Palomar (NASDAQ:PLMR) Rating Reiterated by JMP Securities

Palomar (NASDAQ:PLMR)‘s stock had its “market perform” rating reissued by investment analysts at JMP Securities in a research note issued on Monday, Benzinga reports.

Other analysts have also issued research reports about the stock. Piper Sandler lifted their price objective on shares of Palomar from $80.00 to $89.00 and gave the stock an “overweight” rating in a research report on Monday, April 1st. Jefferies Financial Group upgraded shares of Palomar from a “hold” rating to a “buy” rating and lifted their target price for the stock from $78.00 to $88.00 in a research note on Thursday, March 14th. Truist Financial lifted their target price on shares of Palomar from $72.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $88.00 to $89.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Finally, Evercore ISI lifted their target price on shares of Palomar from $68.00 to $86.00 and gave the stock an “in-line” rating in a research note on Thursday, April 11th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $87.50.

Palomar Stock Performance

Shares of PLMR stock opened at $76.47 on Monday. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of 24.51 and a beta of 0.21. Palomar has a 52 week low of $46.09 and a 52 week high of $86.25. The firm’s 50-day simple moving average is $75.88 and its two-hundred day simple moving average is $63.67.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, February 14th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.85 by $0.09. The business had revenue of $102.35 million for the quarter, compared to analyst estimates of $95.07 million. Palomar had a net margin of 21.07% and a return on equity of 19.35%. Analysts forecast that Palomar will post 3.84 earnings per share for the current year.

Insider Activity at Palomar

In related news, CEO Mac Armstrong sold 952 shares of the business’s stock in a transaction that occurred on Saturday, January 27th. The shares were sold at an average price of $60.13, for a total transaction of $57,243.76. Following the completion of the transaction, the chief executive officer now owns 44,117 shares of the company’s stock, valued at $2,652,755.21. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the business’s stock in a transaction that occurred 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 owns 31,344 shares of the company’s stock, valued at approximately $1,863,400.80. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Mac Armstrong sold 952 shares of the business’s stock in a transaction that occurred on Saturday, January 27th. The stock was sold at an average price of $60.13, for a total transaction of $57,243.76. Following the completion of the transaction, the chief executive officer now directly owns 44,117 shares of the company’s stock, valued at approximately $2,652,755.21. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 36,509 shares of company stock valued at $2,770,257. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Palomar

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Los Angeles Capital Management LLC lifted its holdings in shares of Palomar by 0.9% in the 3rd quarter. Los Angeles Capital Management LLC now owns 27,529 shares of the company’s stock worth $1,397,000 after acquiring an additional 256 shares during the last quarter. Westfield Capital Management Co. LP lifted its holdings in shares of Palomar by 26.0% in the 3rd quarter. Westfield Capital Management Co. LP now owns 433,346 shares of the company’s stock worth $21,992,000 after acquiring an additional 89,410 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Palomar by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 195,862 shares of the company’s stock worth $9,940,000 after acquiring an additional 6,903 shares during the last quarter. Barclays PLC lifted its holdings in shares of Palomar by 11.2% in the 3rd quarter. Barclays PLC now owns 15,059 shares of the company’s stock worth $764,000 after acquiring an additional 1,514 shares during the last quarter. Finally, Trexquant Investment LP bought a new stake in shares of Palomar in the 3rd quarter worth approximately $538,000. Hedge funds and other institutional investors 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.