Palomar (NASDAQ:PLMR) Shares Gap Up - Still a Buy?

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report)'s share price gapped up before the market opened on Wednesday . The stock had previously closed at $127.18, but opened at $136.74. Palomar shares last traded at $129.00, with a volume of 109,935 shares.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. JMP Securities reissued a "market perform" rating on shares of Palomar in a research report on Thursday, February 13th. Piper Sandler lifted their price objective on Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a report on Friday, February 14th. Truist Financial lifted their price objective on Palomar from $112.00 to $150.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Finally, Keefe, Bruyette & Woods lifted their price objective on Palomar from $136.00 to $152.00 and gave the stock an "outperform" rating in a report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Palomar presently has an average rating of "Moderate Buy" and an average price target of $127.33.

Palomar Stock Performance

The firm has a market capitalization of $3.40 billion, a P/E ratio of 28.47 and a beta of 0.33. The stock has a fifty day moving average price of $113.04 and a two-hundred day moving average price of $104.53.

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

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Insider Activity

In related news, insider Angela L. Grant sold 1,505 shares of the business'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 transaction of $159,319.30. Following the completion of the transaction, the insider now owns 2,534 shares in the company, valued at $268,249.24. The trade was a 37.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the business's stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $103.04, for a total value of $721,280.00. Following the transaction, the chief executive officer now owns 419,388 shares of the company's stock, valued at $43,213,739.52. This represents a 1.64 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,485 shares of company stock worth $4,098,195. 4.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Palomar in the fourth quarter worth $5,652,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Palomar by 30.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,907 shares of the company's stock worth $6,854,000 after purchasing an additional 14,965 shares in the last quarter. Tidal Investments LLC bought a new position in shares of Palomar in the fourth quarter worth $616,000. Silvercrest Asset Management Group LLC grew its stake in shares of Palomar by 3.0% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 15,750 shares of the company's stock worth $1,663,000 after purchasing an additional 462 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its stake in shares of Palomar by 23.3% in the fourth quarter. Point72 Asset Management L.P. now owns 143,191 shares of the company's stock worth $15,119,000 after purchasing an additional 27,066 shares in the last quarter. 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.