Palomar’s (PLMR) “Market Perform” Rating Reaffirmed at JMP Securities

JMP Securities reissued their market perform rating on shares of Palomar (NASDAQ:PLMR) in a report issued on Monday morning, Benzinga reports.

Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. downgraded Palomar from an overweight rating to a neutral rating and upped their price objective for the stock from $79.00 to $85.00 in a research note on Monday, April 8th. Jefferies Financial Group upgraded Palomar from a hold rating to a buy rating and upped their price objective for the stock from $78.00 to $88.00 in a research note on Thursday, March 14th. Evercore ISI upped their price objective on Palomar from $68.00 to $86.00 and gave the stock an in-line rating in a research note on Thursday, April 11th. Piper Sandler boosted their price target on Palomar from $80.00 to $89.00 and gave the stock an overweight rating in a research report on Monday, April 1st. Finally, Truist Financial boosted their price target on Palomar from $72.00 to $88.00 and gave the stock a buy rating in a research report on Friday, February 16th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $87.50.

Palomar Trading Up 1.1 %

Shares of NASDAQ PLMR opened at $75.21 on Monday. Palomar has a twelve month low of $46.09 and a twelve month high of $86.25. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of 24.11 and a beta of 0.21. The business has a 50 day simple moving average of $75.52 and a 200-day simple moving average of $63.49.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Wednesday, February 14th. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.09. The firm had revenue of $102.35 million during the quarter, compared to the consensus estimate of $95.07 million. Palomar had a return on equity of 19.35% and a net margin of 21.07%. As a group, equities analysts predict that Palomar will post 3.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $60.30, for a total value of $60,300.00. Following the completion of the sale, the chief financial officer now owns 29,686 shares in the company, valued at $1,790,065.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $60.30, for a total value of $60,300.00. Following the completion of the sale, the chief financial officer now owns 29,686 shares in the company, valued at $1,790,065.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $82.62, for a total value of $578,340.00. Following the completion of the sale, the chief executive officer now owns 475,388 shares of the company’s stock, valued at approximately $39,276,556.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,509 shares of company stock worth $2,830,557. 4.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Palomar

A number of institutional investors and hedge funds have recently modified their holdings of the stock. New York State Common Retirement Fund raised its position in shares of Palomar by 1.8% during the third quarter. New York State Common Retirement Fund now owns 10,099 shares of the company’s stock worth $513,000 after purchasing an additional 182 shares during the period. Sei Investments Co. raised its position in shares of Palomar by 0.3% during the fourth quarter. Sei Investments Co. now owns 72,261 shares of the company’s stock worth $4,011,000 after purchasing an additional 188 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Palomar by 1.9% during the second quarter. The Manufacturers Life Insurance Company now owns 10,002 shares of the company’s stock worth $581,000 after purchasing an additional 190 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Palomar by 3.8% during the second quarter. PNC Financial Services Group Inc. now owns 5,387 shares of the company’s stock worth $313,000 after purchasing an additional 198 shares during the period. Finally, Handelsbanken Fonder AB raised its position in shares of Palomar by 5.3% during the third quarter. Handelsbanken Fonder AB now owns 4,210 shares of the company’s stock worth $214,000 after purchasing an additional 210 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

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.