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

Palomar (NASDAQ:PLMR) had its target price raised by Truist Financial from $88.00 to $97.00 in a research report released on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts have also weighed in on PLMR. Piper Sandler upped their target price on shares of Palomar from $89.00 to $90.00 and gave the stock an overweight rating in a report on Monday. JMP Securities restated a market perform rating on shares of Palomar in a report on Monday, April 15th. Jefferies Financial Group upgraded shares of Palomar from a hold rating to a buy rating and upped their target price for the stock from $78.00 to $88.00 in a report on Thursday, March 14th. Evercore ISI upped their target price 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. Finally, JPMorgan Chase & Co. lowered shares of Palomar from an overweight rating to a neutral rating and upped their target price for the stock from $79.00 to $85.00 in a report on Monday, April 8th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $89.17.

Palomar Trading Down 0.4 %

Shares of NASDAQ PLMR opened at $84.76 on Monday. The firm’s 50-day moving average price is $79.43 and its 200-day moving average price is $66.89. Palomar has a 1-year low of $46.09 and a 1-year high of $86.25. The firm has a market capitalization of $2.11 billion, a P/E ratio of 24.36 and a beta of 0.24.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, beating 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 firm had revenue of $108.39 million for the quarter, compared to analyst estimates of $322.10 million. During the same quarter in the prior year, the business 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.

Insiders Place Their Bets

In other Palomar news, CFO T Christopher Uchida sold 750 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $74.36, for a total value of $55,770.00. Following the completion of the sale, the chief financial officer now directly owns 29,844 shares of the company’s stock, valued at approximately $2,219,199.84. 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 750 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $74.36, for a total transaction of $55,770.00. Following the completion of the transaction, the chief financial officer now directly owns 29,844 shares of the company’s stock, valued at approximately $2,219,199.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas A. Bradley bought 1,000 shares of Palomar stock in a transaction dated Tuesday, May 7th. The shares were bought at an average cost of $84.32 per share, with a total value of $84,320.00. Following the completion of the transaction, the director now directly owns 2,500 shares in the company, valued at $210,800. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 42,250 shares of company stock valued at $3,305,655. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC bought a new position in Palomar in the 3rd quarter worth approximately $346,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Palomar by 17.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,443 shares of the company’s stock worth $378,000 after buying an additional 1,116 shares during the period. Victory Capital Management Inc. boosted its holdings in Palomar by 32.3% in the 3rd quarter. Victory Capital Management Inc. now owns 9,747 shares of the company’s stock worth $495,000 after buying an additional 2,379 shares during the period. Los Angeles Capital Management LLC boosted its holdings in 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 buying an additional 256 shares during the period. Finally, Illinois Municipal Retirement Fund bought a new position in Palomar in the 3rd quarter worth approximately $741,000. 90.25% of the stock is owned by 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.