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

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been assigned a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $92.83.

A number of equities analysts have recently weighed in on the company. Jefferies Financial Group upgraded Palomar from a “hold” rating to a “buy” rating and increased their target price for the stock from $78.00 to $88.00 in a research note on Thursday, March 14th. JPMorgan Chase & Co. lowered Palomar from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $79.00 to $85.00 in a research note on Monday, April 8th. Evercore ISI raised their price objective on Palomar from $88.00 to $89.00 and gave the stock an “in-line” rating in a research note on Wednesday, May 29th. Piper Sandler restated an “overweight” rating and set a $99.00 price objective (up previously from $90.00) on shares of Palomar in a research note on Wednesday, May 29th. Finally, Keefe, Bruyette & Woods raised their price objective on Palomar from $93.00 to $96.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 29th.

Insider Buying and Selling at Palomar

In other Palomar news, President Jon Christianson sold 2,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $76.30, for a total value of $152,600.00. Following the sale, the president now owns 57,761 shares of the company’s stock, valued at approximately $4,407,164.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Palomar news, President Jon Christianson sold 2,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $76.30, for a total value of $152,600.00. Following the sale, the president now owns 57,761 shares of the company’s stock, valued at approximately $4,407,164.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $80.03, for a total value of $560,210.00. Following the completion of the sale, the chief executive officer now directly owns 468,388 shares in the company, valued at approximately $37,485,091.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,250 shares of company stock valued at $2,355,740. 4.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Palomar

Hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in shares of Palomar by 14.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company’s stock valued at $23,407,000 after acquiring an additional 52,659 shares in the last quarter. Dynamic Technology Lab Private Ltd boosted its holdings in shares of Palomar by 174.7% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 19,117 shares of the company’s stock valued at $1,061,000 after acquiring an additional 12,157 shares in the last quarter. Westfield Capital Management Co. LP boosted its holdings in shares of Palomar by 6.3% during the 4th quarter. Westfield Capital Management Co. LP now owns 460,545 shares of the company’s stock valued at $25,560,000 after acquiring an additional 27,199 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Palomar by 375,455.6% during the 4th quarter. International Assets Investment Management LLC now owns 33,800 shares of the company’s stock valued at $1,876,000 after acquiring an additional 33,791 shares in the last quarter. Finally, Stephens Investment Management Group LLC boosted its holdings in shares of Palomar by 11.3% during the 4th quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock valued at $59,752,000 after acquiring an additional 109,261 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Trading Down 0.2 %

Shares of NASDAQ PLMR opened at $81.15 on Friday. The firm has a market cap of $2.02 billion, a P/E ratio of 23.32 and a beta of 0.32. Palomar has a 1-year low of $48.08 and a 1-year high of $89.22. The business’s 50 day moving average is $82.41 and its 200-day moving average is $73.50.

Palomar (NASDAQ:PLMR) last announced its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.28. The company had revenue of $108.39 million for the quarter, compared to analyst estimates of $322.10 million. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The firm’s quarterly revenue was up 29.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.80 earnings per share. Analysts forecast that Palomar will post 4.2 EPS for the current year.

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.