JMP Securities Reaffirms “Market Perform” Rating for Palomar (NASDAQ:PLMR)

JMP Securities reiterated their market perform rating on shares of Palomar (NASDAQ:PLMR) in a report issued on Monday morning, Benzinga reports.

A number of other brokerages have also commented on PLMR. Evercore ISI increased their price objective on Palomar from $68.00 to $86.00 and gave the company an in-line rating in a research report on Thursday, April 11th. JPMorgan Chase & Co. lowered Palomar from an overweight rating to a neutral rating and increased their price objective for the company from $79.00 to $85.00 in a research report on Monday, April 8th. Keefe, Bruyette & Woods raised their price target on Palomar from $88.00 to $89.00 and gave the stock an outperform rating in a research report on Wednesday, April 10th. Truist Financial raised their price target on Palomar from $72.00 to $88.00 and gave the stock a buy rating in a research report on Friday, February 16th. Finally, Piper Sandler raised their price target on Palomar from $80.00 to $89.00 and gave the stock an overweight rating in a research report on Monday, April 1st. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $87.50.

Palomar Price Performance

PLMR stock opened at $75.21 on Monday. The business has a fifty day moving average price of $75.52 and a 200 day moving average price of $63.49. Palomar has a fifty-two week low of $46.09 and a fifty-two week high of $86.25. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of 24.11 and a beta of 0.21.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Wednesday, February 14th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.09. The firm had revenue of $102.35 million during the quarter, compared to analysts’ expectations of $95.07 million. Palomar had a return on equity of 19.35% and a net margin of 21.07%. On average, equities analysts expect that Palomar will post 3.84 earnings per share for the current fiscal year.

Insider Transactions at Palomar

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated 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 directly owns 475,388 shares in the company, valued at $39,276,556.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Palomar news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated 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 directly owns 475,388 shares in the company, valued at $39,276,556.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President Jon Christianson sold 423 shares of Palomar stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $60.13, for a total value of $25,434.99. Following the completion of the sale, the president now directly owns 70,612 shares in the company, valued at approximately $4,245,899.56. The disclosure for this sale can be found here. Insiders have sold 37,509 shares of company stock worth $2,830,557 in the last three months. Insiders own 4.40% of the company’s stock.

Institutional Trading of Palomar

Several hedge funds and other institutional investors have recently modified their holdings of PLMR. Alliancebernstein L.P. raised its stake in shares of Palomar by 2,612.5% in the 3rd quarter. Alliancebernstein L.P. now owns 799,369 shares of the company’s stock valued at $66,923,000 after purchasing an additional 769,899 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Palomar in the 4th quarter valued at about $16,058,000. Atlas Capital Advisors LLC increased its position in shares of Palomar by 614.2% in the fourth quarter. Atlas Capital Advisors LLC now owns 366,284 shares of the company’s stock valued at $16,541,000 after acquiring an additional 315,000 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Palomar by 52.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 748,928 shares of the company’s stock valued at $41,342,000 after acquiring an additional 256,378 shares during the last quarter. Finally, Millennium Management LLC acquired a new stake in shares of Palomar in the fourth quarter valued at about $9,260,000. Institutional investors and hedge funds 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.