Palomar Holdings, Inc. (NASDAQ:PLMR) Receives $111.67 Average Price Target from Analysts

Palomar Holdings, Inc. (NASDAQ:PLMR) has received a consensus rating of "Moderate Buy" from seven analysts who are currently covering the company, according to reports. Out of these analysts, three have assigned a hold rating, while four have issued a buy rating for the stock. The average price target for Palomar shares over the next 12 months is set at $111.67.

Various equity analysts have been analyzing PLMR shares recently. Keefe, Bruyette & Woods raised their price target for Palomar from $120.00 to $136.00 and assigned an "outperform" rating in a report issued on December 6th. JPMorgan Chase & Co. increased their target price from $93.00 to $100.00 while giving the stock a "neutral" rating as of November 7th. Another firm, Piper Sandler, raised their price target from $105.00 to $110.00, providing it with an "overweight" rating on November 8th. Additionally, Jefferies Financial Group also increased their target price, moving it from $110.00 to $113.00, and assigned a "buy" rating on October 9th.

Insider Trading Activity

In related news concerning insider trading, CFO T. Christopher Uchida sold 1,030 shares of the company on October 15th at an average price of $97.65, totaling about $100,579.50. Following this transaction, Uchida now owns 17,543 shares valued at approximately $1.71 million, representing a 5.55% decrease in ownership. This transaction was reported in a filing with the Securities and Exchange Commission, available on their website. Moreover, CEO Mac Armstrong sold 7,000 shares on September 23rd, at an average price of $95.49, amounting to a value of $668,430.00. After this sale, Armstrong holds 440,388 shares valued at around $42.05 million, marking a 1.56% decrease in his position. Over the last 90 days, insiders have sold a total of 27,326 shares, valued at approximately $2.69 million. Currently, corporate insiders own about 4.30% of the stock.

Institutional Investor Involvement

Several institutional investors have recently made movements regarding PLMR shares. Hohimer Wealth Management LLC acquired a new stake in Palomar during the third quarter, with an investment of about $224,000. Geode Capital Management LLC increased their holdings by 3.2%, now owning 600,092 shares valued at $56.82 million after an additional purchase of 18,335 shares. Similarly, Barclays PLC expanded their stake in Palomar by 112.6%, now holding 71,803 shares worth approximately $6.80 million. Additionally, Soros Fund Management LLC entered a new position valued at about $9.47 million during the same quarter. State Street Corp also increased their holdings by 3.0%, owning 1,097,702 shares currently valued at $103.92 million. Altogether, institutional investors hold 90.25% of the company's shares.

Palomar Stock Metrics

As of Friday, Palomar shares opened at $111.15. The company has a market capitalization of approximately $2.94 billion, a price-to-earnings ratio of 26.64, and a beta of 0.36. The 50-day moving average price stands at $101.26, with a 200-day moving average of $94.06. Over the past year, Palomar's stock has seen a low of $54.50 and a high of $112.90.

Palomar last released its quarterly earnings on November 4th, reporting earnings per share of $1.23, surpassing analyst estimates of $1.03 by $0.20. The company also posted a return on equity of 19.65%, with a net margin of 21.55%. Their revenue for the quarter amounted to $148.50 million compared to the expected $134.72 million. Analysts project Palomar will achieve earnings per share of 4.33 for the current fiscal year.

About Palomar Holdings, Inc.

Palomar Holdings, Inc. is a specialty insurance company that provides property and casualty insurance services for residential and commercial clients across the United States. Their portfolio includes specialty products like residential and commercial earthquake insurance, fronting services, commercial all-risk insurance, specialty homeowners insurance, inland marine policies, Hawaiian hurricane coverage, and residential flood insurance, along with other types of reinsurance.

Palomar, Earnings, Investment