Palomar (NASDAQ:PLMR) Given New $168.00 Price Target at Evercore ISI

Palomar (NASDAQ:PLMR) had its target price upped by Evercore ISI from $163.00 to $168.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an in-line rating on the stock.

Several other equities research analysts have also issued reports on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Piper Sandler increased their price target on Palomar from $171.00 to $177.00 and gave the company an “overweight” rating in a research note on Friday. Jefferies Financial Group increased their target price on Palomar from $145.00 to $168.00 and gave the company a “buy” rating in a research report on Friday, April 11th. Keefe, Bruyette & Woods dropped their target price on Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Finally, Truist Financial raised their price objective on shares of Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a report on Tuesday, April 15th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Palomar has a consensus rating of “Moderate Buy” and a consensus target price of $164.33.

Palomar Price Performance

NASDAQ PLMR opened at $171.53 on Friday. The business has a fifty day moving average price of $150.20 and a two-hundred day moving average price of $126.02. Palomar has a fifty-two week low of $77.28 and a fifty-two week high of $172.37. The stock has a market capitalization of $4.59 billion, a PE ratio of 38.29 and a beta of 0.51.

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

Insiders Place Their Bets

In related news, CEO Mac Armstrong sold 5,000 shares of the company’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $129.72, for a total transaction of $648,600.00. Following the sale, the chief executive officer now owns 402,388 shares in the company, valued at $52,197,771.36. This represents a 1.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO T Christopher Uchida sold 500 shares of Palomar stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $159.77, for a total transaction of $79,885.00. Following the completion of the sale, the chief financial officer now owns 7,920 shares of the company’s stock, valued at $1,265,378.40. This represents a 5.94% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,202 shares of company stock worth $3,265,129. 3.70% of the stock is currently owned by insiders.

Institutional Trading of Palomar

Large investors have recently made changes to their positions in the company. Principal Financial Group Inc. grew its stake in shares of Palomar by 5.6% in the 4th quarter. Principal Financial Group Inc. now owns 147,540 shares of the company’s stock valued at $15,579,000 after buying an additional 7,875 shares during the period. Atlas Capital Advisors Inc. grew its stake 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 valued at $14,918,000 after buying an additional 90,000 shares during the period. Avantax Advisory Services Inc. boosted its stake in Palomar by 2.5% during the 4th quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company’s stock valued at $616,000 after purchasing an additional 145 shares during the last quarter. Jump Financial LLC boosted its stake in Palomar by 146.1% during the 4th quarter. Jump Financial LLC now owns 6,885 shares of the company’s stock valued at $727,000 after purchasing an additional 4,087 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in Palomar by 28.5% during the 4th quarter. Envestnet Asset Management Inc. now owns 40,688 shares of the company’s stock valued at $4,296,000 after purchasing an additional 9,036 shares during the last quarter. 90.25% of the stock is currently 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.