Palomar (NASDAQ:PLMR) Sets New 1-Year High – Here’s What Happened

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) hit a new 52-week high on Tuesday . The stock traded as high as $139.21 and last traded at $137.08, with a volume of 328720 shares changing hands. The stock had previously closed at $136.77.

Analysts Set New Price Targets

A number of brokerages have issued reports on PLMR. JMP Securities reissued a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Keefe, Bruyette & Woods increased their price target on shares of Palomar from $152.00 to $155.00 and gave the stock an “outperform” rating in a report on Friday, March 21st. Truist Financial raised their price target on shares of Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, Piper Sandler raised their target price on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $127.83.

Palomar Price Performance

The firm has a market capitalization of $3.78 billion, a PE ratio of 31.63 and a beta of 0.33. The company’s fifty day simple moving average is $122.73 and its 200-day simple moving average is $109.08.

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, topping the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. Analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Activity at Palomar

In other news, President Jon Christianson sold 371 shares of the company’s stock in a transaction on Sunday, January 26th. The shares were sold at an average price of $101.69, for a total transaction of $37,726.99. Following the completion of the sale, the president now owns 55,771 shares of the company’s stock, valued at $5,671,352.99. This represents a 0.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 394 shares of the firm’s stock in a transaction dated Sunday, January 26th. The stock was sold at an average price of $101.69, for a total transaction of $40,065.86. Following the completion of the transaction, the chief financial officer now directly owns 16,943 shares in the company, valued at approximately $1,722,933.67. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,097 shares of company stock valued at $3,271,422. 4.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Palomar

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its holdings in Palomar by 6.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 230,552 shares of the company’s stock valued at $21,826,000 after buying an additional 14,509 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Palomar by 25.1% in the third quarter. The Manufacturers Life Insurance Company now owns 75,216 shares of the company’s stock valued at $7,121,000 after purchasing an additional 15,093 shares during the period. FMR LLC increased its position in Palomar by 39.5% during the third quarter. FMR LLC now owns 2,123 shares of the company’s stock worth $201,000 after purchasing an additional 601 shares during the last quarter. Glenmede Trust Co. NA purchased a new position in Palomar during the third quarter worth about $352,000. Finally, Centiva Capital LP acquired a new position in Palomar in the 3rd quarter valued at about $352,000. Institutional investors and hedge funds 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.