Palomar (NASDAQ:PLMR) Sets New 52-Week High – Time to Buy?

Palomar Holdings, Inc. (NASDAQ:PLMR)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $139.21 and last traded at $137.08, with a volume of 328720 shares changing hands. The stock had previously closed at $136.77.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Truist Financial upped their price objective on Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Piper Sandler upped their price target on Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. JMP Securities reiterated a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $152.00 to $155.00 and gave the stock an “outperform” rating in a report on Friday, March 21st. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $127.83.

Palomar Stock Performance

The firm has a market cap of $3.66 billion, a PE ratio of 30.60 and a beta of 0.33. The firm has a fifty day simple moving average of $121.48 and a two-hundred day simple moving average of $108.54.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. Equities analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Insider Transactions at Palomar

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $109.76, for a total transaction of $768,320.00. Following the transaction, the chief executive officer now owns 412,388 shares in the company, valued at $45,263,706.88. The trade was a 1.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO T Christopher Uchida sold 1,000 shares of the firm’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $139.00, for a total transaction of $139,000.00. Following the completion of the sale, the chief financial officer now owns 10,172 shares of the company’s stock, valued at $1,413,908. This trade represents a 8.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,455 shares of company stock worth $4,050,340 in the last three months. Insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dakota Wealth Management boosted its position in shares of Palomar by 3.1% during the fourth quarter. Dakota Wealth Management now owns 3,070 shares of the company’s stock valued at $324,000 after buying an additional 92 shares during the period. Farther Finance Advisors LLC boosted its holdings in Palomar by 21.8% during the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock valued at $58,000 after acquiring an additional 99 shares during the period. State of Alaska Department of Revenue grew its position in Palomar by 0.7% in the 4th quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company’s stock valued at $1,588,000 after acquiring an additional 100 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in Palomar by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company’s stock worth $1,352,000 after purchasing an additional 100 shares during the period. Finally, Avantax Advisory Services Inc. lifted its position in shares of Palomar by 2.5% during the fourth quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company’s stock worth $616,000 after purchasing an additional 145 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

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.