Palomar (NASDAQ:PLMR) Sets New 1-Year High Following Better-Than-Expected Earnings

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) hit a new 52-week high on Thursday following a better than expected earnings announcement. The company traded as high as $127.07 and last traded at $125.26, with a volume of 80769 shares traded. The stock had previously closed at $108.99.

The company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.65% and a net margin of 21.55%.

Analyst Ratings Changes

Several brokerages have weighed in on PLMR. Keefe, Bruyette & Woods raised their target price on shares of Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. boosted their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Piper Sandler increased their price target on Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $115.50.

Insider Buying and Selling at Palomar

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $103.04, for a total transaction of $721,280.00. Following the sale, the chief executive officer now directly owns 419,388 shares of the company’s stock, valued at approximately $43,213,739.52. This trade represents a 1.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO T Christopher Uchida sold 1,030 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $110.85, for a total transaction of $114,175.50. Following the sale, the chief financial officer now directly owns 15,994 shares in the company, valued at $1,772,934.90. The trade was a 6.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,933 shares of company stock worth $4,030,156. 4.30% of the stock is currently owned by insiders.

Institutional Trading of Palomar

A number of hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. acquired a new position in shares of Palomar in the fourth quarter worth about $26,000. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Palomar in the 3rd quarter valued at about $25,000. GAMMA Investing LLC raised its holdings in Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after purchasing an additional 125 shares during the period. Smartleaf Asset Management LLC boosted its position in Palomar by 536.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock worth $43,000 after purchasing an additional 349 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in Palomar by 490.9% in the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after purchasing an additional 378 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Price Performance

The firm has a fifty day simple moving average of $106.96 and a 200 day simple moving average of $100.51. The company has a market capitalization of $3.30 billion, a price-to-earnings ratio of 29.46 and a beta of 0.38.

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.