Research Analysts’ Weekly Ratings Updates for Palomar (PLMR)

Palomar (NASDAQ: PLMR) recently received a number of ratings updates from brokerages and research firms:

  • 5/29/2024 – Palomar had its “overweight” rating reaffirmed by analysts at Piper Sandler. They now have a $99.00 price target on the stock, up previously from $90.00.
  • 5/29/2024 – Palomar had its price target raised by analysts at Keefe, Bruyette & Woods from $93.00 to $96.00. They now have an “outperform” rating on the stock.
  • 5/29/2024 – Palomar had its price target raised by analysts at Evercore ISI from $88.00 to $89.00. They now have an “in-line” rating on the stock.
  • 5/29/2024 – Palomar had its price target raised by analysts at Truist Financial Co. from $97.00 to $100.00. They now have a “buy” rating on the stock.
  • 5/6/2024 – Palomar had its price target raised by analysts at Piper Sandler from $89.00 to $90.00. They now have an “overweight” rating on the stock.
  • 5/6/2024 – Palomar had its price target raised by analysts at Truist Financial Co. from $88.00 to $97.00. They now have a “buy” rating on the stock.
  • 4/15/2024 – Palomar had its “market perform” rating reaffirmed by analysts at JMP Securities.
  • 4/11/2024 – Palomar had its price target raised by analysts at Evercore ISI from $68.00 to $86.00. They now have an “in-line” rating on the stock.
  • 4/10/2024 – Palomar had its price target raised by analysts at Keefe, Bruyette & Woods from $88.00 to $89.00. They now have an “outperform” rating on the stock.
  • 4/8/2024 – Palomar was downgraded by analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating. They now have a $85.00 price target on the stock, up previously from $79.00.

Palomar Price Performance

PLMR stock opened at $83.06 on Thursday. The company has a fifty day moving average price of $81.43 and a two-hundred day moving average price of $70.90. Palomar Holdings, Inc. has a one year low of $48.08 and a one year high of $89.22. The stock has a market cap of $2.07 billion, a price-to-earnings ratio of 23.87 and a beta of 0.32.

Palomar (NASDAQ:PLMRGet Free Report) last announced its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.28. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The company had revenue of $108.39 million during the quarter, compared to analysts’ expectations of $322.10 million. During the same quarter in the previous year, the business posted $0.80 earnings per share. Palomar’s quarterly revenue was up 29.1% on a year-over-year basis. Research analysts anticipate that Palomar Holdings, Inc. will post 4.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $73.43, for a total value of $146,860.00. Following the completion of the transaction, the chief financial officer now owns 28,844 shares of the company’s stock, valued at $2,118,014.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Palomar news, CFO T Christopher Uchida sold 2,000 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $73.43, for a total transaction of $146,860.00. Following the completion of the sale, the chief financial officer now owns 28,844 shares of the company’s stock, valued at approximately $2,118,014.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $80.03, for a total value of $560,210.00. Following the transaction, the chief executive officer now owns 468,388 shares in the company, valued at $37,485,091.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,750 shares of company stock valued at $3,314,505. 4.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Palomar

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Artemis Investment Management LLP bought a new position in Palomar in the 1st quarter worth about $20,904,000. Norges Bank bought a new stake in shares of Palomar during the 4th quarter valued at about $9,726,000. Stephens Investment Management Group LLC boosted its position in shares of Palomar by 11.3% during the 4th quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock valued at $59,752,000 after acquiring an additional 109,261 shares during the last quarter. Westfield Capital Management Co. LP boosted its position in shares of Palomar by 26.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 433,346 shares of the company’s stock valued at $21,992,000 after acquiring an additional 89,410 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Palomar by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 2,363,067 shares of the company’s stock valued at $131,150,000 after acquiring an additional 85,329 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

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.

Further Reading

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