Palomar (NASDAQ:PLMR) PT Raised to $97.00 at Truist Financial

Palomar (NASDAQ:PLMR) had its price target lifted by analysts at Truist Financial from $88.00 to $97.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 20.02% from the company’s previous close.

Several other research analysts have also weighed in on PLMR. JMP Securities reissued a “market perform” rating on shares of Palomar in a report on Monday, April 15th. JPMorgan Chase & Co. lowered shares of Palomar from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $79.00 to $85.00 in a report on Monday, April 8th. Evercore ISI raised their price objective on shares of Palomar from $68.00 to $86.00 and gave the stock an “in-line” rating in a report on Thursday, April 11th. Keefe, Bruyette & Woods raised their price target on shares of Palomar from $88.00 to $89.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Finally, Jefferies Financial Group upgraded shares of Palomar from a “hold” rating to a “buy” rating and raised their price target for the stock from $78.00 to $88.00 in a research report on Thursday, March 14th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $89.17.

Palomar Price Performance

Shares of PLMR stock opened at $80.82 on Monday. The firm has a market cap of $2.01 billion, a P/E ratio of 23.22 and a beta of 0.24. Palomar has a 1-year low of $46.09 and a 1-year high of $86.25. The firm has a fifty day moving average of $78.87 and a two-hundred day moving average of $66.28.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.28. The company had revenue of $108.39 million during the quarter, compared to analyst estimates of $322.10 million. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The firm’s revenue for the quarter was up 29.1% compared to the same quarter last year. During the same period last year, the business earned $0.80 EPS. On average, sell-side analysts expect that Palomar will post 3.84 EPS for the current year.

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 750 shares of Palomar stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $74.36, for a total value of $55,770.00. Following the sale, the chief financial officer now directly owns 29,844 shares in the company, valued at approximately $2,219,199.84. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $75.75, for a total value of $530,250.00. Following the sale, the chief executive officer now directly owns 482,388 shares in the company, valued at approximately $36,540,891. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO T Christopher Uchida sold 750 shares of Palomar stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $74.36, for a total transaction of $55,770.00. Following the completion of the sale, the chief financial officer now owns 29,844 shares in the company, valued at $2,219,199.84. The disclosure for this sale can be found here. Insiders have sold a total of 42,250 shares of company stock worth $3,305,655 in the last ninety days. 4.30% of the stock is owned by insiders.

Institutional Trading of Palomar

Hedge funds have recently bought and sold shares of the company. Los Angeles Capital Management LLC lifted its position in Palomar by 0.9% in the 3rd quarter. Los Angeles Capital Management LLC now owns 27,529 shares of the company’s stock valued at $1,397,000 after purchasing an additional 256 shares during the last quarter. Westfield Capital Management Co. LP raised its position in shares of Palomar by 26.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 433,346 shares of the company’s stock worth $21,992,000 after buying an additional 89,410 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Palomar by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 195,862 shares of the company’s stock worth $9,940,000 after buying an additional 6,903 shares in the last quarter. Handelsbanken Fonder AB raised its position in shares of Palomar by 72.9% during the 4th quarter. Handelsbanken Fonder AB now owns 7,280 shares of the company’s stock worth $404,000 after buying an additional 3,070 shares in the last quarter. Finally, Barclays PLC raised its position in shares of Palomar by 11.2% during the 3rd quarter. Barclays PLC now owns 15,059 shares of the company’s stock worth $764,000 after buying an additional 1,514 shares in the last quarter. 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.