Palomar’s (PLMR) Market Perform Rating Reaffirmed at JMP Securities

JMP Securities reaffirmed their market perform rating on shares of Palomar (NASDAQ:PLMR) in a research note released on Monday morning, Benzinga reports.

Several other analysts have also weighed in on the stock. Piper Sandler lifted their target price on shares of Palomar from $80.00 to $89.00 and gave the company an overweight rating in a research report on Monday, April 1st. Evercore ISI boosted their price target on shares of Palomar from $68.00 to $86.00 and gave the company an in-line rating in a research report on Thursday, April 11th. JPMorgan Chase & Co. lowered shares of Palomar from an overweight rating to a neutral rating and boosted their price target for the company from $79.00 to $85.00 in a research report on Monday, April 8th. Jefferies Financial Group upgraded shares of Palomar from a hold rating to a buy rating and boosted their price target for the company from $78.00 to $88.00 in a research report on Thursday, March 14th. Finally, Truist Financial boosted their price target on shares of Palomar from $72.00 to $88.00 and gave the company a buy rating in a research report on Friday, February 16th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Palomar currently has a consensus rating of Moderate Buy and an average target price of $87.50.

Palomar Price Performance

NASDAQ PLMR opened at $77.77 on Monday. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of 24.93 and a beta of 0.21. The company’s fifty day moving average is $76.59 and its two-hundred day moving average is $63.86. Palomar has a 52-week low of $46.09 and a 52-week high of $86.25.

Palomar (NASDAQ:PLMR) last issued its earnings results on Wednesday, February 14th. The company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.09. Palomar had a net margin of 21.07% and a return on equity of 19.35%. The business had revenue of $102.35 million for the quarter, compared to analyst estimates of $95.07 million. As a group, sell-side analysts expect that Palomar will post 3.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 1,541 shares of the business’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $59.19, for a total value of $91,211.79. Following the completion of the transaction, the chief executive officer now directly owns 46,842 shares of the company’s stock, valued at $2,772,577.98. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Palomar news, President Jon Christianson sold 10,000 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $82.09, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Mac Armstrong sold 1,541 shares of the business’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $59.19, for a total transaction of $91,211.79. Following the completion of the transaction, the chief executive officer now directly owns 46,842 shares of the company’s stock, valued at $2,772,577.98. The disclosure for this sale can be found here. Over the last three months, insiders sold 39,509 shares of company stock valued at $2,999,157. Insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Palomar

Institutional investors and hedge funds have recently modified their holdings of the business. UBS Group AG lifted its holdings in Palomar by 7,440.0% in the third quarter. UBS Group AG now owns 377 shares of the company’s stock valued at $32,000 after buying an additional 372 shares during the period. Signaturefd LLC lifted its holdings in Palomar by 59.4% in the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock valued at $33,000 after buying an additional 221 shares during the period. FMR LLC lifted its holdings in Palomar by 89.9% in the first quarter. FMR LLC now owns 864 shares of the company’s stock valued at $48,000 after buying an additional 409 shares during the period. Lazard Asset Management LLC acquired a new position in Palomar in the first quarter valued at approximately $55,000. Finally, Atwood & Palmer Inc. lifted its holdings in Palomar by 66.7% in the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after buying an additional 300 shares during the period. 90.25% of the stock is owned by institutional investors.

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.