Palomar (NASDAQ:PLMR) Hits New 1-Year High – What’s Next?

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $136.90 and last traded at $128.89, with a volume of 325146 shares changing hands. The stock had previously closed at $127.18.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PLMR shares. Piper Sandler raised their price objective on Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Keefe, Bruyette & Woods lifted their price target on shares of Palomar from $136.00 to $152.00 and gave the company an “outperform” rating in a report on Tuesday, February 18th. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. JPMorgan Chase & Co. raised their target price on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, Truist Financial lifted their target price on Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Palomar presently has a consensus rating of “Moderate Buy” and a consensus target price of $127.33.

Palomar Trading Up 1.3 %

The stock has a market capitalization of $3.44 billion, a P/E ratio of 28.77 and a beta of 0.33. The company’s 50-day moving average is $112.17 and its two-hundred day moving average is $104.01.

Palomar (NASDAQ:PLMR) last released 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%. Sell-side analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Jonathan Knutzen sold 282 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $104.46, for a total transaction of $29,457.72. Following the sale, the insider now owns 20,098 shares of the company’s stock, valued at $2,099,437.08. The trade was a 1.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO T Christopher Uchida sold 1,030 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $110.85, for a total value of $114,175.50. Following the transaction, the chief financial officer now directly owns 15,994 shares of the company’s stock, valued at approximately $1,772,934.90. The trade was a 6.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,485 shares of company stock worth $4,098,195. 4.30% of the stock is owned by company insiders.

Institutional Trading of Palomar

Several institutional investors have recently modified their holdings of PLMR. Creative Planning raised its position in Palomar by 23.2% in the third quarter. Creative Planning now owns 3,240 shares of the company’s stock worth $307,000 after acquiring an additional 610 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Palomar in the 3rd quarter worth approximately $209,000. US Bancorp DE lifted its stake in Palomar by 72.8% during the third quarter. US Bancorp DE now owns 3,085 shares of the company’s stock valued at $292,000 after purchasing an additional 1,300 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Palomar by 490.9% during 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 last quarter. Finally, Kornitzer Capital Management Inc. KS boosted its holdings in Palomar by 0.8% during the third quarter. Kornitzer Capital Management Inc. KS now owns 162,973 shares of the company’s stock worth $15,429,000 after buying an additional 1,300 shares in the last quarter. 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.