Palomar (NASDAQ:PLMR) PT Raised to $91.00

Palomar (NASDAQ:PLMR) had its price target upped by JPMorgan Chase & Co. from $88.00 to $91.00 in a report issued on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Other equities research analysts have also issued reports about the stock. JMP Securities reissued a market perform rating on shares of Palomar in a report on Monday, April 15th. Piper Sandler reissued an overweight rating and set a $99.00 target price (up from $90.00) on shares of Palomar in a report on Wednesday, May 29th. Jefferies Financial Group raised shares of Palomar from a hold rating to a buy rating and boosted their target price for the stock from $78.00 to $88.00 in a report on Thursday, March 14th. Truist Financial boosted their target price on shares of Palomar from $97.00 to $100.00 and gave the stock a buy rating in a report on Wednesday, May 29th. Finally, Evercore ISI boosted their price target on shares of Palomar from $88.00 to $89.00 and gave the stock an in-line rating in a research report on Wednesday, May 29th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Palomar has a consensus rating of Moderate Buy and an average target price of $93.83.

Palomar Trading Up 1.7 %

PLMR opened at $85.67 on Thursday. The company’s 50 day moving average is $82.94 and its 200-day moving average is $75.18. Palomar has a 1-year low of $48.08 and a 1-year high of $89.22. The company has a market cap of $2.14 billion, a P/E ratio of 24.62 and a beta of 0.31.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.28. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The company had revenue of $108.39 million for the quarter, compared to the consensus estimate of $322.10 million. During the same period last year, the company posted $0.80 EPS. The firm’s quarterly revenue was up 29.1% compared to the same quarter last year. On average, equities analysts forecast that Palomar will post 4.2 EPS for the current year.

Insiders Place Their Bets

In other Palomar news, President Jon Christianson sold 2,000 shares of the company’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $76.30, for a total transaction of $152,600.00. Following the transaction, the president now owns 57,761 shares in the company, valued at $4,407,164.30. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Mac Armstrong sold 7,000 shares of the company’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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Jon Christianson sold 2,000 shares of the company’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $76.30, for a total transaction of $152,600.00. Following the completion of the sale, the president now owns 57,761 shares of the company’s stock, valued at approximately $4,407,164.30. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,250 shares of company stock worth $2,355,740. Insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

Institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its stake in shares of Palomar by 14.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company’s stock worth $23,407,000 after acquiring an additional 52,659 shares in the last quarter. Dynamic Technology Lab Private Ltd grew its stake in shares of Palomar by 174.7% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 19,117 shares of the company’s stock worth $1,061,000 after acquiring an additional 12,157 shares in the last quarter. Westfield Capital Management Co. LP grew its stake in shares of Palomar by 6.3% in the 4th 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 stake 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 worth $1,876,000 after acquiring an additional 33,791 shares in the last quarter. Finally, Stephens Investment Management Group LLC grew its position in Palomar by 11.3% during the fourth quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock valued at $59,752,000 after buying an additional 109,261 shares during the period. Institutional investors 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.