Palomar (NASDAQ:PLMR) PT Raised to $91.00

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

PLMR has been the topic of several other research reports. Keefe, Bruyette & Woods raised their price target on shares of Palomar from $93.00 to $96.00 and gave the company an outperform rating in a research note on Wednesday, May 29th. JMP Securities restated a market perform rating on shares of Palomar in a research note on Monday, April 15th. Evercore ISI raised their price objective on shares of Palomar from $88.00 to $89.00 and gave the company an in-line rating in a research note on Wednesday, May 29th. Jefferies Financial Group upgraded shares of Palomar from a hold rating to a buy rating and raised their price objective for the company from $78.00 to $88.00 in a research note on Thursday, March 14th. Finally, Truist Financial raised their price objective on shares of Palomar from $97.00 to $100.00 and gave the company a buy rating in a research note on Wednesday, May 29th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $93.83.

Palomar Stock Up 1.7 %

Shares of NASDAQ PLMR opened at $85.67 on Thursday. The firm’s 50-day moving average price is $82.94 and its two-hundred day moving average price is $75.18. Palomar has a 52-week low of $48.08 and a 52-week high of $89.22. The stock has a market capitalization of $2.14 billion, a P/E ratio of 24.62 and a beta of 0.31.

Palomar (NASDAQ:PLMR) last issued its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $108.39 million for the quarter, compared to analysts’ expectations of $322.10 million. During the same quarter last year, the company posted $0.80 earnings per share. Palomar’s revenue was up 29.1% on a year-over-year basis. As a group, equities research analysts expect that Palomar will post 4.2 earnings per share for the current year.

Insider Buying and Selling

In related news, President Jon Christianson sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $76.30, for a total value of $152,600.00. Following the completion of the transaction, the president now owns 57,761 shares of the company’s stock, valued at approximately $4,407,164.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Palomar news, CFO T Christopher Uchida sold 1,250 shares of Palomar stock in a transaction on Monday, May 20th. The shares were sold at an average price of $89.00, for a total transaction of $111,250.00. Following the completion of the sale, the chief financial officer now owns 24,094 shares of the company’s stock, valued at approximately $2,144,366. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Jon Christianson sold 2,000 shares of the firm’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 approximately $4,407,164.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,250 shares of company stock valued at $2,355,740. Company insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Signaturefd LLC raised its holdings in shares of Palomar by 59.4% during the 4th quarter. Signaturefd LLC now owns 593 shares of the company’s stock valued at $33,000 after purchasing an additional 221 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of Palomar during the 1st quarter valued at $59,000. Advisors Asset Management Inc. raised its holdings in shares of Palomar by 137.1% during the 1st quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock valued at $62,000 after purchasing an additional 425 shares in the last quarter. Atwood & Palmer Inc. raised its holdings in Palomar by 66.7% in the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock worth $63,000 after acquiring an additional 300 shares during the period. Finally, Covestor Ltd raised its holdings in Palomar by 29.0% in the 1st quarter. Covestor Ltd now owns 1,183 shares of the company’s stock worth $99,000 after acquiring an additional 266 shares during the period. Institutional investors own 90.25% of the company’s stock.

Palomar Company Profile

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.