Palomar (NASDAQ:PLMR) Stock Price Expected to Rise, Piper Sandler Analyst Says

Palomar (NASDAQ:PLMR) had its price objective hoisted by Piper Sandler from $171.00 to $177.00 in a report released on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts also recently issued reports on PLMR. JMP Securities reiterated a “market perform” rating on shares of Palomar in a research note on Thursday, February 13th. Jefferies Financial Group boosted their price objective on shares of Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a research note on Friday, April 11th. JPMorgan Chase & Co. upgraded shares of Palomar from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods decreased their price objective on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Finally, Truist Financial boosted their price objective on shares of Palomar from $150.00 to $178.00 and gave the stock a “buy” rating in a research note on Tuesday, April 15th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Palomar currently has a consensus rating of “Moderate Buy” and a consensus target price of $164.33.

Palomar Stock Up 4.6%

PLMR stock opened at $171.53 on Friday. The company has a market cap of $4.59 billion, a price-to-earnings ratio of 38.29 and a beta of 0.51. The business has a fifty day simple moving average of $150.20 and a 200-day simple moving average of $126.34. Palomar has a 52 week low of $77.28 and a 52 week high of $172.37.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Monday, May 5th. The company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.61 by $0.26. The business had revenue of $174.63 million during the quarter, compared to the consensus estimate of $161.97 million. Palomar had a return on equity of 19.76% and a net margin of 21.23%. During the same period in the prior year, the firm posted $1.09 EPS. As a group, analysts expect that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Mac Armstrong sold 5,000 shares of the company’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $129.72, for a total value of $648,600.00. Following the completion of the transaction, the chief executive officer now directly owns 402,388 shares in the company, valued at approximately $52,197,771.36. This represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO T Christopher Uchida sold 500 shares of the company’s stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $153.04, for a total transaction of $76,520.00. Following the completion of the transaction, the chief financial officer now owns 7,672 shares of the company’s stock, valued at $1,174,122.88. This trade represents a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 22,202 shares of company stock worth $3,265,129. 3.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in shares of Palomar by 5.6% in the fourth quarter. Principal Financial Group Inc. now owns 147,540 shares of the company’s stock valued at $15,579,000 after purchasing an additional 7,875 shares during the period. Atlas Capital Advisors Inc. raised its holdings in Palomar by 175.5% in the fourth quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company’s stock valued at $14,918,000 after acquiring an additional 90,000 shares in the last quarter. Avantax Advisory Services Inc. raised its holdings in Palomar by 2.5% in the fourth quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company’s stock valued at $616,000 after acquiring an additional 145 shares in the last quarter. Jump Financial LLC raised its holdings in Palomar by 146.1% in the fourth quarter. Jump Financial LLC now owns 6,885 shares of the company’s stock valued at $727,000 after acquiring an additional 4,087 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in Palomar by 28.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 40,688 shares of the company’s stock valued at $4,296,000 after acquiring an additional 9,036 shares in the last quarter. 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.