Brokerages Set Palomar Holdings, Inc. (NASDAQ:PLMR) Price Target at $84.17

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been assigned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are presently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $87.50.

Several equities analysts recently issued reports on PLMR shares. Evercore ISI boosted their target price on shares of Palomar from $68.00 to $86.00 and gave the company an “in-line” rating in a research note on Thursday, April 11th. Jefferies Financial Group upgraded shares of Palomar from a “hold” rating to a “buy” rating and boosted their target price for the company from $78.00 to $88.00 in a research note on Thursday, March 14th. Truist Financial boosted their target price on shares of Palomar from $72.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, February 16th. JPMorgan Chase & Co. cut shares of Palomar from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $79.00 to $85.00 in a research report on Monday, April 8th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Palomar from $88.00 to $89.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th.

Palomar Price Performance

PLMR stock opened at $75.21 on Tuesday. The firm’s fifty day simple moving average is $75.52 and its 200-day simple moving average is $63.49. The company has a market capitalization of $1.87 billion, a P/E ratio of 24.11 and a beta of 0.21. Palomar has a 12 month low of $46.09 and a 12 month high of $86.25.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, February 14th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.09. Palomar had a net margin of 21.07% and a return on equity of 19.35%. The firm had revenue of $102.35 million during the quarter, compared to analysts’ expectations of $95.07 million. As a group, sell-side analysts forecast that Palomar will post 3.84 earnings per share for the current year.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $82.62, for a total transaction of $578,340.00. Following the completion of the sale, the chief executive officer now owns 475,388 shares of the company’s stock, valued at $39,276,556.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Thomas A. Bradley acquired 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was purchased at an average price of $74.30 per share, with a total value of $111,450.00. Following the completion of the acquisition, the director now owns 1,500 shares of the company’s stock, valued at approximately $111,450. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $82.62, for a total transaction of $578,340.00. Following the completion of the sale, the chief executive officer now directly owns 475,388 shares of the company’s stock, valued at approximately $39,276,556.56. The disclosure for this sale can be found here. Insiders sold 37,509 shares of company stock valued at $2,830,557 over the last 90 days. 4.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Palomar

A number of hedge funds have recently modified their holdings of PLMR. Advisor Group Holdings Inc. grew its holdings in shares of Palomar by 34.1% in the first quarter. Advisor Group Holdings Inc. now owns 1,470 shares of the company’s stock valued at $94,000 after purchasing an additional 374 shares during the period. JPMorgan Chase & Co. boosted its stake in Palomar by 20.7% during the first quarter. JPMorgan Chase & Co. now owns 11,682 shares of the company’s stock worth $747,000 after buying an additional 2,002 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new position in Palomar during the first quarter worth about $891,000. Citigroup Inc. boosted its stake in Palomar by 11.6% during the first quarter. Citigroup Inc. now owns 20,883 shares of the company’s stock worth $1,337,000 after buying an additional 2,165 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in Palomar by 50.8% during the first quarter. PNC Financial Services Group Inc. now owns 6,647 shares of the company’s stock worth $425,000 after buying an additional 2,240 shares during the period. Hedge funds and other 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.