Brokerages Set Palomar Holdings, Inc. (NASDAQ:PLMR) Price Target at $105.50

Palomar Holdings, Inc. (NASDAQ:PLMR) has received an average recommendation of “Moderate Buy” from the seven analysts that are covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $105.50.

A number of equities research analysts have recently issued reports on PLMR shares. Evercore ISI upped their price objective on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research note on Tuesday, August 6th. Jefferies Financial Group upped their price target on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. upped their price target on shares of Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Thursday, July 11th. Truist Financial upped their price target on shares of Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Finally, Piper Sandler upped their price target on shares of Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $96.28, for a total value of $673,960.00. Following the sale, the chief executive officer now directly owns 433,388 shares of the company’s stock, valued at $41,726,596.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $96.28, for a total transaction of $673,960.00. Following the sale, the chief executive officer now directly owns 433,388 shares of the company’s stock, valued at approximately $41,726,596.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Jon Christianson sold 10,000 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $94.40, for a total transaction of $944,000.00. Following the sale, the president now directly owns 51,926 shares in the company, valued at $4,901,814.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,520 shares of company stock valued at $3,626,486 in the last three months. 4.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Palomar

Several institutional investors have recently made changes to their positions in PLMR. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Palomar in the 3rd quarter worth approximately $25,000. GAMMA Investing LLC boosted its position in shares of Palomar by 48.6% in the third 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. Farther Finance Advisors LLC boosted its position in shares of Palomar by 490.9% in the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after purchasing an additional 378 shares during the period. International Assets Investment Management LLC bought a new position in shares of Palomar in the second quarter worth approximately $49,000. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Palomar during the first quarter worth $59,000. Institutional investors own 90.25% of the company’s stock.

Palomar Price Performance

PLMR stock opened at $88.38 on Friday. Palomar has a one year low of $54.50 and a one year high of $103.40. The stock has a market cap of $2.21 billion, a PE ratio of 23.32 and a beta of 0.33. The firm has a 50 day simple moving average of $95.65 and a two-hundred day simple moving average of $88.82.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.16. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The company had revenue of $123.08 million during the quarter, compared to analysts’ expectations of $338.74 million. During the same quarter in the prior year, the company earned $0.72 EPS. The firm’s revenue was up 47.0% on a year-over-year basis. On average, research analysts expect that Palomar will post 4.35 EPS for the current fiscal year.

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.