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In a remarkable display of market confidence, Palomar Holdings Inc (NASDAQ:PLMR) stock has reached an all-time high, touching a price level of $137.89. The specialty insurance provider, with a market capitalization of $3.64 billion and impressive revenue growth of 47% in the last twelve months, continues to demonstrate strong momentum. This milestone underscores a period of significant growth for the specialty insurance company, which has seen its stock value surge by an impressive 62.01% over the past year. Trading at a P/E ratio of 29.3, InvestingPro analysis suggests the stock is currently fairly valued. Investors have rallied behind Palomar’s strategic initiatives and strong financial performance, propelling the stock to new heights and setting a robust precedent for the company’s future trajectory in the competitive insurance landscape. InvestingPro has identified 14 additional investment tips for PLMR, available with a subscription.
In other recent news, Palomar Holdings has reported significant developments that are capturing the attention of investors. Keefe, Bruyette & Woods analysts have increased their price target for Palomar stock to $155, maintaining an Outperform rating, following an investor day presentation that detailed the company’s growth strategy. This revision reflects confidence in Palomar’s "Palomar 2X" strategy, which aims to double key financial metrics within three to five years. Additionally, Piper Sandler has reaffirmed its Overweight rating with a $150 target, emphasizing Palomar’s focus on casualty and crop segments as growth drivers.
Palomar has also announced a definitive agreement to acquire Advanced AgProtection, a Texas-based Crop Managing General Agent, which is expected to bolster its crop insurance portfolio. The acquisition is part of Palomar’s strategy to enhance its position in the specialty insurance market. Keefe, Bruyette & Woods analysts have adjusted their earnings per share estimates for 2025 and 2026, projecting $6.50 and $8.00, respectively, based on expectations of increased earned premium and higher investment income.
Furthermore, a review of Palomar’s year-end 2024 GAAP loss triangles by KBW revealed a modest reserve redundancy, suggesting conservative financial management. This has contributed to maintaining their Outperform rating and a $152 price target. These developments collectively underscore Palomar’s strategic direction and potential for growth in the coming years.
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