Palomar (NASDAQ:PLMR) Price Target Increased to $112.00 by Analysts at Truist Financial

Palomar (NASDAQ:PLMR) had its target price hoisted by Truist Financial from $100.00 to $112.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also commented on PLMR. JPMorgan Chase & Co. raised their price target on shares of Palomar from $88.00 to $91.00 and gave the company a neutral rating in a report on Thursday, July 11th. Evercore ISI lifted their target price on shares of Palomar from $90.00 to $99.00 and gave the company an in-line rating in a report on Tuesday, August 6th. Piper Sandler increased their price target on Palomar from $99.00 to $105.00 and gave the company an overweight rating in a report on Wednesday, August 7th. JMP Securities restated a market perform rating on shares of Palomar in a research note on Monday, April 15th. Finally, Keefe, Bruyette & Woods increased their target price on Palomar from $93.00 to $96.00 and gave the company an outperform rating in a research note on Wednesday, May 29th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $98.50.

Palomar Stock Down 3.7 %

Shares of PLMR opened at $89.91 on Thursday. The firm has a market cap of $2.24 billion, a PE ratio of 25.84 and a beta of 0.31. The company’s fifty day moving average is $85.74 and its two-hundred day moving average is $79.62. Palomar has a fifty-two week low of $48.08 and a fifty-two week high of $96.44.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.16. The firm had revenue of $123.08 million during the quarter, compared to the consensus estimate of $338.74 million. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The firm’s quarterly revenue was up 47.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.72 earnings per share. As a group, equities research analysts anticipate that Palomar will post 4.18 earnings per share for the current year.

Insider Activity at Palomar

In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $83.19, for a total value of $83,190.00. Following the transaction, the chief financial officer now directly owns 25,344 shares of the company’s stock, valued at approximately $2,108,367.36. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, President Jon Christianson sold 2,000 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $91.35, for a total transaction of $182,700.00. Following the transaction, the president now owns 51,761 shares of the company’s stock, valued at $4,728,367.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 1,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $83.19, for a total value of $83,190.00. Following the completion of the sale, the chief financial officer now directly owns 25,344 shares of the company’s stock, valued at $2,108,367.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 49,000 shares of company stock valued at $4,245,216. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Raymond James & Associates bought a new position in Palomar during the fourth quarter worth $293,000. International Assets Investment Management LLC boosted its holdings in shares of Palomar by 375,455.6% in the 4th quarter. International Assets Investment Management LLC now owns 33,800 shares of the company’s stock valued at $1,876,000 after buying an additional 33,791 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Palomar by 4.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,135 shares of the company’s stock valued at $618,000 after buying an additional 452 shares during the last quarter. Louisiana State Employees Retirement System acquired a new stake in Palomar during the fourth quarter worth about $688,000. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Palomar by 1.0% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 954,290 shares of the company’s stock valued at $52,963,000 after acquiring an additional 9,462 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

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.