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

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

A number of other equities research analysts have also issued reports on PLMR. Keefe, Bruyette & Woods lifted their target price on Palomar from $88.00 to $89.00 and gave the company an outperform rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. lowered Palomar from an overweight rating to a neutral rating and lifted their target price for the company from $79.00 to $85.00 in a research report on Monday, April 8th. Piper Sandler lifted their target price on Palomar from $80.00 to $89.00 and gave the company an overweight rating in a research report on Monday, April 1st. 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. Finally, Evercore ISI boosted their price target on Palomar from $68.00 to $86.00 and gave the stock an in-line rating in a research report on Thursday, April 11th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $87.50.

Palomar Price Performance

Shares of PLMR stock opened at $76.90 on Monday. The stock has a market cap of $1.92 billion, a P/E ratio of 24.65 and a beta of 0.21. Palomar has a one year low of $46.09 and a one year high of $86.25. The stock has a fifty day moving average price of $76.23 and a 200 day moving average price of $63.76.

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

Insider Buying and Selling

In other Palomar news, President Jon Christianson sold 423 shares of the business’s stock in a transaction on Friday, January 26th. The stock was sold at an average price of $60.13, for a total value of $25,434.99. Following the sale, the president now directly owns 70,612 shares in the company, valued at $4,245,899.56. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, President Jon Christianson sold 423 shares of the business’s stock in a transaction on Friday, January 26th. The stock was sold at an average price of $60.13, for a total transaction of $25,434.99. Following the sale, the president now directly owns 70,612 shares in the company, valued at approximately $4,245,899.56. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the business’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 sale, the chief executive officer now owns 475,388 shares in the company, valued at $39,276,556.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,509 shares of company stock worth $2,770,257. 4.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Palomar

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Palomar by 0.9% in the 1st quarter. BlackRock Inc. now owns 3,633,581 shares of the company’s stock worth $232,512,000 after acquiring an additional 32,307 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Palomar by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 2,363,067 shares of the company’s stock worth $131,150,000 after buying an additional 85,329 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Palomar by 0.4% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,600,319 shares of the company’s stock worth $103,061,000 after buying an additional 6,497 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its stake in shares of Palomar by 14.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,199,322 shares of the company’s stock worth $54,162,000 after buying an additional 147,566 shares during the last quarter. Finally, Stephens Investment Management Group LLC grew its stake in shares of Palomar by 11.3% in the 4th quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock worth $59,752,000 after buying an additional 109,261 shares during the last quarter. 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.