Palomar Holdings, Inc. (NASDAQ:PLMR) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Palomar Holdings, Inc. (NASDAQ:PLMR) has earned a consensus rating of “Moderate Buy” from the seven ratings firms that are presently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $109.00.

A number of analysts have commented on the company. JPMorgan Chase & Co. lifted their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Piper Sandler lifted their price objective on Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Evercore ISI upped 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. Jefferies Financial Group raised 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. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Palomar from $117.00 to $120.00 and gave the company an “outperform” rating in a report on Friday, November 8th.

Insider Transactions at Palomar

In related news, CFO T Christopher Uchida sold 1,030 shares of Palomar 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 in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $95.49, for a total value of $668,430.00. Following the completion of the sale, the chief executive officer now owns 440,388 shares of the company’s stock, valued at approximately $42,052,650.12. The trade was a 1.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,326 shares of company stock worth $3,632,779 in the last quarter. Company insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PLMR. Whittier Trust Co. of Nevada Inc. purchased a new position in Palomar during the third quarter valued at approximately $25,000. GAMMA Investing LLC lifted its stake in shares of Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after buying an additional 125 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Palomar by 490.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after buying an additional 378 shares during the period. International Assets Investment Management LLC purchased a new stake in Palomar in the 2nd quarter worth $49,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in Palomar during the first quarter valued at about $59,000. 90.25% of the stock is currently owned by institutional investors.

Palomar Price Performance

Shares of Palomar stock opened at $108.80 on Wednesday. The stock has a market cap of $2.88 billion, a price-to-earnings ratio of 25.84 and a beta of 0.34. Palomar has a 1 year low of $54.50 and a 1 year high of $110.98. The firm’s 50-day moving average is $97.70 and its 200 day moving average is $91.55.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. The firm had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same quarter in the prior year, the company posted $0.80 earnings per share. On average, equities analysts expect that Palomar will post 4.33 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.