Palomar (NASDAQ:PLMR) Price Target Raised to $90.00

Palomar (NASDAQ:PLMR) had its target price hoisted by Piper Sandler from $89.00 to $90.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have an overweight rating on the stock.

PLMR has been the topic of a number of other reports. Truist Financial lifted their target price on Palomar from $72.00 to $88.00 and gave the stock a buy rating in a research note on Friday, February 16th. Jefferies Financial Group raised Palomar from a hold rating to a buy rating and raised their price target for the company from $78.00 to $88.00 in a report on Thursday, March 14th. Evercore ISI upped their target price on Palomar from $68.00 to $86.00 and gave the stock an in-line rating in a research note on Thursday, April 11th. Keefe, Bruyette & Woods boosted their price objective on Palomar from $88.00 to $89.00 and gave the company an outperform rating in a research report on Wednesday, April 10th. Finally, JMP Securities reiterated a market perform rating on shares of Palomar in a report on Monday, April 15th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $89.17.

Palomar Stock Performance

NASDAQ:PLMR opened at $84.76 on Monday. The company has a market capitalization of $2.11 billion, a PE ratio of 24.36 and a beta of 0.24. The company has a 50 day simple moving average of $79.43 and a two-hundred day simple moving average of $66.89. Palomar has a fifty-two week low of $46.09 and a fifty-two week high of $86.25.

Palomar (NASDAQ:PLMR) last issued its earnings results on Thursday, May 2nd. The company reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.28. The business had revenue of $108.39 million during the quarter, compared to analyst estimates of $322.10 million. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The firm’s revenue was up 29.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.80 EPS. Research analysts predict that Palomar will post 3.84 EPS for the current year.

Insider Activity

In related news, Director Thomas A. Bradley purchased 1,000 shares of the stock in a transaction dated Tuesday, May 7th. The stock was purchased at an average price of $84.32 per share, with a total value of $84,320.00. Following the transaction, the director now directly owns 2,500 shares in the company, valued at $210,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Thomas A. Bradley purchased 1,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were purchased at an average price of $84.32 per share, with a total value of $84,320.00. Following the acquisition, the director now directly owns 2,500 shares in the company, valued at approximately $210,800. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Jon Christianson sold 2,000 shares of the stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $60.00, for a total value of $120,000.00. Following the transaction, the president now directly owns 69,521 shares in the company, valued at $4,171,260. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,250 shares of company stock worth $3,305,655. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PLMR. Signaturefd LLC raised its position in shares of Palomar by 59.4% during 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 last quarter. Atwood & Palmer Inc. raised its position in Palomar by 66.7% during the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after purchasing an additional 300 shares in the last quarter. Picton Mahoney Asset Management bought a new position in Palomar during the 4th quarter worth about $108,000. SG Americas Securities LLC bought a new stake in Palomar during the 1st quarter valued at $122,000. Finally, AXS Investments LLC purchased a new stake in shares of Palomar during the fourth quarter valued at about $170,000. Institutional investors 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.