Palomar (NASDAQ:PLMR) Earns “Market Perform” Rating from JMP Securities

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

Several other equities analysts have also recently commented on PLMR. Truist Financial increased their price target on shares of Palomar from $72.00 to $88.00 and gave the stock a buy rating in a research report on Friday, February 16th. JPMorgan Chase & Co. cut shares of Palomar from an overweight rating to a neutral rating and increased their price target for the stock from $79.00 to $85.00 in a research report on Monday, April 8th. Evercore ISI increased their price target on shares of Palomar from $68.00 to $86.00 and gave the stock an in-line rating in a research report on Thursday, April 11th. Keefe, Bruyette & Woods increased their price target on shares of Palomar from $88.00 to $89.00 and gave the stock an outperform rating in a research report on Wednesday, April 10th. Finally, Piper Sandler increased their price target on shares of Palomar from $80.00 to $89.00 and gave the stock an overweight rating in a research report on Monday, April 1st. Three equities research 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 has a consensus rating of Moderate Buy and an average price target of $87.50.

Palomar Price Performance

NASDAQ:PLMR opened at $77.77 on Monday. The firm has a 50-day moving average of $76.59 and a two-hundred day moving average of $63.86. The stock has a market cap of $1.94 billion, a P/E ratio of 24.93 and a beta of 0.21. Palomar has a 1-year low of $46.09 and a 1-year high of $86.25.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Wednesday, February 14th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.09. The company had revenue of $102.35 million during the quarter, compared to analysts’ expectations of $95.07 million. Palomar had a net margin of 21.07% and a return on equity of 19.35%. As a group, equities analysts expect that Palomar will post 3.84 earnings per share for the current year.

Insider Buying and Selling

In related news, President Jon Christianson sold 10,000 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $82.09, for a total transaction of $820,900.00. Following the sale, the president now owns 59,761 shares in the company, valued at $4,905,780.49. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, President Jon Christianson sold 10,000 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $82.09, for a total transaction of $820,900.00. Following the sale, the president now owns 59,761 shares in the company, valued at $4,905,780.49. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mac Armstrong sold 1,541 shares of the stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $59.19, for a total transaction of $91,211.79. Following the sale, the chief executive officer now owns 46,842 shares in the company, valued at approximately $2,772,577.98. The disclosure for this sale can be found here. Insiders have sold a total of 39,509 shares of company stock worth $2,999,157 over the last quarter. 4.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Palomar

Large investors have recently made changes to their positions in the company. UBS Group AG increased its stake in shares of Palomar by 7,440.0% in the third quarter. UBS Group AG now owns 377 shares of the company’s stock valued at $32,000 after purchasing an additional 372 shares during the period. Signaturefd LLC increased its stake in shares of Palomar by 59.4% in the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock valued at $33,000 after purchasing an additional 221 shares during the period. FMR LLC increased its stake in shares of Palomar by 89.9% in the first quarter. FMR LLC now owns 864 shares of the company’s stock valued at $48,000 after purchasing an additional 409 shares during the period. Lazard Asset Management LLC acquired a new stake in shares of Palomar in the first quarter valued at approximately $55,000. Finally, Atwood & Palmer Inc. increased its stake in shares of Palomar by 66.7% in the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after purchasing an additional 300 shares during the period. Institutional investors and hedge funds 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.