Palomar (NASDAQ:PLMR) Raised to Strong-Buy at Zacks Research

Palomar (NASDAQ:PLMR) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday, Zacks reports. Zacks Research also issued estimates for Palomar’s Q2 2027 earnings at $2.30 EPS, Q1 2028 earnings at $2.88 EPS, Q2 2028 earnings at $2.79 EPS and FY2028 earnings at $10.81 EPS.

Several other research analysts also recently commented on the stock. Evercore set a $152.00 target price on shares of Palomar in a report on Friday, July 10th. Weiss Ratings raised Palomar from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 24th. Keefe, Bruyette & Woods lifted their price objective on Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a research note on Monday, August 10th. JPMorgan Chase & Co. boosted their price objective on Palomar from $150.00 to $167.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Finally, Piper Sandler raised their target price on Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $162.75.

Palomar Trading Up 2.1%

Shares of PLMR stock opened at $125.93 on Wednesday. Palomar has a 12 month low of $100.81 and a 12 month high of $147.62. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.30. The business’s 50 day moving average is $132.42 and its two-hundred day moving average is $125.31. The company has a market cap of $3.31 billion, a PE ratio of 16.93 and a beta of 0.35.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.19 by $0.17. The business had revenue of $314.42 million during the quarter, compared to analysts’ expectations of $621.52 million. Palomar had a net margin of 18.61% and a return on equity of 23.28%. During the same period in the previous year, the company earned $1.76 earnings per share. Equities analysts predict that Palomar will post 9.31 EPS for the current year.

Insider Activity

In other Palomar news, CEO Mac Armstrong sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $134.98, for a total value of $472,430.00. Following the completion of the transaction, the chief executive officer owned 318,888 shares of the company’s stock, valued at $43,043,502.24. This represents a 1.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $139.50, for a total value of $418,500.00. Following the completion of the sale, the president owned 66,478 shares of the company’s stock, valued at $9,273,681. This represents a 4.32% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 16,322 shares of company stock valued at $2,198,116. Corporate insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Palomar

A number of institutional investors have recently bought and sold shares of PLMR. BlackRock Inc. bought a new stake in Palomar in the 2nd quarter valued at $556,348,000. Jupiter Topco LLC bought a new position in shares of Palomar during the 2nd quarter worth about $132,166,000. Westfield Capital Management Co. LP boosted its position in shares of Palomar by 13.8% during the 4th quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company’s stock valued at $113,229,000 after acquiring an additional 101,698 shares in the last quarter. Janus Henderson Group PLC increased its stake in Palomar by 17.4% in the first quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock valued at $111,664,000 after acquiring an additional 138,368 shares during the period. Finally, Geode Capital Management LLC increased its stake in Palomar by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 661,900 shares of the company’s stock valued at $89,212,000 after acquiring an additional 2,295 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Company Profile

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products for risks that may be underserved by standard insurance carriers. The company focuses on markets where specialized underwriting expertise is important, including catastrophe-exposed property and other complex commercial and personal insurance risks.

Its offerings include commercial and residential property coverage, casualty insurance, specialty programs, and other products designed for areas such as earthquake, wind, flood, and other natural catastrophe exposures.