Palomar (NASDAQ:PLMR) Reaches New 12-Month High – Here’s What Happened

Palomar Holdings, Inc. (NASDAQ:PLMR)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $111.19 and last traded at $111.19, with a volume of 8162 shares. The stock had previously closed at $108.80.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on PLMR shares. Piper Sandler increased their target price on shares of Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Jefferies Financial Group increased their target price on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Truist Financial raised their price target on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Keefe, Bruyette & Woods raised their price target on Palomar from $117.00 to $120.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. increased their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Palomar presently has an average rating of “Moderate Buy” and a consensus price target of $109.00.

Palomar Stock Up 0.5 %

The firm has a 50-day moving average of $97.70 and a two-hundred day moving average of $91.55. The company has a market capitalization of $2.89 billion, a PE ratio of 26.20 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The firm had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. During the same period in the previous year, the business earned $0.80 earnings per share. Equities analysts predict that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, President Jon Christianson sold 10,000 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $94.40, for a total value of $944,000.00. Following the sale, the president now owns 51,926 shares in the company, valued at approximately $4,901,814.40. The trade was a 16.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 1,030 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $97.65, for a total value of $100,579.50. Following the completion of the sale, the chief financial officer now owns 17,543 shares in the company, valued at $1,713,073.95. This represents a 5.55 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,326 shares of company stock valued at $3,632,779. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

Several large investors have recently bought and sold shares of the stock. Hohimer Wealth Management LLC purchased a new stake in Palomar during the 3rd quarter worth about $224,000. Geode Capital Management LLC increased its holdings in Palomar by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock worth $56,822,000 after purchasing an additional 18,335 shares during the period. Barclays PLC increased its holdings in Palomar by 112.6% during the 3rd quarter. Barclays PLC now owns 71,803 shares of the company’s stock worth $6,798,000 after purchasing an additional 38,027 shares during the period. Soros Fund Management LLC purchased a new stake in Palomar during the 3rd quarter worth about $9,467,000. Finally, State Street Corp increased its holdings in shares of Palomar by 3.0% in 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. Hedge funds and other institutional investors 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.