Palomar Holdings, Inc. (NASDAQ:PLMR) Receives Average Rating of “Moderate Buy” from Brokerages

Palomar Holdings, Inc. (NASDAQ:PLMR) has earned a consensus rating of “Moderate Buy” from the seven analysts that are presently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $87.50.

A number of research firms have issued reports on PLMR. JMP Securities reissued a “market perform” rating on shares of Palomar in a research note on Monday, April 15th. Evercore ISI raised their target price on shares of Palomar from $68.00 to $86.00 and gave the stock an “in-line” rating in a report on Thursday, April 11th. Truist Financial upped their price target on shares of Palomar from $72.00 to $88.00 and gave the company a “buy” rating in a report on Friday, February 16th. Piper Sandler increased their price objective on shares of Palomar from $80.00 to $89.00 and gave the stock an “overweight” rating in a research report on Monday, April 1st. Finally, Jefferies Financial Group raised shares of Palomar from a “hold” rating to a “buy” rating and boosted their price objective for the company from $78.00 to $88.00 in a research report on Thursday, March 14th.

Insider Buying and Selling

In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $59.45, for a total value of $59,450.00. Following the sale, the chief financial officer now directly owns 31,344 shares in the company, valued at approximately $1,863,400.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Palomar news, President Jon Christianson sold 2,000 shares of the company’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $60.00, for a total transaction of $120,000.00. Following the sale, the president now directly owns 69,521 shares of the company’s stock, valued at $4,171,260. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 1,000 shares of the stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $59.45, for a total transaction of $59,450.00. Following the completion of the sale, the chief financial officer now owns 31,344 shares of the company’s stock, valued at approximately $1,863,400.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,250 shares of company stock worth $3,305,655. 4.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Hunter Associates Investment Management LLC lifted its stake in shares of Palomar by 34.7% during the 1st quarter. Hunter Associates Investment Management LLC now owns 19,146 shares of the company’s stock worth $1,620,000 after buying an additional 4,937 shares during the last quarter. Janney Montgomery Scott LLC bought a new position in Palomar in the 1st quarter valued at about $602,000. Principal Financial Group Inc. lifted its holdings in Palomar by 2.9% during the 1st quarter. Principal Financial Group Inc. now owns 141,883 shares of the company’s stock worth $11,894,000 after purchasing an additional 3,963 shares during the last quarter. Conestoga Capital Advisors LLC boosted its stake in Palomar by 1.0% in the 1st quarter. Conestoga Capital Advisors LLC now owns 27,407 shares of the company’s stock valued at $2,298,000 after purchasing an additional 270 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new stake in Palomar in the 1st quarter valued at $4,417,000. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Trading Up 3.7 %

Shares of PLMR opened at $80.82 on Friday. The stock has a market cap of $2.01 billion, a P/E ratio of 25.90 and a beta of 0.24. Palomar has a 1 year low of $46.09 and a 1 year high of $86.25. The stock’s 50-day moving average price is $78.87 and its two-hundred day moving average price is $66.10.

Palomar (NASDAQ:PLMR) last posted its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.28. Palomar had a net margin of 21.07% and a return on equity of 19.35%. The company had revenue of $108.39 million for the quarter, compared to analyst estimates of $322.10 million. During the same period last year, the business posted $0.80 earnings per share. The business’s revenue for the quarter was up 29.1% compared to the same quarter last year. As a group, equities analysts forecast that Palomar will post 3.84 EPS for the current 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.