Palomar (NASDAQ:PLMR) Reaches New 52-Week High – Still a Buy?

Palomar Holdings, Inc. (NASDAQ:PLMR)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $111.60 and last traded at $111.60, with a volume of 36753 shares trading hands. The stock had previously closed at $108.13.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PLMR. Keefe, Bruyette & Woods boosted their price target on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday. Piper Sandler boosted their target price on shares of Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Jefferies Financial Group raised their price target on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. upped their price objective on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, Truist Financial raised their target price on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Palomar presently has a consensus rating of “Moderate Buy” and an average price target of $111.67.

Palomar Stock Performance

The stock has a market cap of $2.92 billion, a PE ratio of 26.43 and a beta of 0.36. The business has a 50 day moving average price of $99.47 and a two-hundred day moving average price of $92.63.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.03 by $0.20. The firm had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same period last year, the firm earned $0.80 EPS. As a group, research analysts anticipate that Palomar Holdings, Inc. will post 4.33 earnings per share for the current year.

Insider Buying and Selling at Palomar

In related news, President Jon Christianson sold 3,805 shares of the company’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $103.04, for a total transaction of $392,067.20. Following the completion of the sale, the president now owns 51,926 shares in the company, valued at approximately $5,350,455.04. This represents a 6.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 3,185 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $98.21, for a total transaction of $312,798.85. Following the sale, the chief executive officer now owns 50,312 shares in the company, valued at $4,941,141.52. The trade was a 5.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,326 shares of company stock valued at $2,688,779 in the last quarter. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

Large investors have recently modified their holdings of the business. DekaBank Deutsche Girozentrale purchased a new position in Palomar in the 1st quarter worth $59,000. CWM LLC raised its holdings in Palomar by 15.7% in the 2nd quarter. CWM LLC now owns 1,601 shares of the company’s stock valued at $130,000 after acquiring an additional 217 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Palomar by 3,117.4% in the second quarter. SG Americas Securities LLC now owns 46,942 shares of the company’s stock valued at $3,809,000 after purchasing an additional 45,483 shares during the period. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in Palomar during the second quarter worth about $914,000. Finally, Artemis Investment Management LLP boosted its holdings in Palomar by 36.1% in the 2nd quarter. Artemis Investment Management LLP now owns 339,464 shares of the company’s stock valued at $27,548,000 after purchasing an additional 90,010 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

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.