Palomar Holdings, Inc. (NASDAQ:PLMR) Stock Has Average Target Price of $162.75 According to Brokerages

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been given a consensus recommendation of “Moderate Buy” by the six analysts that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $162.75.

A number of analysts recently weighed in on PLMR shares. JPMorgan Chase & Co. increased their price objective on shares of Palomar from $150.00 to $167.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Piper Sandler increased their price objective on Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Weiss Ratings upgraded Palomar from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday. Evercore set a $152.00 target price on Palomar in a research note on Friday, July 10th. Finally, Keefe, Bruyette & Woods boosted their price target on Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a research report on Monday, August 10th.

Insider Buying and Selling at Palomar

In related news, CEO Mac Armstrong sold 3,500 shares of the company’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $134.98, for a total value of $472,430.00. Following the completion of the sale, the chief executive officer owned 318,888 shares of the company’s stock, valued at $43,043,502.24. This represents a 1.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO T. Christopher Uchida sold 791 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $127.74, for a total transaction of $101,042.34. Following the completion of the transaction, the chief financial officer owned 16,238 shares of the company’s stock, valued at $2,074,242.12. This represents a 4.65% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 23,185 shares of company stock valued at $3,155,504. 3.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Palomar

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Palomar during the second quarter valued at approximately $556,348,000. Jupiter Topco LLC acquired a new position in Palomar in the 2nd quarter valued at approximately $132,166,000. Westfield Capital Management Co. LP lifted its position in Palomar by 13.8% in the 4th quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company’s stock worth $113,229,000 after buying an additional 101,698 shares in the last quarter. Janus Henderson Group PLC lifted its position in Palomar by 17.4% in the 1st quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock worth $111,664,000 after buying an additional 138,368 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Palomar by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 661,900 shares of the company’s stock valued at $89,212,000 after buying an additional 2,295 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Stock Down 0.8%

Shares of Palomar stock opened at $123.04 on Friday. Palomar has a twelve month low of $100.81 and a twelve month high of $147.62. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.30. The business’s 50 day simple moving average is $132.89 and its 200-day simple moving average is $125.23. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 16.54 and a beta of 0.39.

Palomar (NASDAQ:PLMR) last posted its earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.19 by $0.17. The company had revenue of $314.42 million for the quarter, compared to analysts’ expectations of $621.52 million. Palomar had a return on equity of 23.28% and a net margin of 18.61%.During the same period last year, the business posted $1.76 earnings per share. Equities research analysts forecast that Palomar will post 9.31 earnings per share for the current year.

Palomar Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Wednesday, August 19th. Palomar’s payout ratio is currently 24.19%.

Palomar Company Profile

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in the United States. The company focuses on markets that are often underserved by traditional insurers, using specialized underwriting expertise and data-driven risk analysis to develop coverage for complex or niche exposures.

Palomar’s products include residential and commercial earthquake insurance, specialty property coverage, inland marine insurance, casualty insurance, crop insurance and other specialty insurance solutions.