Barclays Increases Palomar (NASDAQ:PLMR) Price Target to $94.00


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Palomar (NASDAQ:PLMR) had its target price lifted by research analysts at Barclays from $82.00 to $94.00 in a report issued on Tuesday, The Fly reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price target points to a potential downside of 6.43% from the company’s current price.

A number of other research firms also recently weighed in on PLMR. Zacks Investment Research downgraded Palomar from a “hold” rating to a “sell” rating and set a $115.00 target price on the stock. in a report on Tuesday, October 6th. Truist lowered their target price on Palomar from $112.00 to $125.00 in a report on Tuesday, October 6th. BidaskClub raised Palomar from a “buy” rating to a “strong-buy” rating in a report on Saturday, January 9th. Finally, Piper Sandler downgraded Palomar from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $110.00 to $95.00 in a research note on Thursday, November 12th. One research analyst has rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Palomar presently has an average rating of “Buy” and a consensus target price of $90.75.

Palomar stock opened at $100.46 on Tuesday. Palomar has a one year low of $39.21 and a one year high of $121.87. The stock has a market capitalization of $2.56 billion, a PE ratio of 58.41 and a beta of 0.14. The business’s fifty day moving average is $82.28 and its 200 day moving average is $90.89.

Palomar (NASDAQ:PLMR) last posted its earnings results on Tuesday, November 10th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.06). Palomar had a net margin of 28.80% and a return on equity of 17.46%. The firm had revenue of $42.84 million during the quarter, compared to the consensus estimate of $45.55 million. During the same period in the prior year, the company posted $0.40 EPS. The firm’s revenue was up 51.0% compared to the same quarter last year. As a group, research analysts anticipate that Palomar will post 1.01 earnings per share for the current fiscal year.

In related news, VP Michelle Antoinette Johnson sold 5,000 shares of Palomar stock in a transaction that occurred on Tuesday, December 15th. The stock was sold at an average price of $80.37, for a total transaction of $401,850.00. Following the sale, the vice president now owns 5,000 shares of the company’s stock, valued at approximately $401,850. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 600 shares of Palomar stock in a transaction that occurred on Thursday, October 22nd. The shares were sold at an average price of $88.61, for a total value of $53,166.00. The disclosure for this sale can be found here. Insiders sold 87,200 shares of company stock worth $7,264,461 in the last ninety days. Corporate insiders own 7.70% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. US Bancorp DE raised its stake in Palomar by 8.2% during the 3rd quarter. US Bancorp DE now owns 1,473 shares of the company’s stock valued at $154,000 after purchasing an additional 112 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in Palomar by 2.1% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 7,250 shares of the company’s stock valued at $756,000 after buying an additional 150 shares in the last quarter. Usca Ria LLC grew its holdings in Palomar by 1.2% during the 3rd quarter. Usca Ria LLC now owns 14,020 shares of the company’s stock valued at $1,461,000 after buying an additional 160 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in Palomar by 5.0% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 4,936 shares of the company’s stock valued at $515,000 after buying an additional 236 shares in the last quarter. Finally, GWM Advisors LLC grew its holdings in Palomar by 10.9% during the 3rd quarter. GWM Advisors LLC now owns 3,953 shares of the company’s stock valued at $412,000 after buying an additional 387 shares in the last quarter. 90.60% of the stock is currently owned by institutional investors.

Palomar Company Profile

Palomar Holdings, Inc provides specialty property insurance. It offers personal and commercial specialty property insurance products, including residential and commercial earthquake, specialty homeowners, commercial all-risk, Hawaii hurricane, residential flood, inland marine, assumed reinsurance, and real estate investor.

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Analyst Recommendations for Palomar (NASDAQ:PLMR)

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