Palomar Holdings, Inc. (NASDAQ:PLMR) Receives $174.17 Average PT from Analysts

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have received a consensus recommendation of “Moderate Buy” from the seven analysts that are covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $174.17.

A number of research firms have recently commented on PLMR. Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Truist Financial lifted their price objective on Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a research note on Tuesday, April 15th. Keefe, Bruyette & Woods reduced their target price on Palomar from $205.00 to $204.00 and set an “outperform” rating for the company in a report on Monday, June 30th. Jefferies Financial Group lifted their target price on Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a report on Friday, April 11th. Finally, Evercore ISI lifted their target price on Palomar from $163.00 to $168.00 and gave the stock an “in-line” rating in a report on Friday, May 30th.

Insider Buying and Selling

In related news, insider Timothy Carter sold 473 shares of Palomar stock in a transaction on Saturday, June 28th. The stock was sold at an average price of $153.65, for a total value of $72,676.45. Following the completion of the sale, the insider owned 361 shares of the company’s stock, valued at $55,467.65. The trade was a 56.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $158.14, for a total value of $790,700.00. Following the completion of the sale, the chief executive officer directly owned 387,388 shares of the company’s stock, valued at $61,261,538.32. The trade was a 1.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,175 shares of company stock valued at $3,276,251 over the last 90 days. Company insiders own 3.70% of the company’s stock.

Institutional Trading of Palomar

Several large investors have recently modified their holdings of the company. Smartleaf Asset Management LLC grew its holdings in Palomar by 536.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock valued at $43,000 after purchasing an additional 349 shares during the period. Jones Financial Companies Lllp grew its holdings in Palomar by 63.2% during the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock valued at $52,000 after purchasing an additional 191 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Palomar by 4.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 240,176 shares of the company’s stock valued at $25,360,000 after purchasing an additional 9,624 shares during the period. Cookson Peirce & Co. Inc. grew its holdings in Palomar by 63.0% during the fourth quarter. Cookson Peirce & Co. Inc. now owns 6,497 shares of the company’s stock valued at $686,000 after purchasing an additional 2,512 shares during the period. Finally, Arizona State Retirement System grew its holdings in Palomar by 5.7% during the fourth quarter. Arizona State Retirement System now owns 7,585 shares of the company’s stock valued at $801,000 after purchasing an additional 408 shares during the period. Institutional investors own 90.25% of the company’s stock.

Palomar Stock Up 1.3%

PLMR opened at $144.45 on Thursday. The stock has a market cap of $3.86 billion, a PE ratio of 28.83 and a beta of 0.46. The business has a 50 day moving average of $157.82 and a 200-day moving average of $135.50. Palomar has a 52 week low of $80.71 and a 52 week high of $175.85.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, May 5th. The company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.61 by $0.26. The company had revenue of $174.63 million during the quarter, compared to analysts’ expectations of $161.97 million. Palomar had a return on equity of 20.56% and a net margin of 21.99%. During the same quarter last year, the business posted $1.09 EPS. Equities analysts anticipate that Palomar will post 5.99 EPS for the current year.

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.