Palomar (NASDAQ:PLMR) PT Raised to $97.00 at Truist Financial

Palomar (NASDAQ:PLMR) had its target price upped by research analysts at Truist Financial from $88.00 to $97.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 20.02% from the stock’s current price.

A number of other equities research analysts also recently issued reports on PLMR. Keefe, Bruyette & Woods upped their price objective on Palomar from $88.00 to $89.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Evercore ISI upped their price objective on Palomar from $68.00 to $86.00 and gave the company an “in-line” rating in a research report on Thursday, April 11th. JPMorgan Chase & Co. cut Palomar from an “overweight” rating to a “neutral” rating and upped their target price for the company from $79.00 to $85.00 in a research note on Monday, April 8th. Jefferies Financial Group raised Palomar from a “hold” rating to a “buy” rating and upped their target price for the company from $78.00 to $88.00 in a research note on Thursday, March 14th. Finally, Piper Sandler upped their target price on Palomar from $89.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $89.17.

Palomar Price Performance

Shares of PLMR stock opened at $80.82 on Monday. Palomar has a 1 year low of $46.09 and a 1 year high of $86.25. The stock’s 50 day simple moving average is $78.87 and its two-hundred day simple moving average is $66.28. The company has a market cap of $2.01 billion, a PE ratio of 23.22 and a beta of 0.24.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $322.10 million. During the same period in the prior year, the business posted $0.80 earnings per share. The company’s quarterly revenue was up 29.1% compared to the same quarter last year. Equities research analysts expect that Palomar will post 3.84 EPS for the current year.

Insider Buying and Selling

In related news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $75.75, for a total value of $530,250.00. Following the transaction, the chief executive officer now owns 482,388 shares of the company’s stock, valued at $36,540,891. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO T Christopher Uchida sold 1,000 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $59.45, for a total value of $59,450.00. Following the transaction, the chief financial officer now owns 31,344 shares of the company’s stock, valued at $1,863,400.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $75.75, for a total value of $530,250.00. Following the completion of the transaction, the chief executive officer now directly owns 482,388 shares in the company, valued at approximately $36,540,891. The disclosure for this sale can be found here. Insiders have sold a total of 42,250 shares of company stock valued at $3,305,655 over the last quarter. 4.30% of the stock is owned by corporate insiders.

Institutional Trading of Palomar

Several hedge funds and other institutional investors have recently bought and sold shares of PLMR. SG Americas Securities LLC bought a new stake in Palomar during the 3rd quarter valued at $346,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Palomar by 17.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,443 shares of the company’s stock valued at $378,000 after acquiring an additional 1,116 shares in the last quarter. Victory Capital Management Inc. boosted its position in Palomar by 32.3% during the 3rd quarter. Victory Capital Management Inc. now owns 9,747 shares of the company’s stock valued at $495,000 after acquiring an additional 2,379 shares in the last quarter. Los Angeles Capital Management LLC boosted its position in Palomar by 0.9% during the 3rd quarter. Los Angeles Capital Management LLC now owns 27,529 shares of the company’s stock valued at $1,397,000 after acquiring an additional 256 shares in the last quarter. Finally, Illinois Municipal Retirement Fund bought a new stake in Palomar during the 3rd quarter valued at $741,000. 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.