Palomar Holdings, Inc. (NASDAQ:PLMR) Receives $163.00 Consensus Price Target from Analysts

Palomar Holdings, Inc. (NASDAQ:PLMR) has been given an average rating of “Buy” by the seven ratings firms that are covering the firm, MarketBeat reports. Seven investment analysts have rated the stock with a buy recommendation. The average 12-month target price among analysts that have issued a report on the stock in the last year is $163.00.

Several equities research analysts have commented on PLMR shares. Keefe, Bruyette & Woods upped their target price on shares of Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a research note on Tuesday, January 6th. Evercore began coverage on shares of Palomar in a research note on Monday, February 9th. They issued an “outperform” rating and a $150.00 target price for the company. JPMorgan Chase & Co. increased 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. Wall Street Zen downgraded Palomar from a “buy” rating to a “hold” rating in a report on Sunday, March 1st. Finally, Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th.

Palomar Price Performance

PLMR opened at $121.86 on Friday. The company has a market cap of $3.25 billion, a price-to-earnings ratio of 16.97 and a beta of 0.54. The firm has a 50 day simple moving average of $123.00 and a 200 day simple moving average of $123.14. Palomar has a fifty-two week low of $107.75 and a fifty-two week high of $175.85.

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

Insider Transactions at Palomar

In related news, CEO Mac Armstrong sold 11,484 shares of the stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total transaction of $1,376,701.92. Following the completion of the transaction, the chief executive officer directly owned 91,737 shares in the company, valued at approximately $10,997,431.56. This trade represents a 11.13% decrease in their ownership of the stock. 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 2,103 shares of the stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total value of $252,107.64. Following the transaction, the chief financial officer owned 11,473 shares of the company’s stock, valued at approximately $1,375,383.24. The trade was a 15.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 60,808 shares of company stock valued at $7,439,365. 3.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Summit Global Investments grew its position in Palomar by 1.7% in the fourth quarter. Summit Global Investments now owns 4,646 shares of the company’s stock valued at $626,000 after purchasing an additional 79 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Palomar by 3.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company’s stock valued at $333,000 after purchasing an additional 82 shares in the last quarter. Quadrant Capital Group LLC grew its stake in Palomar by 2.0% in the fourth quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company’s stock valued at $602,000 after purchasing an additional 88 shares in the last quarter. Clearstead Advisors LLC grew its stake in Palomar by 31.0% in the third quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock valued at $46,000 after purchasing an additional 94 shares in the last quarter. Finally, California State Teachers Retirement System grew its stake in Palomar by 0.4% in the second quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock valued at $3,734,000 after purchasing an additional 97 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

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.