Palomar’s (PLMR) “Market Perform” Rating Reaffirmed at JMP Securities

JMP Securities restated their market perform rating on shares of Palomar (NASDAQ:PLMR) in a report issued on Thursday,Benzinga reports.

PLMR has been the topic of a number of other reports. Keefe, Bruyette & Woods upped their price target on shares of Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. increased their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Piper Sandler lifted their price target on Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.50.

Palomar Price Performance

NASDAQ:PLMR opened at $125.04 on Thursday. The company has a market capitalization of $3.31 billion, a P/E ratio of 29.70 and a beta of 0.38. The business has a fifty day simple moving average of $106.96 and a two-hundred day simple moving average of $100.51. Palomar has a 1 year low of $59.45 and a 1 year high of $128.38.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.65% and a net margin of 21.55%. As a group, analysts anticipate that Palomar will post 4.33 earnings per share for the current year.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $103.04, for a total value of $721,280.00. Following the sale, the chief executive officer now directly owns 419,388 shares of the company’s stock, valued at approximately $43,213,739.52. The trade was a 1.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO T Christopher Uchida sold 390 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $104.47, for a total value of $40,743.30. Following the transaction, the chief financial officer now owns 18,509 shares of the company’s stock, valued at $1,933,635.23. The trade was a 2.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,933 shares of company stock worth $4,030,156 in the last three months. 4.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Palomar

Several institutional investors have recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. purchased a new position in Palomar in the third quarter worth about $25,000. Blue Trust Inc. bought a new stake in shares of Palomar during the fourth quarter valued at approximately $26,000. GAMMA Investing LLC raised its holdings in Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after acquiring an additional 125 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Palomar by 490.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after acquiring an additional 378 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its stake in Palomar by 536.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock valued at $43,000 after purchasing an additional 349 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

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.