Insider Buying: Palomar Holdings, Inc. (NASDAQ:PLMR) Director Acquires $11,992.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) Director Martha Notaras bought 100 shares of the firm’s stock in a transaction dated Thursday, August 7th. The shares were acquired at an average price of $119.92 per share, for a total transaction of $11,992.00. Following the completion of the transaction, the director owned 7,870 shares in the company, valued at $943,770.40. This represents a 1.29% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

Palomar Price Performance

PLMR opened at $120.38 on Monday. The firm has a 50 day simple moving average of $146.19 and a 200 day simple moving average of $140.06. Palomar Holdings, Inc. has a fifty-two week low of $85.00 and a fifty-two week high of $175.85. The company has a market cap of $3.22 billion, a price-to-earnings ratio of 21.16 and a beta of 0.44.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.08. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The business had revenue of $496.29 million for the quarter, compared to analyst estimates of $173.86 million. During the same period in the prior year, the business posted $1.25 earnings per share. Palomar’s revenue was up 47.6% compared to the same quarter last year. As a group, analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Hedge Funds Weigh In On Palomar

Several large investors have recently bought and sold shares of the business. Intech Investment Management LLC lifted its holdings in Palomar by 303.3% in the second quarter. Intech Investment Management LLC now owns 81,961 shares of the company’s stock valued at $12,642,000 after buying an additional 61,638 shares during the period. Cetera Investment Advisers lifted its holdings in Palomar by 21.5% in the second quarter. Cetera Investment Advisers now owns 8,602 shares of the company’s stock valued at $1,327,000 after buying an additional 1,524 shares during the period. Creative Planning lifted its holdings in Palomar by 55.9% in the second quarter. Creative Planning now owns 11,668 shares of the company’s stock valued at $1,800,000 after buying an additional 4,182 shares during the period. SG Americas Securities LLC bought a new stake in Palomar in the second quarter valued at approximately $305,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Palomar by 8.1% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 6,866 shares of the company’s stock valued at $1,059,000 after purchasing an additional 517 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Wall Street Zen lowered shares of Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, July 5th. Truist Financial boosted their price target on shares of Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a research report on Tuesday, April 15th. Keefe, Bruyette & Woods reduced their price target on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a research report on Friday. Evercore ISI boosted their price target on shares of Palomar from $163.00 to $168.00 and gave the company an “in-line” rating in a research report on Friday, May 30th. Finally, Piper Sandler reduced their price target on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 6th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $164.50.

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.