Palomar (NASDAQ:PLMR) Reaches New 1-Year High – Should You Buy?

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) reached a new 52-week high on Wednesday . The company traded as high as $137.89 and last traded at $135.47, with a volume of 5658 shares trading hands. The stock had previously closed at $135.14.

Analyst Ratings Changes

PLMR has been the topic of several recent analyst reports. Piper Sandler boosted their price objective on shares of 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 raised their price objective on Palomar from $152.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday, March 21st. Truist Financial boosted their target price on Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Palomar presently has an average rating of “Moderate Buy” and an average target price of $127.83.

Palomar Price Performance

The stock’s 50-day moving average price is $120.41 and its 200-day moving average price is $107.73. The company has a market cap of $3.64 billion, a P/E ratio of 30.49 and a beta of 0.33.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. As a group, analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $129.72, for a total transaction of $648,600.00. Following the sale, the chief executive officer now directly owns 402,388 shares in the company, valued at $52,197,771.36. This represents a 1.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Angela L. Grant sold 1,505 shares of the firm’s stock in a transaction dated Wednesday, January 1st. The shares were 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 directly owns 2,534 shares in the company, valued at approximately $268,249.24. This represents a 37.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,455 shares of company stock valued at $3,911,340 over the last 90 days. 4.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Palomar

Several hedge funds and other institutional investors have recently modified their holdings of the business. Dakota Wealth Management grew its position in Palomar by 3.1% in the fourth quarter. Dakota Wealth Management now owns 3,070 shares of the company’s stock valued at $324,000 after acquiring an additional 92 shares during the last quarter. Farther Finance Advisors LLC increased its position in Palomar by 21.8% during the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock worth $58,000 after purchasing an additional 99 shares in the last quarter. State of Alaska Department of Revenue lifted its stake in Palomar by 0.7% in the 4th quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company’s stock valued at $1,588,000 after purchasing an additional 100 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in Palomar by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company’s stock valued at $1,352,000 after buying an additional 100 shares in the last quarter. Finally, Avantax Advisory Services Inc. grew its stake in shares of Palomar by 2.5% during the fourth quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company’s stock worth $616,000 after buying an additional 145 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

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.