Palomar (NASDAQ:PLMR) Price Target Raised to $105.00

Palomar (NASDAQ:PLMR) had its target price increased by Piper Sandler from $99.00 to $105.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research analysts have also recently weighed in on PLMR. Truist Financial lifted their target price on shares of Palomar from $97.00 to $100.00 and gave the company a buy rating in a research note on Wednesday, May 29th. Evercore ISI increased their target price on Palomar from $90.00 to $99.00 and gave the stock an in-line rating in a research report on Tuesday, August 6th. JMP Securities restated a market perform rating on shares of Palomar in a research note on Monday, April 15th. JPMorgan Chase & Co. increased their price objective on shares of Palomar from $88.00 to $91.00 and gave the company a neutral rating in a report on Thursday, July 11th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $93.00 to $96.00 and gave the stock an outperform rating in a report on Wednesday, May 29th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $98.50.

Palomar Price Performance

Shares of PLMR stock opened at $89.91 on Wednesday. The company has a market cap of $2.24 billion, a price-to-earnings ratio of 25.84 and a beta of 0.31. The firm has a fifty day moving average price of $85.74 and a 200-day moving average price of $79.62. Palomar has a 1 year low of $48.08 and a 1 year high of $96.44.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.16. The firm had revenue of $123.08 million for the quarter, compared to analysts’ expectations of $338.74 million. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The business’s quarterly revenue was up 47.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.72 EPS. Equities research analysts expect that Palomar will post 4.18 EPS for the current year.

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 1,750 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $94.00, for a total transaction of $164,500.00. Following the sale, the chief financial officer now owns 22,344 shares of the company’s stock, valued at $2,100,336. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Mac Armstrong sold 12,773 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $88.19, for a total value of $1,126,450.87. Following the completion of the sale, the chief executive officer now directly owns 59,309 shares in the company, valued at $5,230,460.71. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO T Christopher Uchida sold 1,750 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $94.00, for a total transaction of $164,500.00. Following the transaction, the chief financial officer now owns 22,344 shares in the company, valued at approximately $2,100,336. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,000 shares of company stock valued at $4,245,216. 4.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Palomar

A number of large investors have recently made changes to their positions in PLMR. Dimensional Fund Advisors LP boosted its holdings in Palomar by 15.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after acquiring an additional 66,478 shares during the period. WINTON GROUP Ltd lifted its position in shares of Palomar by 4.5% during the second quarter. WINTON GROUP Ltd now owns 13,679 shares of the company’s stock worth $1,110,000 after purchasing an additional 590 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Palomar by 22.4% during the second quarter. Envestnet Asset Management Inc. now owns 30,870 shares of the company’s stock valued at $2,505,000 after purchasing an additional 5,646 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in shares of Palomar by 73.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 4,872 shares of the company’s stock valued at $395,000 after purchasing an additional 2,065 shares during the period. Finally, Federated Hermes Inc. grew its holdings in shares of Palomar by 9.3% in the second quarter. Federated Hermes Inc. now owns 237,259 shares of the company’s stock worth $19,254,000 after purchasing an additional 20,143 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.