Palomar Holdings, Inc. (NASDAQ:PLMR) Receives $158.14 Consensus Price Target from Analysts

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been assigned a consensus rating of “Buy” from the seven analysts that are currently covering the stock, Marketbeat.com reports. Seven analysts have rated the stock with a buy rating. The average twelve-month price target among brokers that have covered the stock in the last year is $162.1667.

A number of equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their target price on Palomar from $145.00 to $155.00 and gave the company an “overweight” rating in a research note on Wednesday, January 7th. Evercore started coverage on Palomar in a report on Monday, February 9th. They issued an “outperform” rating and a $150.00 price target for the company. Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th. Wall Street Zen lowered shares of Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a research note on Tuesday, January 6th.

Palomar Trading Down 3.5%

Shares of Palomar stock opened at $123.42 on Friday. The company has a fifty day moving average price of $129.52 and a 200 day moving average price of $123.17. Palomar has a twelve month low of $107.75 and a twelve month high of $175.85. The stock has a market cap of $3.27 billion, a price-to-earnings ratio of 17.19 and a beta of 0.44.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Wednesday, February 11th. The company reported $2.24 EPS for the quarter, beating the consensus estimate of $2.06 by $0.18. The company had revenue of $492.63 million for the quarter, compared to analyst estimates of $204.58 million. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The firm’s revenue was up 62.7% compared to the same quarter last year. During the same period last year, the company posted $1.52 earnings per share. Analysts forecast that Palomar will post 5.99 earnings per share for the current year.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 11,484 shares of the company’s stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total value of $1,376,701.92. Following the completion of the transaction, the chief executive officer directly owned 91,737 shares of the company’s stock, valued at $10,997,431.56. This represents a 11.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO T Christopher Uchida sold 2,103 shares of the firm’s stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total value of $252,107.64. Following the sale, the chief financial officer owned 11,473 shares of the company’s stock, valued at $1,375,383.24. This represents a 15.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 57,413 shares of company stock worth $7,050,158 in the last quarter. 3.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palomar

Hedge funds and other institutional investors have recently bought and sold shares of the business. Janus Henderson Group PLC boosted its stake in shares of Palomar by 250.1% during the 4th quarter. Janus Henderson Group PLC now owns 795,625 shares of the company’s stock valued at $107,237,000 after buying an additional 568,360 shares during the last quarter. Invesco Ltd. raised its holdings in Palomar by 234.1% in the second quarter. Invesco Ltd. now owns 798,361 shares of the company’s stock valued at $123,147,000 after acquiring an additional 559,383 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Palomar by 290.2% in the second quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock valued at $76,675,000 after acquiring an additional 369,697 shares in the last quarter. Westfield Capital Management Co. LP boosted its stake in Palomar by 81.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 738,528 shares of the company’s stock valued at $86,223,000 after acquiring an additional 330,592 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in Palomar by 72.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company’s stock worth $105,809,000 after acquiring an additional 328,993 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

About Palomar

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.