Palomar Holdings, Inc. (NASDAQ:PLMR) Receives $163.00 Average Price Target from Analysts

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have received a consensus rating of “Buy” from the seven research firms that are covering the stock, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a buy rating. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $165.50.

A number of analysts have recently issued reports on the company. Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a research report on Sunday, March 1st. Evercore assumed coverage on Palomar in a research report on Monday, February 9th. They set an “outperform” rating and a $150.00 price objective on the stock. Keefe, Bruyette & Woods boosted their price objective on Palomar from $183.00 to $186.00 and gave the company an “outperform” rating in a research report on Tuesday. JPMorgan Chase & Co. boosted their price objective on Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Finally, Weiss Ratings upgraded Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th.

Palomar Stock Up 2.6%

Shares of NASDAQ PLMR opened at $128.35 on Friday. The business’s 50 day moving average is $123.23 and its two-hundred day moving average is $123.25. The company has a market cap of $3.43 billion, a P/E ratio of 17.88 and a beta of 0.54. Palomar has a 12 month low of $107.75 and a 12 month high of $175.85.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Wednesday, February 11th. The company reported $2.24 EPS for the quarter, topping the consensus estimate of $2.06 by $0.18. The company had revenue of $253.36 million for the quarter, compared to the consensus estimate of $204.58 million. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The company’s revenue for the quarter was up 62.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.52 EPS. Sell-side analysts expect that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $120.58, for a total transaction of $422,030.00. Following the sale, the chief executive officer directly owned 339,888 shares in the company, valued at approximately $40,983,695.04. The trade was a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Angela L. Grant sold 260 shares of the business’s stock in a transaction that occurred on Saturday, January 31st. The shares were sold at an average price of $121.75, for a total value of $31,655.00. Following the sale, the insider owned 7,033 shares in the company, valued at approximately $856,267.75. This represents a 3.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 63,808 shares of company stock valued at $7,814,365 in the last quarter. 3.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Palomar

Several institutional investors have recently bought and sold shares of PLMR. Salomon & Ludwin LLC acquired a new stake in Palomar in the 3rd quarter valued at $25,000. Richardson Financial Services Inc. boosted its stake in Palomar by 210.0% in the 3rd quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock valued at $25,000 after buying an additional 147 shares in the last quarter. Geneos Wealth Management Inc. acquired a new stake in Palomar in the 4th quarter valued at $32,000. Kestra Advisory Services LLC acquired a new stake in Palomar in the 4th quarter valued at $33,000. Finally, Rockefeller Capital Management L.P. boosted its stake in Palomar by 81.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock valued at $40,000 after buying an additional 132 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Company Profile

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.