JMP Securities Reiterates Market Perform Rating for Palomar (NASDAQ:PLMR)

Palomar (NASDAQ:PLMR)‘s stock had its “market perform” rating restated by JMP Securities in a research note issued to investors on Thursday,Benzinga reports.

PLMR has been the topic of several other research reports. Piper Sandler upped their price objective on Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods raised their price objective on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $115.50.

Palomar Stock Performance

Shares of PLMR stock traded up $16.06 on Thursday, hitting $125.05. The stock had a trading volume of 139,852 shares, compared to its average volume of 137,579. Palomar has a 52-week low of $59.45 and a 52-week high of $128.38. The firm has a market capitalization of $3.31 billion, a price-to-earnings ratio of 29.75 and a beta of 0.38. The stock’s 50 day moving average is $106.96 and its 200-day moving average is $100.51.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.55% and a return on equity of 19.65%. Equities analysts expect that Palomar will post 4.33 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 1,030 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $110.85, for a total transaction of $114,175.50. Following the transaction, the chief financial officer now directly owns 15,994 shares of the company’s stock, valued at approximately $1,772,934.90. This trade represents a 6.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 2,791 shares of the company’s stock in a transaction dated Sunday, January 26th. The stock was sold at an average price of $101.69, for a total transaction of $283,816.79. Following the completion of the sale, the chief executive officer now directly owns 62,639 shares of the company’s stock, valued at $6,369,759.91. The trade was a 4.27 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,933 shares of company stock worth $4,030,156. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. boosted its stake in Palomar by 36.6% during the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company’s stock valued at $82,932,000 after purchasing an additional 210,523 shares in the last quarter. Norges Bank bought a new stake in Palomar in the fourth quarter worth about $20,637,000. Point72 Asset Management L.P. acquired a new stake in Palomar in the 3rd quarter valued at about $10,994,000. Soros Fund Management LLC bought a new position in shares of Palomar during the 3rd quarter valued at about $9,467,000. Finally, Atlas Capital Advisors Inc. raised its holdings in shares of Palomar by 175.5% in the 4th quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company’s stock worth $14,918,000 after purchasing an additional 90,000 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

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.