Palomar (NASDAQ:PLMR) Sets New 1-Year High – Still a Buy?

Palomar Holdings, Inc. (NASDAQ:PLMR) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $107.11 and last traded at $106.57, with a volume of 49055 shares traded. The stock had previously closed at $103.69.

Analyst Upgrades and Downgrades

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

Palomar Stock Performance

The firm has a market capitalization of $2.84 billion, a P/E ratio of 25.45 and a beta of 0.34. The stock has a fifty day moving average price of $96.31 and a two-hundred day moving average price of $90.69.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The firm had revenue of $148.50 million during the quarter, compared to analyst estimates of $134.72 million. During the same quarter in the previous year, the firm earned $0.80 earnings per share. As a group, research analysts anticipate that Palomar Holdings, Inc. will post 4.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Palomar

In other Palomar news, CFO T Christopher Uchida sold 1,111 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $104.00, for a total transaction of $115,544.00. Following the completion of the transaction, the chief financial officer now directly owns 16,432 shares of the company’s stock, valued at $1,708,928. The trade was a 6.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Jon Christianson sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $94.40, for a total transaction of $944,000.00. Following the completion of the sale, the president now owns 51,926 shares in the company, valued at $4,901,814.40. The trade was a 16.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,076 shares of company stock worth $3,806,029 over the last ninety days. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Palomar

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Palomar by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 2,403,520 shares of the company’s stock valued at $201,487,000 after acquiring an additional 40,453 shares in the last quarter. State Street Corp raised its stake in shares of Palomar by 3.0% during the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after purchasing an additional 32,151 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of 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 purchasing an additional 18,335 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Palomar by 15.0% in the second quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock worth $41,295,000 after purchasing an additional 66,478 shares during the period. Finally, Emerald Advisers LLC grew its position in Palomar by 1.9% in the 3rd quarter. Emerald Advisers LLC now owns 449,973 shares of the company’s stock valued at $42,599,000 after buying an additional 8,601 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.