Palomar (NASDAQ:PLMR) Reaches New 12-Month High - Should You Buy?

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) reached a new 52-week high on Wednesday . The stock traded as high as $137.89 and last traded at $135.47, with a volume of 5658 shares changing hands. The stock had previously closed at $135.14.

Analysts Set New Price Targets

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

Palomar Stock Up 0.1 %

The company has a market cap of $3.65 billion, a price-to-earnings ratio of 30.53 and a beta of 0.33. The stock's 50-day simple moving average is $120.94 and its 200 day simple moving average is $108.12.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share 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%. On average, sell-side analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

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Insiders Place Their Bets

In related news, insider Angela L. Grant sold 1,505 shares of the company's stock in a transaction that occurred on Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total value of $159,319.30. Following the completion of the transaction, the insider now directly owns 2,534 shares of the company's stock, valued at $268,249.24. This represents a 37.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mac Armstrong sold 4,170 shares of the company's stock in a transaction on Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total transaction of $441,436.20. Following the completion of the transaction, the chief executive officer now owns 56,936 shares of the company's stock, valued at approximately $6,027,244.96. The trade was a 6.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,455 shares of company stock worth $3,911,340 in the last quarter. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp raised its position in Palomar by 3.0% during the third quarter. State Street Corp now owns 1,097,702 shares of the company's stock worth $103,919,000 after acquiring an additional 32,151 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Palomar by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company's stock valued at $56,822,000 after purchasing an additional 18,335 shares in the last quarter. JPMorgan Chase & Co. increased its position in Palomar by 9.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company's stock worth $12,133,000 after purchasing an additional 11,140 shares in the last quarter. HighTower Advisors LLC purchased a new position in Palomar in the third quarter valued at approximately $1,711,000. Finally, Principal Financial Group Inc. grew its stake in Palomar by 5.6% during the fourth quarter. Principal Financial Group Inc. now owns 147,540 shares of the company's stock worth $15,579,000 after buying an additional 7,875 shares during the period. Institutional investors and hedge funds 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.