Palomar (NASDAQ:PLMR) Hits New 52-Week High - Time to Buy?

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) reached a new 52-week high during trading on Tuesday . The stock traded as high as $139.21 and last traded at $137.08, with a volume of 328720 shares. The stock had previously closed at $136.77.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on PLMR shares. JMP Securities reaffirmed a "market perform" rating on shares of Palomar in a report on Thursday, February 13th. Piper Sandler raised their price objective on Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday, February 14th. Keefe, Bruyette & Woods boosted their target price on Palomar from $152.00 to $155.00 and gave the company an "outperform" rating in a research note on Friday, March 21st. Finally, Truist Financial increased their target price on Palomar from $112.00 to $150.00 and gave the company a "buy" rating in a report on Friday, February 14th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $127.83.

Palomar Price Performance

The firm's 50 day moving average price is $122.73 and its 200 day moving average price is $109.08. The stock has a market capitalization of $3.82 billion, a P/E ratio of 31.94 and a beta of 0.33.

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

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Insider Buying and Selling

In other news, insider Angela L. Grant sold 717 shares of Palomar stock in a transaction dated Sunday, January 26th. The shares were sold at an average price of $101.70, for a total transaction of $72,918.90. Following the sale, the insider now owns 2,951 shares of the company's stock, valued at approximately $300,116.70. The trade was a 19.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 1,000 shares of the business's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $139.00, for a total transaction of $139,000.00. Following the transaction, the chief financial officer now owns 10,172 shares in the company, valued at $1,413,908. This represents a 8.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,097 shares of company stock valued at $3,271,422 over the last quarter. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Blue Trust Inc. purchased a new stake in shares of Palomar in the 4th quarter worth about $26,000. Smartleaf Asset Management LLC boosted its holdings in Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock worth $43,000 after acquiring an additional 349 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of Palomar by 63.2% in the fourth 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. Farther Finance Advisors LLC increased its holdings 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 acquiring an additional 99 shares in the last quarter. Finally, KBC Group NV raised its position in shares of Palomar by 44.9% in the 4th quarter. KBC Group NV now owns 1,045 shares of the company's stock worth $110,000 after purchasing an additional 324 shares during the last quarter. Hedge funds and other 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.