Palomar (NASDAQ:PLMR) Hits New 1-Year High – Here’s Why

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $111.60 and last traded at $111.60, with a volume of 36753 shares traded. The stock had previously closed at $108.13.

Analysts Set New Price Targets

Several research firms recently issued reports on PLMR. Truist Financial boosted their price target on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Jefferies Financial Group raised their price target on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods boosted their price objective on shares of Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a report on Friday. Piper Sandler raised their target price on shares of Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. increased their price target on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $111.67.

Palomar Price Performance

The firm’s 50-day simple moving average is $99.47 and its 200 day simple moving average is $92.63. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of 26.43 and a beta of 0.36.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The business had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. During the same period in the prior year, the company earned $0.80 EPS. As a group, research analysts predict that Palomar Holdings, Inc. will post 4.33 earnings per share for the current year.

Insider Buying and Selling at Palomar

In other Palomar news, President Jon Christianson sold 3,805 shares of the company’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $103.04, for a total value of $392,067.20. Following the completion of the transaction, the president now directly owns 51,926 shares in the company, valued at approximately $5,350,455.04. This represents a 6.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $95.49, for a total transaction of $668,430.00. Following the transaction, the chief executive officer now directly owns 440,388 shares of the company’s stock, valued at $42,052,650.12. The trade was a 1.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,326 shares of company stock worth $2,688,779 over the last quarter. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

A number of institutional investors and hedge funds have recently bought and sold shares of PLMR. Driehaus Capital Management LLC lifted its holdings in Palomar by 17.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock worth $24,362,000 after buying an additional 43,841 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Palomar by 1,634.6% in the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock worth $14,419,000 after acquiring an additional 167,435 shares during the period. Thrivent Financial for Lutherans boosted its holdings in Palomar by 58.7% in the third quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock valued at $3,109,000 after acquiring an additional 12,147 shares during the last quarter. Moran Wealth Management LLC acquired a new stake in Palomar during the 3rd quarter valued at approximately $547,000. Finally, Exchange Traded Concepts LLC acquired a new position in shares of Palomar in the 3rd quarter worth approximately $731,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.