Palomar (NASDAQ:PLMR) Given Overweight Rating at Piper Sandler

Palomar (NASDAQ:PLMRGet Free Report)‘s stock had its “overweight” rating reissued by analysts at Piper Sandler in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $99.00 price objective on the stock, up from their previous price objective of $90.00. Piper Sandler’s target price would suggest a potential upside of 19.29% from the stock’s previous close.

A number of other brokerages have also issued reports on PLMR. JPMorgan Chase & Co. lowered Palomar from an “overweight” rating to a “neutral” rating and increased their target price for the company from $79.00 to $85.00 in a research report on Monday, April 8th. Evercore ISI lifted their target price on shares of Palomar from $88.00 to $89.00 and gave the stock an “in-line” rating in a research note on Wednesday. Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $93.00 to $96.00 and gave the stock an “outperform” rating in a research note on Wednesday. Jefferies Financial Group raised shares of Palomar from a “hold” rating to a “buy” rating and lifted their target price for the stock from $78.00 to $88.00 in a research note on Thursday, March 14th. Finally, Truist Financial lifted their target price on shares of Palomar from $97.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Palomar currently has an average rating of “Moderate Buy” and a consensus price target of $92.83.

Get Our Latest Stock Report on PLMR

Palomar Trading Up 2.2 %

Palomar stock traded up $1.82 during mid-day trading on Wednesday, hitting $82.99. The company had a trading volume of 33,316 shares, compared to its average volume of 159,541. Palomar has a 12-month low of $46.67 and a 12-month high of $89.22. The company’s fifty day moving average is $81.22 and its 200-day moving average is $69.92. The company has a market capitalization of $2.07 billion, a price-to-earnings ratio of 23.87 and a beta of 0.24.

Palomar (NASDAQ:PLMRGet Free Report) last released its quarterly earnings data on Thursday, May 2nd. The company reported $1.09 EPS for the quarter, topping the consensus estimate of $0.81 by $0.28. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The business had revenue of $108.39 million for the quarter, compared to analyst estimates of $322.10 million. During the same quarter in the prior year, the firm posted $0.80 EPS. The business’s quarterly revenue was up 29.1% compared to the same quarter last year. As a group, sell-side analysts expect that Palomar will post 4.03 EPS for the current fiscal year.

Insider Transactions at Palomar

In related news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $82.84, for a total value of $579,880.00. Following the sale, the chief executive officer now directly owns 461,388 shares in the company, valued at approximately $38,221,381.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Palomar news, Director Thomas A. Bradley purchased 1,500 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were bought at an average cost of $74.30 per share, for a total transaction of $111,450.00. Following the completion of the purchase, the director now directly owns 1,500 shares of the company’s stock, valued at $111,450. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $82.84, for a total transaction of $579,880.00. Following the sale, the chief executive officer now owns 461,388 shares in the company, valued at $38,221,381.92. The disclosure for this sale can be found here. Insiders have sold a total of 47,750 shares of company stock worth $3,844,755 in the last quarter. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Palomar

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Dynamic Technology Lab Private Ltd boosted its holdings in Palomar by 174.7% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,117 shares of the company’s stock valued at $1,061,000 after purchasing an additional 12,157 shares in the last quarter. Westfield Capital Management Co. LP raised its position in Palomar by 6.3% in the fourth quarter. Westfield Capital Management Co. LP now owns 460,545 shares of the company’s stock worth $25,560,000 after acquiring an additional 27,199 shares in the last quarter. International Assets Investment Management LLC grew its holdings in Palomar by 375,455.6% in the fourth quarter. International Assets Investment Management LLC now owns 33,800 shares of the company’s stock valued at $1,876,000 after purchasing an additional 33,791 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in Palomar by 0.9% in the third 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. Finally, Charles Schwab Investment Management Inc. grew its holdings in Palomar by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 195,862 shares of the company’s stock valued at $9,940,000 after purchasing an additional 6,903 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Palomar (NASDAQ:PLMR)

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