Brokerages Set Palomar Holdings, Inc. (NASDAQ:PLMR) Target Price at $156.67

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been given a consensus recommendation of “Moderate Buy” by the eight brokerages that are presently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $156.6667.

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. dropped their target price on shares of Palomar from $158.00 to $137.00 and set an “overweight” rating for the company in a report on Thursday, October 9th. Evercore ISI dropped their target price on shares of Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a report on Wednesday, October 1st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Palomar in a report on Wednesday, October 8th. Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a report on Saturday, July 5th. Finally, Piper Sandler dropped their target price on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a report on Wednesday, August 6th.

Palomar Stock Up 1.7%

NASDAQ PLMR opened at $114.47 on Friday. The stock has a market capitalization of $3.07 billion, a P/E ratio of 20.12 and a beta of 0.30. Palomar has a 52-week low of $85.00 and a 52-week high of $175.85. The firm has a 50-day moving average price of $119.10 and a 200 day moving average price of $138.56.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. The firm had revenue of $65.74 million during the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. On average, equities research analysts expect that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $116.02, for a total value of $580,100.00. Following the completion of the transaction, the chief executive officer directly owned 372,388 shares of the company’s stock, valued at approximately $43,204,455.76. This trade represents a 1.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Rodolphe Herve sold 1,130 shares of the stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $130.10, for a total transaction of $147,013.00. Following the completion of the transaction, the chief operating officer directly owned 807 shares of the company’s stock, valued at approximately $104,990.70. This trade represents a 58.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,432 shares of company stock valued at $2,685,104 in the last 90 days. 3.70% of the stock is owned by corporate insiders.

Institutional Trading of Palomar

Large investors have recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Palomar in the first quarter valued at approximately $276,000. Principal Financial Group Inc. grew its position in shares of Palomar by 2.5% in the first quarter. Principal Financial Group Inc. now owns 151,237 shares of the company’s stock valued at $20,732,000 after purchasing an additional 3,697 shares during the last quarter. Informed Momentum Co LLC acquired a new stake in shares of Palomar in the first quarter valued at approximately $4,894,000. HighTower Advisors LLC grew its position in shares of Palomar by 252.8% in the first quarter. HighTower Advisors LLC now owns 11,217 shares of the company’s stock valued at $1,538,000 after purchasing an additional 8,038 shares during the last quarter. Finally, Beacon Harbor Wealth Advisors Inc. acquired a new stake in shares of Palomar in the first quarter valued at approximately $6,943,000. 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.