Palomar (NASDAQ:PLMR) Price Target Raised to $97.00

Palomar (NASDAQ:PLMR) had its price objective increased by Truist Financial from $88.00 to $97.00 in a research report report published on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts also recently weighed in on PLMR. Jefferies Financial Group raised shares of Palomar from a hold rating to a buy rating and boosted their target price for the stock from $78.00 to $88.00 in a research report on Thursday, March 14th. JMP Securities reissued a market perform rating on shares of Palomar in a report on Monday, April 15th. Keefe, Bruyette & Woods lifted their target price on Palomar from $88.00 to $89.00 and gave the stock an outperform rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. downgraded Palomar from an overweight rating to a neutral rating and boosted their price target for the company from $79.00 to $85.00 in a report on Monday, April 8th. Finally, Piper Sandler raised their price objective on Palomar from $89.00 to $90.00 and gave the stock an overweight rating in a research note on Monday. 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 data from MarketBeat.com, Palomar presently has an average rating of Moderate Buy and a consensus price target of $89.17.

Palomar Price Performance

Shares of Palomar stock opened at $84.07 on Monday. Palomar has a 1-year low of $46.09 and a 1-year high of $86.25. The company has a market capitalization of $2.10 billion, a PE ratio of 24.16 and a beta of 0.24. The business has a 50-day moving average of $79.59 and a 200-day moving average of $67.01.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.28. The firm had revenue of $108.39 million during the quarter, compared to analyst estimates of $322.10 million. Palomar had a return on equity of 19.94% and a net margin of 21.78%. Palomar’s quarterly revenue was up 29.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.80 EPS. On average, equities analysts expect that Palomar will post 3.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $75.75, for a total value of $530,250.00. Following the sale, the chief executive officer now directly owns 482,388 shares of the company’s stock, valued at $36,540,891. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $75.75, for a total value of $530,250.00. Following the completion of the transaction, the chief executive officer now directly owns 482,388 shares of the company’s stock, valued at approximately $36,540,891. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas A. Bradley purchased 1,000 shares of the stock in a transaction dated Tuesday, May 7th. The shares were acquired at an average cost of $84.32 per share, for a total transaction of $84,320.00. Following the completion of the acquisition, the director now directly owns 2,500 shares of the company’s stock, valued at approximately $210,800. The disclosure for this purchase can be found here. Insiders sold a total of 42,250 shares of company stock worth $3,305,655 in the last three months. 4.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Palomar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. New York State Common Retirement Fund increased its position in shares of Palomar by 1.8% during the 3rd quarter. New York State Common Retirement Fund now owns 10,099 shares of the company’s stock valued at $513,000 after purchasing an additional 182 shares during the period. Signaturefd LLC grew its holdings in Palomar by 59.4% during the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock worth $33,000 after acquiring an additional 221 shares during the period. Los Angeles Capital Management LLC grew its holdings in Palomar by 0.9% during the third quarter. Los Angeles Capital Management LLC now owns 27,529 shares of the company’s stock worth $1,397,000 after acquiring an additional 256 shares during the period. Conestoga Capital Advisors LLC lifted its holdings in Palomar by 1.0% in the 1st quarter. Conestoga Capital Advisors LLC now owns 27,407 shares of the company’s stock valued at $2,298,000 after acquiring an additional 270 shares during the last quarter. Finally, Texas Permanent School Fund Corp boosted its position in shares of Palomar by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 21,644 shares of the company’s stock valued at $1,814,000 after purchasing an additional 280 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

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.