Palomar (NASDAQ:PLMR) Reaches New 12-Month High – What’s Next?

Palomar Holdings, Inc. (NASDAQ:PLMR)’s stock price reached a new 52-week high on Friday . The stock traded as high as $100.57 and last traded at $100.27, with a volume of 45460 shares changing hands. The stock had previously closed at $97.28.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Piper Sandler boosted their target price on shares of Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price objective on shares of Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. Evercore ISI raised their target price 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. Keefe, Bruyette & Woods boosted their price target on Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Finally, Truist Financial upped their price objective on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $101.33.

Palomar Trading Up 5.8 %

The firm has a market cap of $2.56 billion, a price-to-earnings ratio of 29.56 and a beta of 0.33. The stock’s 50 day moving average is $94.77 and its 200 day moving average is $86.92.

Palomar (NASDAQ:PLMR) last posted its earnings results on Monday, August 5th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.09 by $0.16. The company had revenue of $123.08 million for the quarter, compared to the consensus estimate of $338.74 million. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The firm’s revenue for the quarter was up 47.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.72 earnings per share. On average, equities research analysts predict that Palomar Holdings, Inc. will post 4.37 EPS for the current year.

Insiders Place Their Bets

In other news, President Jon Christianson sold 2,000 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $91.35, for a total value of $182,700.00. Following the completion of the sale, the president now owns 51,761 shares of the company’s stock, valued at approximately $4,728,367.35. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Palomar news, President Jon Christianson sold 2,000 shares of Palomar stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $91.35, for a total value of $182,700.00. Following the completion of the sale, the president now owns 51,761 shares in the company, valued at $4,728,367.35. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mac Armstrong sold 12,227 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $91.08, for a total transaction of $1,113,635.16. Following the completion of the sale, the chief executive officer now directly owns 47,082 shares of the company’s stock, valued at $4,288,228.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,500 shares of company stock worth $4,464,266 in the last 90 days. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Palomar

A number of hedge funds have recently added to or reduced their stakes in PLMR. International Assets Investment Management LLC bought a new stake in shares of Palomar during the 2nd quarter valued at $49,000. DekaBank Deutsche Girozentrale bought a new stake in Palomar during the first quarter worth about $59,000. Advisors Asset Management Inc. grew its stake in Palomar by 137.1% during the first quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock worth $62,000 after buying an additional 425 shares in the last quarter. Atwood & Palmer Inc. increased its holdings in Palomar by 66.7% in the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after buying an additional 300 shares during the period. Finally, Covestor Ltd raised its position in shares of Palomar by 29.0% in the 1st quarter. Covestor Ltd now owns 1,183 shares of the company’s stock valued at $99,000 after buying an additional 266 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

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.