Palomar (NASDAQ:PLMR) PT Raised to $89.00

Palomar (NASDAQ:PLMR - Get Free Report) had its price target upped by equities research analysts at Piper Sandler from $80.00 to $89.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Piper Sandler's price target suggests a potential upside of 8.29% from the company's previous close.

Several other research firms have also recently commented on PLMR. Truist Financial raised their target price on shares of Palomar from $72.00 to $88.00 and gave the stock a "buy" rating in a research note on Friday, February 16th. TheStreet upgraded shares of Palomar from a "c+" rating to a "b-" rating in a report on Tuesday, December 5th. Keefe, Bruyette & Woods increased their price target on shares of Palomar from $73.00 to $87.00 and gave the company an "outperform" rating in a report on Wednesday, February 21st. Evercore ISI increased their price target on shares of Palomar from $66.00 to $68.00 and gave the company an "in-line" rating in a report on Thursday, February 15th. Finally, Jefferies Financial Group upgraded shares of Palomar from a "hold" rating to a "buy" rating and increased their price target for the company from $78.00 to $88.00 in a report on Thursday, March 14th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Palomar has a consensus rating of "Moderate Buy" and a consensus price target of $80.50.

Palomar Price Performance

Shares of PLMR stock traded down $1.64 during mid-day trading on Monday, hitting $82.19. The stock had a trading volume of 94,323 shares, compared to its average volume of 162,562. Palomar has a fifty-two week low of $46.09 and a fifty-two week high of $86.25. The firm has a market cap of $2.04 billion, a PE ratio of 26.34 and a beta of 0.21. The company's 50-day simple moving average is $71.85 and its 200-day simple moving average is $61.62.

Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Wednesday, February 14th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.85 by $0.09. Palomar had a net margin of 21.07% and a return on equity of 19.35%. The company had revenue of $102.35 million during the quarter, compared to analysts' expectations of $95.07 million. On average, analysts expect that Palomar will post 3.82 EPS for the current year.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 1,541 shares of Palomar stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $59.19, for a total transaction of $91,211.79. Following the completion of the transaction, the chief executive officer now owns 46,842 shares in the company, valued at $2,772,577.98. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Mac Armstrong sold 1,541 shares of the business's stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $59.19, for a total value of $91,211.79. Following the completion of the transaction, the chief executive officer now owns 46,842 shares of the company's stock, valued at $2,772,577.98. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO T Christopher Uchida sold 2,500 shares of the business's stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $81.99, for a total transaction of $204,975.00. Following the completion of the transaction, the chief financial officer now directly owns 25,344 shares of the company's stock, valued at approximately $2,077,954.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,509 shares of company stock worth $2,950,557. Insiders own 4.40% of the company's stock.

Hedge Funds Weigh In On Palomar

A number of institutional investors have recently modified their holdings of PLMR. Pinebridge Investments L.P. acquired a new position in shares of Palomar in the second quarter valued at approximately $25,000. UBS Group AG grew its holdings in 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 grew its holdings in 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 grew its holdings in 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. Finally, Lazard Asset Management LLC purchased a new stake in Palomar in the first quarter valued at approximately $55,000. 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.