Palomar (NASDAQ:PLMR) Stock Price Up 2.3% on Analyst Upgrade

Palomar Holdings, Inc. (NASDAQ:PLMRGet Free Report)’s stock price shot up 2.3% during trading on Wednesday after Truist Financial raised their price target on the stock from $97.00 to $100.00. Truist Financial currently has a buy rating on the stock. Palomar traded as high as $83.78 and last traded at $83.07. 27,907 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 159,564 shares. The stock had previously closed at $81.17.

Other equities analysts have also recently issued reports about the company. Piper Sandler increased their target price on Palomar from $89.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, May 6th. Keefe, Bruyette & Woods increased their price objective on shares of Palomar from $93.00 to $96.00 and gave the company an “outperform” rating in a research note on Wednesday. JPMorgan Chase & Co. downgraded shares of Palomar from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $79.00 to $85.00 in a research report on Monday, April 8th. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a research report on Monday, April 15th. Finally, Evercore ISI boosted their price objective on Palomar from $88.00 to $89.00 and gave the company an “in-line” rating in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Palomar currently has an average rating of “Moderate Buy” and a consensus price target of $92.83.

View Our Latest Report on Palomar

Insider Buying and Selling

In other news, President Jon Christianson sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $82.09, for a total transaction of $820,900.00. Following the completion of the transaction, the president now directly owns 59,761 shares of the company’s stock, valued at $4,905,780.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $82.62, for a total value of $578,340.00. Following the completion of the transaction, the chief executive officer now owns 475,388 shares in the company, valued at approximately $39,276,556.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $82.09, for a total value of $820,900.00. Following the sale, the president now directly owns 59,761 shares in the company, valued at approximately $4,905,780.49. The disclosure for this sale can be found here. Insiders have sold a total of 40,750 shares of company stock worth $3,314,505 over the last quarter. 4.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Palomar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLMR. Victory Capital Management Inc. increased its holdings in shares of Palomar by 32.3% during the third quarter. Victory Capital Management Inc. now owns 9,747 shares of the company’s stock valued at $495,000 after purchasing an additional 2,379 shares during the period. Illinois Municipal Retirement Fund acquired a new position in Palomar during the 3rd quarter valued at about $741,000. Barclays PLC raised its position in shares of Palomar by 11.2% during the 3rd quarter. Barclays PLC now owns 15,059 shares of the company’s stock worth $764,000 after buying an additional 1,514 shares in the last quarter. New York State Common Retirement Fund lifted its stake in shares of 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 period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Palomar by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 195,862 shares of the company’s stock valued at $9,940,000 after acquiring an additional 6,903 shares in the last quarter. 90.25% of the stock is owned by institutional investors.

Palomar Stock Up 0.8 %

The firm has a market cap of $2.12 billion, a price-to-earnings ratio of 24.43 and a beta of 0.24. The stock’s 50 day moving average is $81.31 and its 200 day moving average is $70.13.

Palomar (NASDAQ:PLMRGet Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $1.09 EPS for the quarter, topping the consensus estimate of $0.81 by $0.28. The business had revenue of $108.39 million during the quarter, compared to analysts’ expectations of $322.10 million. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The firm’s quarterly revenue was up 29.1% compared to the same quarter last year. During the same period last year, the company posted $0.80 earnings per share. Analysts anticipate that Palomar Holdings, Inc. will post 4.03 earnings per share for the current fiscal year.

Palomar Company Profile

(Get Free Report)

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.

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