Bruyette & Woods raised their price objective on shares of Palomar from $120.00 to $136.00 and gave the stock an "outperform" rating in a research note on Friday, December 6th. Piper Sandler boosted their target price on shares of Palomar from $105.00 to $110.00 and gave the company an "overweight" rating in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. raised their target price on Palomar from $93.00 to $100.00 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Palomar has a consensus rating of "Moderate Buy" and a consensus price target of $111.67.

Palomar Trading Up 2.3 %

The business's 50-day simple moving average is $100.92 and its 200-day simple moving average is $93.87. The company has a market cap of $2.97 billion, a PE ratio of 26.05 and a beta of 0.36.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates 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 net margin of 21.55% and a return on equity of 19.65%. During the same period in the prior year, the business posted $0.80 earnings per share. On average, research analysts predict that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 7,000 shares of the company's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $95.49, for a total transaction of $668,430.00. Following the completion of the sale, the chief executive officer now owns 440,388 shares in the company, valued at approximately $42,052,650.12. This represents a 1.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 1,030 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $97.65, for a total value of $100,579.50. Following the transaction, the chief financial officer now directly owns 17,543 shares in the company, valued at approximately $1,713,073.95. This represents a 5.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,326 shares of company stock valued at $2,688,779 in the last three months. Corporate insiders own 4.30% of the company's stock.

Institutional Investors Weigh In On Palomar

A number of large investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its stake in Palomar by 1,634.6% in the 2nd quarter. Victory Capital Management Inc. now owns 177,678 shares of the company's stock valued at $14,419,000 after buying an additional 167,435 shares during the last quarter. F M Investments LLC acquired a new stake in shares of Palomar in the second quarter valued at about $11,946,000. Point72 Asset Management L.P. bought a new position in shares of Palomar in the third quarter worth about $10,994,000. Allspring Global Investments Holdings LLC lifted its position in shares of Palomar by 214.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company's stock worth $13,445,000 after purchasing an additional 112,996 shares during the last quarter. Finally, Soros Fund Management LLC bought a new stake in Palomar during the 3rd quarter valued at approximately $9,467,000. Institutional investors own 90.25% of the company's stock.

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.

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