Palomar Holdings, Inc. (NASDAQ:PLMR) Insider Sells $29,457.72 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) insider Jonathan Knutzen sold 282 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $104.46, for a total transaction of $29,457.72. Following the completion of the sale, the insider now owns 20,098 shares in the company, valued at $2,099,437.08. This represents a 1.38 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Palomar Price Performance

Shares of PLMR opened at $110.73 on Friday. The business has a 50-day moving average of $106.87 and a 200-day moving average of $99.82. The company has a market capitalization of $2.93 billion, a price-to-earnings ratio of 26.30 and a beta of 0.38. Palomar Holdings, Inc. has a 1 year low of $57.68 and a 1 year high of $112.90.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.20. The firm had revenue of $148.50 million during the quarter, compared to analyst estimates of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same quarter last year, the business earned $0.80 EPS. As a group, sell-side analysts anticipate that Palomar Holdings, Inc. will post 4.33 EPS for the current year.

Institutional Investors Weigh In On Palomar

Large investors have recently modified their holdings of the company. State Street Corp boosted its position in 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 acquiring an additional 32,151 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Palomar by 3.2% during the 3rd 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. JPMorgan Chase & Co. grew its stake in Palomar by 9.5% during the third quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company’s stock worth $12,133,000 after purchasing an additional 11,140 shares during the period. Thrivent Financial for Lutherans grew its stake in Palomar by 58.7% during the third quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock worth $3,109,000 after purchasing an additional 12,147 shares during the period. Finally, HighTower Advisors LLC bought a new stake in Palomar in the third quarter worth approximately $1,711,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on PLMR shares. Piper Sandler increased their price target on Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. JPMorgan Chase & Co. increased their target price on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods lifted their price target on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $115.50.

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.