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

Palomar Holdings, Inc. (NASDAQ:PLMR)’s stock price reached a new 52-week high on Monday . The stock traded as high as $107.11 and last traded at $106.57, with a volume of 49055 shares trading hands. The stock had previously closed at $103.69.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PLMR shares. JPMorgan Chase & Co. lifted their price objective on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Truist Financial lifted their price objective on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Piper Sandler lifted their target price on Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Keefe, Bruyette & Woods lifted their target price on Palomar from $117.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, Jefferies Financial Group lifted their target price on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Palomar has an average rating of “Moderate Buy” and a consensus price target of $109.00.

Palomar Stock Up 4.6 %

The company has a market capitalization of $2.87 billion, a PE ratio of 24.76 and a beta of 0.34. The stock has a 50-day moving average of $95.77 and a 200 day moving average of $90.29.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $134.72 million. During the same period last year, the business posted $0.80 earnings per share. Equities analysts forecast that Palomar Holdings, Inc. will post 4.32 EPS for the current fiscal year.

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 1,750 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $99.00, for a total value of $173,250.00. Following the sale, the chief financial officer now owns 20,594 shares in the company, valued at $2,038,806. This represents a 7.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $42,052,650.12. The trade was a 1.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,076 shares of company stock worth $3,806,029 in the last ninety days. 4.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Palomar

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Palomar by 1.7% during the first quarter. Vanguard Group Inc. now owns 2,403,520 shares of the company’s stock valued at $201,487,000 after acquiring an additional 40,453 shares during the period. State Street Corp increased its holdings in shares of Palomar by 3.0% in the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after purchasing an additional 32,151 shares during the last quarter. 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 worth $56,822,000 after purchasing an additional 18,335 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Palomar by 15.0% in the second quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock worth $41,295,000 after purchasing an additional 66,478 shares during the last quarter. Finally, Emerald Advisers LLC increased its holdings in shares of Palomar by 1.9% in the third quarter. Emerald Advisers LLC now owns 449,973 shares of the company’s stock worth $42,599,000 after purchasing an additional 8,601 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

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.