Analysts Set Palomar Holdings, Inc. (NASDAQ:PLMR) Price Target at $148.33

Palomar Holdings, Inc. (NASDAQ:PLMR) has received an average rating of “Moderate Buy” from the seven analysts that are covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $148.33.

Several analysts have recently issued reports on the stock. Jefferies Financial Group upped their target price on shares of Palomar from $145.00 to $168.00 and gave the company a “buy” rating in a research report on Friday, April 11th. Piper Sandler raised their price objective on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Truist Financial boosted their target price on Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a research report on Tuesday, April 15th. JPMorgan Chase & Co. upgraded Palomar from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th.

Palomar Trading Up 2.7 %

Shares of Palomar stock opened at $152.00 on Friday. The firm has a market cap of $4.06 billion, a PE ratio of 33.93 and a beta of 0.46. The stock has a 50 day moving average of $134.22 and a 200 day moving average of $114.46. Palomar has a 12 month low of $77.17 and a 12 month high of $155.87.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. As a group, equities research analysts forecast that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO T Christopher Uchida sold 394 shares of the business’s stock in a transaction that occurred on Sunday, January 26th. The stock was sold at an average price of $101.69, for a total value of $40,065.86. Following the completion of the sale, the chief financial officer now owns 16,943 shares in the company, valued at approximately $1,722,933.67. The trade was a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Angela L. Grant sold 717 shares of Palomar stock in a transaction on Sunday, January 26th. The shares were sold at an average price of $101.70, for a total value of $72,918.90. Following the sale, the insider now directly owns 2,951 shares of the company’s stock, valued at approximately $300,116.70. This trade represents a 19.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,615 shares of company stock valued at $3,633,369. 4.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Palomar

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Bessemer Group Inc. lifted its stake in Palomar by 714.5% in the first quarter. Bessemer Group Inc. now owns 106,417 shares of the company’s stock worth $14,587,000 after acquiring an additional 93,352 shares during the period. Spire Wealth Management purchased a new stake in shares of Palomar in the 1st quarter worth approximately $916,000. Yorktown Management & Research Co Inc bought a new position in shares of Palomar during the first quarter valued at approximately $274,000. Cambridge Investment Research Advisors Inc. purchased a new position in Palomar during the first quarter valued at approximately $276,000. Finally, Opal Wealth Advisors LLC bought a new position in Palomar in the first quarter worth approximately $46,000. 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.