Palomar (NASDAQ:PLMR) Sets New 12-Month High Following Analyst Upgrade

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $150.00 to $178.00. Truist Financial currently has a buy rating on the stock. Palomar traded as high as $152.42 and last traded at $150.54, with a volume of 419911 shares traded. The stock had previously closed at $147.88.

Several other analysts also recently issued reports on PLMR. Keefe, Bruyette & Woods cut their target price on shares of Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 9th. JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Piper Sandler increased their price objective on Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, February 14th. Jefferies Financial Group lifted their target price on Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Finally, JMP Securities reissued a "market perform" rating on shares of Palomar in a research report on Thursday, February 13th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $148.33.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the business's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $109.76, for a total value of $768,320.00. Following the completion of the sale, the chief executive officer now owns 412,388 shares of the company's stock, valued at $45,263,706.88. The trade was a 1.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO T Christopher Uchida sold 394 shares of the business's stock in a transaction that occurred on Sunday, January 26th. The stock was sold at an average price of $101.69, for a total value of $40,065.86. Following the completion of the sale, the chief financial officer now owns 16,943 shares of the company's stock, valued at approximately $1,722,933.67. This trade represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 31,645 shares of company stock valued at $3,787,579 in the last three months. Insiders own 4.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Palomar by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company's stock valued at $271,886,000 after purchasing an additional 53,123 shares during the period. American Century Companies Inc. grew its holdings in shares of Palomar by 36.6% in the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock worth $82,932,000 after purchasing an additional 210,523 shares during the last quarter. Geode Capital Management LLC grew its stake in 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 buying an additional 18,748 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Palomar by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock valued at $59,313,000 after purchasing an additional 17,320 shares in the last quarter. Finally, Artemis Investment Management LLP raised its position in Palomar by 18.7% in the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company's stock valued at $48,052,000 after purchasing an additional 71,806 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Price Performance

The business has a 50 day simple moving average of $132.55 and a 200 day simple moving average of $113.68. The company has a market cap of $4.00 billion, a price-to-earnings ratio of 33.44 and a beta of 0.46.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, topping 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%. As a group, sell-side analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share 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.