Palomar (NASDAQ:PLMR) Price Target Raised to $90.00

Palomar (NASDAQ:PLMR) had its price objective hoisted by research analysts at Piper Sandler from $89.00 to $90.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 5.75% from the company’s previous close.

A number of other equities research analysts have also weighed in on PLMR. Keefe, Bruyette & Woods lifted their price objective on Palomar from $88.00 to $89.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Evercore ISI upped their price objective on Palomar from $68.00 to $86.00 and gave the stock an “in-line” rating in a report on Thursday, April 11th. JMP Securities reiterated a “market perform” rating on shares of Palomar in a research report on Monday, April 15th. Truist Financial boosted their target price on shares of Palomar from $72.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Finally, JPMorgan Chase & Co. downgraded shares of Palomar from an “overweight” rating to a “neutral” rating and increased their price target for the company from $79.00 to $85.00 in a report on Monday, April 8th. Three 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.17.

Palomar Stock Performance

Shares of PLMR opened at $85.11 on Monday. Palomar has a fifty-two week low of $46.09 and a fifty-two week high of $86.25. The company has a market capitalization of $2.12 billion, a price-to-earnings ratio of 24.46 and a beta of 0.24. The firm has a 50-day simple moving average of $79.24 and a 200-day simple moving average of $66.76.

Palomar (NASDAQ:PLMR) last announced its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.28. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The business had revenue of $108.39 million during the quarter, compared to the consensus estimate of $322.10 million. During the same quarter in the prior year, the firm earned $0.80 earnings per share. The business’s quarterly revenue was up 29.1% compared to the same quarter last year. Equities research analysts forecast that Palomar will post 3.84 EPS for the current year.

Insider Buying and Selling

In other Palomar news, President Jon Christianson sold 10,000 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $82.09, for a total transaction of $820,900.00. Following the completion of the transaction, the president now directly owns 59,761 shares in the company, valued at approximately $4,905,780.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $59.45, for a total value of $59,450.00. Following the sale, the chief financial officer now directly owns 31,344 shares in the company, valued at $1,863,400.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $82.09, for a total value of $820,900.00. Following the sale, the president now owns 59,761 shares of the company’s stock, valued at approximately $4,905,780.49. The disclosure for this sale can be found here. Insiders have sold 42,250 shares of company stock worth $3,305,655 in the last three months. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

Hedge funds have recently modified their holdings of the company. Signaturefd LLC lifted its stake in shares of Palomar by 59.4% during 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 period. Atwood & Palmer Inc. raised its holdings in Palomar by 66.7% in the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after acquiring an additional 300 shares during the last quarter. Picton Mahoney Asset Management purchased a new position in shares of Palomar during the 4th quarter worth $108,000. SG Americas Securities LLC purchased a new position in shares of Palomar during the 1st quarter worth $122,000. Finally, AXS Investments LLC purchased a new position in shares of Palomar during the 4th quarter worth $170,000. 90.25% of the stock is owned by institutional investors and hedge funds.

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.