Palomar (NASDAQ:PLMR) Hits New 12-Month High – What’s Next?

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PLMR. JPMorgan Chase & Co. boosted their price objective on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods raised their price target on shares of Palomar from $117.00 to $120.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Piper Sandler lifted their price objective on shares of Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Truist Financial boosted their price objective on shares of Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Finally, Evercore ISI upped their price objective on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $109.00.

Palomar Trading Up 2.7 %

The company has a 50 day moving average price of $98.94 and a 200 day moving average price of $92.38. The company has a market capitalization of $2.94 billion, a P/E ratio of 25.68 and a beta of 0.36.

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

Insider Activity at Palomar

In other Palomar news, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction on Friday, September 6th. The shares were sold at an average price of $94.40, for a total value of $944,000.00. Following the transaction, the president now directly owns 51,926 shares of the company’s stock, valued at approximately $4,901,814.40. The trade was a 16.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the business’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 owns 440,388 shares of the company’s stock, valued at $42,052,650.12. This represents a 1.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,326 shares of company stock valued at $3,632,779. 4.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palomar

A number of hedge funds and other institutional investors have recently bought and sold shares of PLMR. State Street Corp increased its stake in shares of Palomar by 3.0% during the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after acquiring an additional 32,151 shares during the last quarter. Geode Capital Management LLC boosted its stake in Palomar by 3.2% during the third quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock valued at $56,822,000 after buying an additional 18,335 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Palomar by 15.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after purchasing an additional 66,478 shares during the period. Emerald Advisers LLC lifted its stake in Palomar by 1.9% in the 3rd quarter. Emerald Advisers LLC now owns 449,973 shares of the company’s stock worth $42,599,000 after acquiring an additional 8,601 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its stake in shares of Palomar by 24.5% during the 3rd quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company’s stock worth $37,339,000 after purchasing an additional 77,552 shares in the last quarter. Institutional investors and hedge funds 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.