Palomar (NASDAQ:PLMR) PT Raised to $97.00 at Truist Financial

Palomar (NASDAQ:PLMR - Free Report) had its price objective lifted by Truist Financial from $88.00 to $97.00 in a report issued on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Evercore ISI lifted their price target on Palomar from $68.00 to $86.00 and gave the company an in-line rating in a report on Thursday, April 11th. JPMorgan Chase & Co. lowered Palomar from an overweight rating to a neutral rating and boosted their price target for the stock from $79.00 to $85.00 in a research report on Monday, April 8th. JMP Securities reissued a market perform rating on shares of Palomar in a report on Monday, April 15th. Jefferies Financial Group raised shares of Palomar from a hold rating to a buy rating and upped their price objective for the stock from $78.00 to $88.00 in a report on Thursday, March 14th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Palomar from $88.00 to $89.00 and gave the company an outperform rating in a research note on Wednesday, April 10th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $89.17.

Palomar Trading Up 3.2 %

PLMR traded up $2.57 during trading on Monday, reaching $83.39. 195,624 shares of the company were exchanged, compared to its average volume of 161,488. The stock has a market cap of $2.08 billion, a P/E ratio of 23.96 and a beta of 0.24. Palomar has a 52 week low of $46.09 and a 52 week high of $86.25. The firm has a 50 day moving average of $79.04 and a 200 day moving average of $66.51.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Thursday, May 2nd. The company reported $1.09 EPS for the quarter, topping the consensus estimate of $0.81 by $0.28. The business had revenue of $108.39 million during the quarter, compared to analyst estimates of $322.10 million. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The company's quarterly revenue was up 29.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.80 earnings per share. As a group, analysts forecast that Palomar will post 3.84 earnings per share for the current fiscal year.

Insider Activity at Palomar

In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the company's stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $59.45, for a total value of $59,450.00. Following the completion of the sale, the chief financial officer now directly owns 31,344 shares of the company's stock, valued at approximately $1,863,400.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $59.45, for a total value of $59,450.00. Following the transaction, the chief financial officer now owns 31,344 shares in the company, valued at $1,863,400.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $75.75, for a total value of $530,250.00. Following the sale, the chief executive officer now owns 482,388 shares of the company's stock, valued at approximately $36,540,891. The disclosure for this sale can be found here. Insiders sold 42,250 shares of company stock valued at $3,305,655 over the last 90 days. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PLMR. Vanguard Group Inc. lifted its position in shares of Palomar by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 2,363,067 shares of the company's stock valued at $131,150,000 after acquiring an additional 85,329 shares in the last quarter. Stephens Investment Management Group LLC lifted its holdings in shares of Palomar by 11.3% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company's stock valued at $59,752,000 after purchasing an additional 109,261 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Palomar by 1.0% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 954,290 shares of the company's stock worth $52,963,000 after buying an additional 9,462 shares during the period. Westfield Capital Management Co. LP grew its holdings in shares of Palomar by 6.3% during the fourth quarter. Westfield Capital Management Co. LP now owns 460,545 shares of the company's stock valued at $25,560,000 after buying an additional 27,199 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Palomar by 14.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company's stock valued at $23,407,000 after buying an additional 52,659 shares during the period. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.