Piper Sandler Increases Palomar (NASDAQ:PLMR) Price Target to $90.00

Palomar (NASDAQ:PLMR) had its price target raised by equities researchers at Piper Sandler from $89.00 to $90.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 5.75% from the stock’s current price.

A number of other equities research analysts also recently issued reports on PLMR. Keefe, Bruyette & Woods increased their price target on shares of Palomar from $88.00 to $89.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Jefferies Financial Group raised shares of Palomar from a “hold” rating to a “buy” rating and increased their price target for the stock from $78.00 to $88.00 in a report on Thursday, March 14th. Evercore ISI increased their price target on shares of Palomar from $68.00 to $86.00 and gave the stock an “in-line” rating in a report on Thursday, April 11th. Truist Financial increased their price target on shares of Palomar from $72.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Finally, JMP Securities reissued a “market perform” rating on shares of Palomar in a report on Monday, April 15th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Palomar currently has a consensus rating of “Moderate Buy” and an average price target of $89.17.

Palomar Stock Up 2.1 %

NASDAQ PLMR opened at $85.11 on Monday. The company has a market cap of $2.12 billion, a PE ratio of 24.46 and a beta of 0.24. 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 $79.24 and its two-hundred day simple moving average is $66.76.

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

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 1,000 shares of the firm’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 sale, the chief financial officer now directly owns 31,344 shares of the company’s stock, valued at $1,863,400.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO T Christopher Uchida sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $59.45, for a total transaction of $59,450.00. Following the transaction, the chief financial officer now directly owns 31,344 shares of the company’s stock, valued at $1,863,400.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Jon Christianson sold 2,000 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $60.00, for a total value 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 approximately $4,171,260. The disclosure for this sale can be found here. Insiders have sold 42,250 shares of company stock valued at $3,305,655 over the last three months. 4.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PLMR. New York State Common Retirement Fund grew its holdings in Palomar by 1.8% in the 3rd quarter. New York State Common Retirement Fund now owns 10,099 shares of the company’s stock worth $513,000 after acquiring an additional 182 shares during the last quarter. Signaturefd LLC grew its stake in shares of Palomar by 59.4% in the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock worth $33,000 after purchasing an additional 221 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in Palomar by 0.9% during the 3rd quarter. Los Angeles Capital Management LLC now owns 27,529 shares of the company’s stock valued at $1,397,000 after purchasing an additional 256 shares during the period. Conestoga Capital Advisors LLC raised its position in Palomar by 1.0% during the 1st quarter. Conestoga Capital Advisors LLC now owns 27,407 shares of the company’s stock valued at $2,298,000 after purchasing an additional 270 shares during the last quarter. Finally, Texas Permanent School Fund Corp raised its position in Palomar by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 21,644 shares of the company’s stock valued at $1,814,000 after purchasing an additional 280 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

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.