Palomar (NASDAQ:PLMR) Sets New 52-Week High – What’s Next?

Palomar Holdings, Inc. (NASDAQ:PLMR)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $137.89 and last traded at $135.47, with a volume of 5658 shares traded. The stock had previously closed at $135.14.

Analysts Set New Price Targets

Several research analysts recently commented on PLMR shares. Piper Sandler increased 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. JMP Securities reiterated a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Truist Financial boosted their price target on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Palomar from $152.00 to $155.00 and gave the company an “outperform” rating in a report on Friday, March 21st. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $127.83.

Palomar Trading Up 0.3 %

The firm has a market cap of $3.62 billion, a price-to-earnings ratio of 30.26 and a beta of 0.33. The stock’s fifty day moving average price is $119.30 and its 200-day moving average price is $107.34.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. Analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 4,170 shares of the firm’s stock in a transaction on Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total transaction of $441,436.20. Following the completion of the transaction, the chief executive officer now directly owns 56,936 shares in the company, valued at $6,027,244.96. This trade represents a 6.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Angela L. Grant sold 1,505 shares of Palomar stock in a transaction on Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total value of $159,319.30. Following the completion of the sale, the insider now directly owns 2,534 shares of the company’s stock, valued at $268,249.24. The trade was a 37.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,455 shares of company stock worth $3,911,340. 4.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Palomar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLMR. Blue Trust Inc. purchased a new stake in Palomar during the 4th quarter worth about $26,000. Smartleaf Asset Management LLC raised its holdings in Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock valued at $43,000 after acquiring an additional 349 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in Palomar by 63.2% in the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock worth $52,000 after acquiring an additional 191 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in Palomar by 21.8% during the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock worth $58,000 after acquiring an additional 99 shares in the last quarter. Finally, KBC Group NV increased its position in shares of Palomar by 44.9% in the 4th quarter. KBC Group NV now owns 1,045 shares of the company’s stock valued at $110,000 after purchasing an additional 324 shares during the last quarter. Hedge funds and other 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.