Palomar Holdings, Inc. (NASDAQ:PLMR) Receives $111.67 Average Price Target from Analysts

Palomar Holdings, Inc. (NASDAQ:PLMR) has earned a consensus rating of “Moderate Buy” from the seven analysts that are covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $111.67.

Several equities analysts have issued reports on PLMR shares. Keefe, Bruyette & Woods upped their price objective on shares of Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. upped their target price on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Piper Sandler boosted their price objective on shares of Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Finally, Jefferies Financial Group raised their target price on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th.

Insider Activity

In related news, CFO T Christopher Uchida sold 1,030 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $97.65, for a total transaction of $100,579.50. Following the transaction, the chief financial officer now directly owns 17,543 shares of the company’s stock, valued at approximately $1,713,073.95. The trade was a 5.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $95.49, for a total value of $668,430.00. Following the completion of the transaction, the chief executive officer now owns 440,388 shares in the company, valued at $42,052,650.12. This trade represents a 1.56 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,326 shares of company stock worth $2,688,779. 4.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Palomar

A number of large investors have recently bought and sold shares of PLMR. Hohimer Wealth Management LLC bought a new position in Palomar in the 3rd quarter worth approximately $224,000. Geode Capital Management LLC increased its holdings in shares of Palomar by 3.2% in the third quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock valued at $56,822,000 after purchasing an additional 18,335 shares in the last quarter. Barclays PLC increased its position in Palomar by 112.6% in the third quarter. Barclays PLC now owns 71,803 shares of the company’s stock worth $6,798,000 after purchasing an additional 38,027 shares during the period. Soros Fund Management LLC acquired a new stake in Palomar during the 3rd quarter worth $9,467,000. Finally, State Street Corp boosted its holdings in Palomar by 3.0% during the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after buying an additional 32,151 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors.

Palomar Stock Performance

PLMR opened at $111.15 on Friday. The stock has a market capitalization of $2.94 billion, a PE ratio of 26.64 and a beta of 0.36. The business’s 50 day moving average price is $101.26 and its 200 day moving average price is $94.06. Palomar has a one year low of $54.50 and a one year high of $112.90.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The business had revenue of $148.50 million for the quarter, compared to analyst estimates of $134.72 million. During the same quarter in the prior year, the company earned $0.80 earnings per share. As a group, equities research analysts forecast that Palomar will post 4.33 earnings per share for the current fiscal 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.