Palomar (NASDAQ:PLMR) PT Raised to $90.00 at Piper Sandler

Palomar (NASDAQ:PLMR) had its price target raised by analysts at Piper Sandler from $89.00 to $90.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 11.36% from the stock’s current price.

Several other research firms have also recently issued reports on PLMR. Evercore ISI increased their target price on Palomar from $68.00 to $86.00 and gave the stock an “in-line” rating in a research report on Thursday, April 11th. Keefe, Bruyette & Woods increased their target price on Palomar from $88.00 to $89.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. cut Palomar from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $79.00 to $85.00 in a research report on Monday, April 8th. JMP Securities reissued a “market perform” rating on shares of Palomar in a research note on Monday, April 15th. Finally, Jefferies Financial Group raised Palomar from a “hold” rating to a “buy” rating and increased their price target for the company from $78.00 to $88.00 in a research note on Thursday, March 14th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Palomar presently has an average rating of “Moderate Buy” and a consensus target price of $89.17.

Palomar Stock Up 3.7 %

Shares of PLMR opened at $80.82 on Monday. Palomar has a 52 week low of $46.09 and a 52 week high of $86.25. The business has a 50-day simple moving average of $78.87 and a two-hundred day simple moving average of $66.28. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of 23.22 and a beta of 0.24.

Palomar (NASDAQ:PLMR) last released its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.28. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The firm had revenue of $108.39 million during the quarter, compared to analysts’ expectations of $322.10 million. During the same quarter last year, the business posted $0.80 earnings per share. The firm’s revenue was up 29.1% on a year-over-year basis. On average, equities analysts anticipate that Palomar will post 3.84 earnings per share for the current fiscal year.

Insider Activity

In other news, President Jon Christianson sold 10,000 shares of the firm’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 value of $820,900.00. Following the completion of the sale, the president now directly owns 59,761 shares of the company’s stock, valued at approximately $4,905,780.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $75.75, for a total value of $530,250.00. Following the sale, the chief executive officer now directly owns 482,388 shares in the company, valued at $36,540,891. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, President Jon Christianson sold 10,000 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $82.09, for a total value of $820,900.00. Following the completion of the sale, the president now owns 59,761 shares in the company, valued at $4,905,780.49. The disclosure for this sale can be found here. Insiders sold 42,250 shares of company stock valued at $3,305,655 in the last ninety days. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

Hedge funds and other institutional investors have recently modified their holdings of the business. Signaturefd LLC increased its holdings in Palomar by 59.4% during the 4th quarter. Signaturefd LLC now owns 593 shares of the company’s stock worth $33,000 after purchasing an additional 221 shares during the period. Atwood & Palmer Inc. increased its holdings in Palomar by 66.7% during the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock worth $63,000 after purchasing an additional 300 shares during the period. Picton Mahoney Asset Management purchased a new position in Palomar during the 4th quarter worth $108,000. AXS Investments LLC purchased a new position in Palomar during the 4th quarter worth $170,000. Finally, Everence Capital Management Inc. purchased a new position in Palomar during the 4th quarter worth $214,000. 90.25% of the stock is currently 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.