Piper Sandler Raises Palomar (NASDAQ:PLMR) Price Target to $90.00

Palomar (NASDAQ:PLMR) had its price objective raised by Piper Sandler from $89.00 to $90.00 in a research report report published on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other analysts also recently commented on PLMR. Keefe, Bruyette & Woods increased their price objective on shares of Palomar from $88.00 to $89.00 and gave the company an outperform rating in a report on Wednesday, April 10th. JMP Securities reaffirmed a market perform rating on shares of Palomar in a report on Monday, April 15th. Truist Financial boosted their price objective on Palomar from $72.00 to $88.00 and gave the stock a buy rating in a research note on Friday, February 16th. Jefferies Financial Group raised Palomar from a hold rating to a buy rating and raised their target price for the stock from $78.00 to $88.00 in a research note on Thursday, March 14th. Finally, JPMorgan Chase & Co. cut shares of Palomar from an overweight rating to a neutral rating and boosted their price target for the company from $79.00 to $85.00 in a research report on Monday, April 8th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $89.17.

Palomar Price Performance

Shares of NASDAQ:PLMR opened at $83.39 on Monday. Palomar has a 1 year low of $46.09 and a 1 year high of $86.25. The firm has a market capitalization of $2.08 billion, a PE ratio of 23.96 and a beta of 0.24. The business’s 50 day moving average price is $79.04 and its 200-day moving average price is $66.51.

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

Insider Transactions at Palomar

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $80.03, for a total value of $560,210.00. Following the transaction, the chief executive officer now owns 468,388 shares of the company’s stock, valued at $37,485,091.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, President Jon Christianson sold 10,000 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $82.09, for a total transaction of $820,900.00. Following the completion of the transaction, the president now directly owns 59,761 shares in the company, valued at $4,905,780.49. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $80.03, for a total value of $560,210.00. Following the completion of the sale, the chief executive officer now owns 468,388 shares in the company, valued at approximately $37,485,091.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,250 shares of company stock worth $3,305,655. 4.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Palomar

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC purchased a new position in shares of Palomar in the third quarter valued at approximately $346,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Palomar by 17.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,443 shares of the company’s stock worth $378,000 after buying an additional 1,116 shares in the last quarter. Victory Capital Management Inc. boosted its position in Palomar by 32.3% in the 3rd quarter. Victory Capital Management Inc. now owns 9,747 shares of the company’s stock valued at $495,000 after buying an additional 2,379 shares during the period. Los Angeles Capital Management LLC grew its stake in shares of Palomar by 0.9% in the third quarter. Los Angeles Capital Management LLC now owns 27,529 shares of the company’s stock worth $1,397,000 after acquiring an additional 256 shares in the last quarter. Finally, Illinois Municipal Retirement Fund purchased a new stake in shares of Palomar during the third quarter worth $741,000. 90.25% of the stock is currently owned by hedge funds and other 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.