Palomar (NASDAQ:PLMR) Stock Rating Reaffirmed by JMP Securities

JMP Securities reissued their market perform rating on shares of Palomar (NASDAQ:PLMR) in a research report sent to investors on Monday, Benzinga reports.

Several other equities analysts have also recently weighed in on PLMR. JPMorgan Chase & Co. cut Palomar from an overweight rating to a neutral rating and increased their price target for the company from $79.00 to $85.00 in a report on Monday, April 8th. Truist Financial raised their target price on Palomar from $72.00 to $88.00 and gave the stock a buy rating in a report on Friday, February 16th. Jefferies Financial Group raised Palomar from a hold rating to a buy rating and raised their price target for the company from $78.00 to $88.00 in a report on Thursday, March 14th. Piper Sandler raised their price target on Palomar from $80.00 to $89.00 and gave the company an overweight rating in a report on Monday, April 1st. Finally, Keefe, Bruyette & Woods raised their price target on Palomar from $88.00 to $89.00 and gave the company an outperform rating in a report on Wednesday, April 10th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $87.50.

Palomar Price Performance

PLMR opened at $76.90 on Monday. The business has a 50 day simple moving average of $76.23 and a two-hundred day simple moving average of $63.76. The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of 24.65 and a beta of 0.21. Palomar has a one year low of $46.09 and a one year high of $86.25.

Palomar (NASDAQ:PLMR) last announced its earnings results on Wednesday, February 14th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.09. The firm had revenue of $102.35 million during the quarter, compared to analyst estimates of $95.07 million. Palomar had a return on equity of 19.35% and a net margin of 21.07%. As a group, sell-side analysts expect that Palomar will post 3.84 EPS for the current fiscal year.

Insider Buying and Selling at Palomar

In other news, Director Thomas A. Bradley acquired 1,500 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was acquired at an average price of $74.30 per share, for a total transaction of $111,450.00. Following the completion of the transaction, the director now owns 1,500 shares in the company, valued at approximately $111,450. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Mac Armstrong sold 1,541 shares of the stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $59.19, for a total value of $91,211.79. Following the completion of the sale, the chief executive officer now owns 46,842 shares of the company’s stock, valued at approximately $2,772,577.98. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Thomas A. Bradley purchased 1,500 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was purchased at an average cost of $74.30 per share, with a total value of $111,450.00. Following the purchase, the director now owns 1,500 shares in the company, valued at $111,450. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 36,509 shares of company stock valued at $2,770,257. 4.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Palomar

A number of hedge funds have recently added to or reduced their stakes in PLMR. New York State Common Retirement Fund raised its stake in Palomar by 1.8% during the 3rd quarter. New York State Common Retirement Fund now owns 10,099 shares of the company’s stock worth $513,000 after acquiring an additional 182 shares in the last quarter. Sei Investments Co. grew its position in Palomar by 0.3% during the fourth quarter. Sei Investments Co. now owns 72,261 shares of the company’s stock worth $4,011,000 after buying an additional 188 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Palomar by 1.9% in the second quarter. The Manufacturers Life Insurance Company now owns 10,002 shares of the company’s stock valued at $581,000 after purchasing an additional 190 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Palomar by 3.8% in the second quarter. PNC Financial Services Group Inc. now owns 5,387 shares of the company’s stock valued at $313,000 after purchasing an additional 198 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Palomar by 5.3% in the third quarter. Handelsbanken Fonder AB now owns 4,210 shares of the company’s stock valued at $214,000 after purchasing an additional 210 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.