Palomar (NASDAQ:PLMR) Reaches New 52-Week High on Analyst Upgrade

Palomar Holdings, Inc. (NASDAQ:PLMR) reached a new 52-week high on Tuesday after Truist Financial raised their price target on the stock from $88.00 to $97.00. Truist Financial currently has a buy rating on the stock. Palomar traded as high as $86.25 and last traded at $85.78, with a volume of 76864 shares traded. The stock had previously closed at $83.39.

Other equities research analysts have also recently issued reports about the stock. Piper Sandler raised their target price on shares of Palomar from $89.00 to $90.00 and gave the stock an “overweight” rating in a research report on Monday. Keefe, Bruyette & Woods upped their price objective on Palomar from $88.00 to $89.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. JPMorgan Chase & Co. cut Palomar from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $79.00 to $85.00 in a report on Monday, April 8th. Jefferies Financial Group upgraded Palomar from a “hold” rating to a “buy” rating and raised their price objective for the stock from $78.00 to $88.00 in a report on Thursday, March 14th. Finally, JMP Securities reiterated a “market perform” rating on shares of Palomar in a report on Monday, April 15th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $89.17.

Insider Buying and Selling

In other news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $80.03, for a total transaction of $560,210.00. Following the transaction, the chief executive officer now directly owns 468,388 shares of the company’s stock, valued at $37,485,091.64. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $59.45, for a total transaction of $59,450.00. Following the sale, the chief financial officer now directly owns 31,344 shares in the company, valued at approximately $1,863,400.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $80.03, for a total value of $560,210.00. Following the transaction, the chief executive officer now owns 468,388 shares of the company’s stock, valued at $37,485,091.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,250 shares of company stock valued at $3,305,655. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Palomar by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 2,363,067 shares of the company’s stock valued at $131,150,000 after purchasing an additional 85,329 shares in the last quarter. Stephens Investment Management Group LLC raised its stake in Palomar by 11.3% during the fourth quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock valued at $59,752,000 after buying an additional 109,261 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Palomar by 1.0% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 954,290 shares of the company’s stock worth $52,963,000 after buying an additional 9,462 shares during the last quarter. Westfield Capital Management Co. LP grew its position in shares of Palomar by 6.3% in the 4th quarter. Westfield Capital Management Co. LP now owns 460,545 shares of the company’s stock worth $25,560,000 after acquiring an additional 27,199 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Palomar by 14.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company’s stock valued at $23,407,000 after acquiring an additional 52,659 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors.

Palomar Trading Up 2.1 %

The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of 24.46 and a beta of 0.24. The company has a 50-day moving average of $79.24 and a 200-day moving average of $66.76.

Palomar (NASDAQ:PLMR) last issued its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.28. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The company had revenue of $108.39 million for the quarter, compared to analysts’ expectations of $322.10 million. During the same period in the prior year, the company earned $0.80 earnings per share. The firm’s revenue was up 29.1% compared to the same quarter last year. On average, research analysts forecast that Palomar Holdings, Inc. will post 3.84 earnings per share for the current year.

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.