Evercore ISI Increases Palomar (NASDAQ:PLMR) Price Target to $86.00

Palomar (NASDAQ:PLMR) had its price objective lifted by equities research analysts at Evercore ISI from $68.00 to $86.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “in-line” rating on the stock. Evercore ISI’s price objective points to a potential upside of 15.58% from the stock’s current price.

PLMR has been the topic of several other reports. Jefferies Financial Group raised shares of Palomar from a “hold” rating to a “buy” rating and upped their price objective for the company from $78.00 to $88.00 in a report on Thursday, March 14th. Piper Sandler upped their price objective on shares of Palomar from $80.00 to $89.00 and gave the company an “overweight” rating in a report on Monday, April 1st. JPMorgan Chase & Co. downgraded shares of Palomar from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $79.00 to $85.00 in a report on Monday, April 8th. Keefe, Bruyette & Woods upped their price objective on shares of Palomar from $88.00 to $89.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Truist Financial increased their price target on shares of Palomar from $72.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Palomar currently has an average rating of “Moderate Buy” and an average price target of $87.50.

Palomar Trading Down 1.5 %

Shares of Palomar stock opened at $74.41 on Thursday. Palomar has a 12-month low of $46.09 and a 12-month high of $86.25. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of 23.85 and a beta of 0.21. The firm’s 50 day simple moving average is $75.18 and its two-hundred day simple moving average is $63.14.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Wednesday, February 14th. The company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.85 by $0.09. The business had revenue of $102.35 million for the quarter, compared to the consensus estimate of $95.07 million. Palomar had a net margin of 21.07% and a return on equity of 19.35%. On average, sell-side analysts predict that Palomar will post 3.84 EPS for the current fiscal year.

Insider Buying and Selling

In related news, President Jon Christianson sold 423 shares of the stock in a transaction on Friday, January 26th. The shares were sold at an average price of $60.13, for a total transaction of $25,434.99. Following the sale, the president now directly owns 70,612 shares of the company’s stock, valued at $4,245,899.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Palomar news, President Jon Christianson sold 423 shares of the company’s stock in a transaction on Friday, January 26th. The shares were sold at an average price of $60.13, for a total transaction of $25,434.99. Following the completion of the transaction, the president now directly owns 70,612 shares in the company, valued at $4,245,899.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $82.62, for a total transaction of $578,340.00. Following the transaction, the chief executive officer now owns 475,388 shares of the company’s stock, valued at $39,276,556.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,509 shares of company stock valued at $2,830,557. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Palomar

Large investors have recently added to or reduced their stakes in the stock. UBS Group AG raised its position in Palomar by 7,440.0% during the third quarter. UBS Group AG now owns 377 shares of the company’s stock worth $32,000 after acquiring an additional 372 shares during the period. Signaturefd LLC raised its position in shares of Palomar by 59.4% in the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock valued at $33,000 after buying an additional 221 shares during the last quarter. Atwood & Palmer Inc. raised its position in shares of Palomar by 66.7% in the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after buying an additional 300 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Palomar in the first quarter valued at about $55,000. Finally, FMR LLC raised its position in shares of Palomar by 89.9% in the first quarter. FMR LLC now owns 864 shares of the company’s stock valued at $48,000 after buying an additional 409 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.