Brokerages Set Palomar Holdings, Inc. (NASDAQ:PLMR) PT at $162.50

Palomar Holdings, Inc. (NASDAQ:PLMR) has received an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $162.50.

PLMR has been the topic of several research reports. Keefe, Bruyette & Woods lifted their price target on Palomar from $162.00 to $166.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. Zacks Research lowered Palomar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Evercore set a $152.00 target price on shares of Palomar in a report on Friday, July 10th. Piper Sandler upped their target price on shares of Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. increased their price target on shares of Palomar from $150.00 to $167.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th.

Insider Buying and Selling

In other Palomar news, President Jon Christianson sold 3,000 shares of Palomar stock in a transaction on Monday, July 20th. The stock was sold at an average price of $139.50, for a total transaction of $418,500.00. Following the completion of the transaction, the president owned 66,478 shares in the company, valued at approximately $9,273,681. The trade was a 4.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mac Armstrong sold 3,500 shares of the business’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $137.26, for a total value of $480,410.00. Following the completion of the sale, the chief executive officer directly owned 325,888 shares in the company, valued at $44,731,386.88. This trade represents a 1.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 22,050 shares of company stock valued at $2,875,050. 3.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Palomar

Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Palomar during the 2nd quarter valued at about $556,348,000. Janus Henderson Group PLC raised its position in shares of Palomar by 250.1% during the 4th quarter. Janus Henderson Group PLC now owns 795,625 shares of the company’s stock valued at $107,237,000 after purchasing an additional 568,360 shares during the period. Alliancebernstein L.P. boosted its holdings in Palomar by 290.2% in the 2nd quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock worth $76,675,000 after buying an additional 369,697 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in Palomar by 72.1% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company’s stock worth $105,809,000 after buying an additional 328,993 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in Palomar in the 2nd quarter worth $30,966,000. 90.25% of the stock is currently owned by institutional investors.

Palomar Stock Performance

Shares of PLMR opened at $131.00 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.50 and a quick ratio of 0.50. Palomar has a one year low of $100.81 and a one year high of $147.62. The company has a 50-day simple moving average of $126.70 and a two-hundred day simple moving average of $123.68. The firm has a market capitalization of $3.45 billion, a PE ratio of 17.61 and a beta of 0.40.

Palomar (NASDAQ:PLMR) last posted its earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.19 by $0.17. Palomar had a return on equity of 23.28% and a net margin of 18.61%.The firm had revenue of $314.42 million for the quarter, compared to the consensus estimate of $621.52 million. During the same quarter in the prior year, the business earned $1.76 EPS. On average, analysts anticipate that Palomar will post 8.97 EPS for the current fiscal year.

Palomar Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.4%.

Palomar Company Profile

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.