Palomar (NASDAQ:PLMR) PT Raised to $97.00

Palomar (NASDAQ:PLMR) had its price objective boosted by research analysts at Truist Financial from $88.00 to $97.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 13.97% from the stock’s current price.

Other research analysts have also issued research reports about the company. Evercore ISI increased their price objective on Palomar from $68.00 to $86.00 and gave the company an “in-line” rating in a report on Thursday, April 11th. Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $88.00 to $89.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. JPMorgan Chase & Co. lowered Palomar from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $79.00 to $85.00 in a research note on Monday, April 8th. Piper Sandler increased their target price on Palomar from $89.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Jefferies Financial Group raised Palomar from a “hold” rating to a “buy” rating and lifted their price target for the stock from $78.00 to $88.00 in a research report on Thursday, March 14th. 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, Palomar currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.17.

Palomar Trading Up 2.1 %

NASDAQ PLMR opened at $85.11 on Monday. Palomar has a 1-year low of $46.09 and a 1-year high of $86.25. The company has a market capitalization of $2.12 billion, a PE ratio of 24.46 and a beta of 0.24. The firm’s fifty day simple moving average is $79.24 and its 200-day simple moving average is $66.76.

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

Insider Activity at Palomar

In other Palomar news, Director Thomas A. Bradley purchased 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was purchased at an average cost of $74.30 per share, with a total value of $111,450.00. Following the acquisition, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $111,450. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In other Palomar news, Director Thomas A. Bradley purchased 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was purchased at an average cost of $74.30 per share, with a total value of $111,450.00. Following the acquisition, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $111,450. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, President Jon Christianson sold 2,000 shares of the firm’s 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 sale, the president now directly owns 69,521 shares of the company’s stock, valued at $4,171,260. The disclosure for this sale can be found here. Insiders sold 42,250 shares of company stock valued at $3,305,655 in the last three months. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Sei Investments Co. boosted its position in Palomar by 1.7% in the 1st quarter. Sei Investments Co. now owns 73,501 shares of the company’s stock valued at $6,162,000 after buying an additional 1,240 shares during the last quarter. Concurrent Investment Advisors LLC bought a new position in Palomar in the 1st quarter valued at $536,000. Illinois Municipal Retirement Fund boosted its position in Palomar by 3.8% in the 1st quarter. Illinois Municipal Retirement Fund now owns 14,348 shares of the company’s stock valued at $1,203,000 after buying an additional 531 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in Palomar in the 1st quarter valued at $235,000. Finally, SG Americas Securities LLC bought a new position in Palomar in the 1st quarter valued at $122,000. 90.25% of the stock is currently owned by institutional investors.

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.