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

Palomar (NASDAQ:PLMR) had its price target lifted by equities researchers at Truist Financial from $88.00 to $97.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 13.97% from the stock’s previous close.

Other research analysts have also issued reports about the stock. JPMorgan Chase & Co. lowered shares of 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 research report on Monday, April 8th. Evercore ISI boosted their price target on shares of Palomar from $68.00 to $86.00 and gave the company an “in-line” rating in a research report on Thursday, April 11th. Piper Sandler boosted their price target on shares of Palomar from $89.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday. Jefferies Financial Group upgraded shares of Palomar from a “hold” rating to a “buy” rating and boosted their price target for the company from $78.00 to $88.00 in a research report on Thursday, March 14th. Finally, JMP Securities restated a “market perform” rating on shares of Palomar in a research report on Monday, April 15th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.17.

Palomar Trading Up 2.1 %

Palomar stock opened at $85.11 on Monday. Palomar has a 1-year low of $46.09 and a 1-year high of $86.25. The firm 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 released 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 business had revenue of $108.39 million during the quarter, compared to analyst estimates of $322.10 million. Palomar had a net margin of 21.78% and a return on equity of 19.94%. Palomar’s revenue was up 29.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.80 EPS. On average, equities research analysts forecast that Palomar will post 3.84 EPS for the current year.

Insider Buying and Selling

In related news, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $59.45, for a total value of $59,450.00. Following the completion of the transaction, 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. In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $59.45, for a total value of $59,450.00. Following the completion of the sale, the chief financial officer now directly owns 31,344 shares of the company’s stock, valued at $1,863,400.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Jon Christianson sold 2,000 shares of the business’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $60.00, for a total transaction of $120,000.00. Following the completion of the sale, the president now directly owns 69,521 shares of the company’s stock, valued at $4,171,260. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,250 shares of company stock worth $3,305,655. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

Hedge funds have recently added to or reduced their stakes in the business. Signaturefd LLC raised 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 acquiring an additional 221 shares during the last quarter. Atwood & Palmer Inc. raised its stake in shares of Palomar by 66.7% during the first 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. SG Americas Securities LLC bought a new position in shares of Palomar during the first quarter valued at about $122,000. Picton Mahoney Asset Management bought a new position in shares of Palomar during the fourth quarter valued at about $108,000. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of Palomar during the first quarter valued at about $235,000. 90.25% of the stock is owned by institutional investors.

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.