Brokerages Set Palomar Holdings, Inc. (NASDAQ:PLMR) Target Price at $163.00

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been given a consensus recommendation of “Buy” by the seven analysts that are presently covering the company, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $163.00.

PLMR has been the subject of several recent analyst reports. Evercore initiated coverage on Palomar in a research note on Monday, February 9th. They set an “outperform” rating and a $150.00 target price for the company. JPMorgan Chase & Co. boosted their price target on Palomar from $155.00 to $160.00 and gave the stock an “overweight” rating in a report on Monday, February 23rd. Keefe, Bruyette & Woods upped their price objective on Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 6th. Weiss Ratings raised Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 14th. Finally, Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a research report on Sunday, March 1st.

Insider Buying and Selling

In related news, CFO T Christopher Uchida sold 783 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total value of $100,255.32. Following the completion of the transaction, the chief financial officer owned 14,752 shares of the company’s stock, valued at $1,888,846.08. This represents a 5.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jonathan Knutzen sold 281 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total transaction of $35,979.24. Following the completion of the sale, the insider owned 27,579 shares in the company, valued at $3,531,215.16. This represents a 1.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 58,999 shares of company stock worth $7,253,229 in the last quarter. Corporate insiders own 3.70% of the company’s stock.

Institutional Trading of Palomar

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Allworth Financial LP lifted its stake in shares of Palomar by 1,970.0% in the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock valued at $32,000 after acquiring an additional 197 shares during the last quarter. Salomon & Ludwin LLC bought a new stake in Palomar during the 3rd quarter worth $25,000. Richardson Financial Services Inc. increased its holdings in Palomar by 210.0% in the 3rd quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock worth $25,000 after purchasing an additional 147 shares in the last quarter. Geneos Wealth Management Inc. acquired a new position in Palomar in the 4th quarter worth about $32,000. Finally, Kestra Advisory Services LLC bought a new position in Palomar in the fourth quarter valued at about $33,000. Institutional investors own 90.25% of the company’s stock.

Palomar Trading Down 0.1%

Shares of NASDAQ:PLMR opened at $119.80 on Tuesday. The firm has a 50 day moving average of $126.45 and a 200-day moving average of $123.28. Palomar has a 12 month low of $107.75 and a 12 month high of $175.85. The stock has a market capitalization of $3.20 billion, a PE ratio of 16.69 and a beta of 0.46.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.18. The business had revenue of $253.36 million for the quarter, compared to analyst estimates of $204.58 million. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The firm’s revenue for the quarter was up 62.7% on a year-over-year basis. During the same quarter last year, the business posted $1.52 EPS. On average, research analysts predict that Palomar will post 5.99 EPS for the current fiscal year.

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.