S&P 500   4,662.85
DOW   35,911.81
QQQ   380.01
S&P 500   4,662.85
DOW   35,911.81
QQQ   380.01
S&P 500   4,662.85
DOW   35,911.81
QQQ   380.01
S&P 500   4,662.85
DOW   35,911.81
QQQ   380.01

Barclays Lowers Palomar (NASDAQ:PLMR) Price Target to $93.00

Thursday, January 6, 2022 | MarketBeat

Palomar (NASDAQ:PLMR) had its price objective reduced by Barclays from $110.00 to $93.00 in a research note issued to investors on Thursday, Stock Target Advisor reports. The firm currently has an "overweight" rating on the stock. Barclays's price target points to a potential upside of 61.71% from the stock's previous close.

A number of other research firms also recently issued reports on PLMR. JPMorgan Chase & Co. reduced their price target on shares of Palomar from $95.00 to $87.00 and set an "overweight" rating for the company in a research report on Thursday. They noted that the move was a valuation call. JMP Securities upgraded shares of Palomar from a "market perform" rating to an "outperform" rating and set a $85.00 price target for the company in a research report on Wednesday, December 15th. Finally, Zacks Investment Research upgraded shares of Palomar from a "sell" rating to a "hold" rating and set a $70.00 price target for the company in a research report on Tuesday, December 7th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $82.60.

NASDAQ:PLMR traded down $0.90 during mid-day trading on Thursday, reaching $57.51. The stock had a trading volume of 122 shares, compared to its average volume of 124,260. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of 55.59 and a beta of -0.06. Palomar has a twelve month low of $58.05 and a twelve month high of $115.40. The business has a 50 day simple moving average of $75.40 and a 200 day simple moving average of $79.55.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, November 3rd. The company reported $0.07 EPS for the quarter, missing the Zacks' consensus estimate of $0.20 by ($0.13). The firm had revenue of $67.97 million during the quarter, compared to analyst estimates of $64.71 million. Palomar had a net margin of 12.62% and a return on equity of 8.82%. During the same quarter in the previous year, the business earned ($0.62) EPS. On average, equities research analysts forecast that Palomar will post 1.98 earnings per share for the current year.

In other news, CEO Mac Armstrong sold 12,000 shares of the firm's stock in a transaction that occurred on Monday, October 18th. The shares were sold at an average price of $79.05, for a total transaction of $948,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Heath A. Fisher sold 7,500 shares of Palomar stock in a transaction that occurred on Wednesday, October 20th. The stock was sold at an average price of $80.76, for a total transaction of $605,700.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 40,000 shares of company stock valued at $3,052,990. Corporate insiders own 6.40% of the company's stock.

Hedge funds have recently added to or reduced their stakes in the business. Northern Trust Corp grew its stake in Palomar by 12.6% in the 2nd quarter. Northern Trust Corp now owns 281,391 shares of the company's stock worth $21,233,000 after acquiring an additional 31,392 shares during the period. FMR LLC boosted its holdings in shares of Palomar by 893.6% in the 2nd quarter. FMR LLC now owns 425,527 shares of the company's stock valued at $32,110,000 after purchasing an additional 382,702 shares during the last quarter. Brookfield Asset Management Inc. acquired a new position in shares of Palomar in the 2nd quarter valued at $996,000. LPL Financial LLC boosted its holdings in shares of Palomar by 76.3% in the 2nd quarter. LPL Financial LLC now owns 7,683 shares of the company's stock valued at $580,000 after purchasing an additional 3,324 shares during the last quarter. Finally, Man Group plc boosted its holdings in shares of Palomar by 38.0% in the 2nd quarter. Man Group plc now owns 58,725 shares of the company's stock valued at $4,431,000 after purchasing an additional 16,174 shares during the last quarter. 89.54% of the stock is owned by hedge funds and other institutional investors.

Palomar Company Profile

Palomar Holdings, Inc operates as an insurance holding company. The firm focuses on the residential and commercial earthquake markets in earthquake-exposed states such as California, Oregon, Washington and states with exposure to the New Madrid Seismic Zone. It offers property and casualty insurance.

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