Piper Sandler Reiterates Overweight Rating for Palomar (NASDAQ:PLMR)

Palomar (NASDAQ:PLMRGet Free Report)‘s stock had its “overweight” rating reaffirmed by investment analysts at Piper Sandler in a report issued on Wednesday, Benzinga reports. They currently have a $99.00 price objective on the stock, up from their previous price objective of $90.00. Piper Sandler’s price objective would indicate a potential upside of 16.47% from the company’s previous close.

A number of other equities analysts also recently commented on PLMR. Truist Financial boosted their target price on shares of Palomar from $97.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. cut Palomar from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $79.00 to $85.00 in a research report on Monday, April 8th. JMP Securities reiterated a “market perform” rating on shares of Palomar in a report on Monday, April 15th. Evercore ISI boosted their target price on Palomar from $88.00 to $89.00 and gave the stock an “in-line” rating in a research note on Wednesday. Finally, Keefe, Bruyette & Woods increased their price target on shares of Palomar from $93.00 to $96.00 and gave the company an “outperform” rating in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $92.83.

Get Our Latest Stock Analysis on PLMR

Palomar Price Performance

NASDAQ:PLMR opened at $85.00 on Wednesday. Palomar has a 1-year low of $46.67 and a 1-year high of $89.22. The company’s 50-day moving average is $81.31 and its two-hundred day moving average is $70.13. The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of 24.43 and a beta of 0.24.

Palomar (NASDAQ:PLMRGet Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.28. The firm 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 business’s quarterly revenue was up 29.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.80 earnings per share. As a group, equities analysts anticipate that Palomar will post 4.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 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 value of $146,860.00. Following the sale, the chief financial officer now directly owns 28,844 shares in the company, valued at $2,118,014.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $82.84, for a total value of $579,880.00. Following the completion of the transaction, the chief executive officer now directly owns 461,388 shares of the company’s stock, valued at $38,221,381.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 2,000 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $73.43, for a total value of $146,860.00. Following the completion of the sale, the chief financial officer now owns 28,844 shares in the company, valued at $2,118,014.92. The disclosure for this sale can be found here. Over the last quarter, insiders sold 40,750 shares of company stock worth $3,314,505. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew 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 worth $495,000 after buying an additional 2,379 shares in the last quarter. Los Angeles Capital Management LLC grew its stake 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 acquiring an additional 256 shares during the period. Illinois Municipal Retirement Fund acquired a new position in Palomar in the 3rd quarter valued at $741,000. Barclays PLC lifted its stake 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 purchasing an additional 1,514 shares during the period. Finally, New York State Common Retirement Fund boosted its holdings in shares of Palomar by 1.8% during the third quarter. New York State Common Retirement Fund now owns 10,099 shares of the company’s stock worth $513,000 after purchasing an additional 182 shares during the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Palomar (NASDAQ:PLMR)

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