Palomar (NASDAQ:PLMR) Earns “Market Perform” Rating from JMP Securities

Palomar (NASDAQ:PLMR)‘s stock had its “market perform” rating reissued by investment analysts at JMP Securities in a note issued to investors on Thursday,Benzinga reports.

PLMR has been the topic of a number of other reports. Keefe, Bruyette & Woods upped their price target on shares of Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. JPMorgan Chase & Co. upped their price target on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, Piper Sandler upped their price target on shares of Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $124.67.

Palomar Stock Up 1.5 %

PLMR stock opened at $126.92 on Thursday. Palomar has a twelve month low of $66.81 and a twelve month high of $128.38. The stock has a market capitalization of $3.36 billion, a price-to-earnings ratio of 30.15 and a beta of 0.38. The firm’s fifty day simple moving average is $107.29 and its two-hundred day simple moving average is $100.68.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data 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 21.55% and a return on equity of 19.65%. As a group, equities research analysts expect that Palomar will post 4.33 EPS for the current year.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $103.04, for a total transaction of $721,280.00. Following the completion of the sale, the chief executive officer now directly owns 419,388 shares of the company’s stock, valued at approximately $43,213,739.52. This represents a 1.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 394 shares of the stock in a transaction dated Sunday, January 26th. The shares were sold at an average price of $101.69, for a total transaction of $40,065.86. Following the sale, the chief financial officer now directly owns 16,943 shares of the company’s stock, valued at approximately $1,722,933.67. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,933 shares of company stock worth $4,030,156 in the last three months. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Palomar

Several hedge funds and other institutional investors have recently modified their holdings of PLMR. American Century Companies Inc. raised its position in shares of Palomar by 36.6% in the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company’s stock valued at $82,932,000 after purchasing an additional 210,523 shares during the last quarter. Norges Bank purchased a new position in shares of Palomar in the 4th quarter valued at approximately $20,637,000. Price T Rowe Associates Inc. MD raised its position in shares of Palomar by 39.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company’s stock valued at $45,622,000 after purchasing an additional 122,057 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Palomar in the 3rd quarter valued at approximately $10,994,000. Finally, Freestone Grove Partners LP purchased a new position in shares of Palomar in the 4th quarter valued at approximately $11,774,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

About Palomar

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.