Brokerages Set Palomar Holdings, Inc. (NASDAQ:PLMR) Target Price at $156.67

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been assigned a consensus recommendation of “Moderate Buy” from the eight brokerages that are currently covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $156.6667.

PLMR has been the subject of several research reports. Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, July 5th. Keefe, Bruyette & Woods dropped their price objective on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a research note on Friday, August 8th. Weiss Ratings reissued a “hold (c+)” rating on shares of Palomar in a research note on Wednesday, October 8th. JPMorgan Chase & Co. dropped their price objective on shares of Palomar from $158.00 to $137.00 and set an “overweight” rating on the stock in a research note on Thursday, October 9th. Finally, Evercore ISI dropped their price objective on shares of Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st.

Insider Buying and Selling

In other news, COO Rodolphe Herve sold 1,130 shares of the company’s stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $130.10, for a total transaction of $147,013.00. Following the transaction, the chief operating officer directly owned 807 shares of the company’s stock, valued at $104,990.70. This represents a 58.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Jon Christianson sold 521 shares of the company’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $120.13, for a total transaction of $62,587.73. Following the transaction, the president directly owned 59,036 shares in the company, valued at approximately $7,091,994.68. This trade represents a 0.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,714 shares of company stock worth $2,383,044 in the last ninety days. Insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Palomar

Large investors have recently added to or reduced their stakes in the business. Allworth Financial LP grew its stake in 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. Nisa Investment Advisors LLC grew its stake in Palomar by 185.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company’s stock valued at $43,000 after acquiring an additional 202 shares during the last quarter. Maseco LLP acquired a new stake in Palomar in the 2nd quarter valued at about $45,000. Opal Wealth Advisors LLC acquired a new stake in Palomar in the 1st quarter valued at about $46,000. Finally, Hollencrest Capital Management boosted its stake in shares of Palomar by 56.5% during the 2nd quarter. Hollencrest Capital Management now owns 313 shares of the company’s stock worth $48,000 after purchasing an additional 113 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Price Performance

PLMR stock opened at $118.14 on Friday. The company has a fifty day moving average price of $119.26 and a 200 day moving average price of $139.18. Palomar has a 12 month low of $85.00 and a 12 month high of $175.85. The company has a market cap of $3.16 billion, a price-to-earnings ratio of 20.76 and a beta of 0.30.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Friday, December 16th. The company reported $0.07 EPS for the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The firm had revenue of $65.74 million during the quarter. As a group, analysts anticipate that Palomar will post 5.99 earnings per share for the current year.

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.