Palomar (NASDAQ:PLMR) Given "Market Perform" Rating at JMP Securities

Palomar (NASDAQ:PLMR - Get Free Report)'s stock had its "market perform" rating reiterated by equities researchers at JMP Securities in a research report issued on Monday, Benzinga reports.

A number of other equities research analysts have also recently commented on PLMR. Truist Financial upped their target price on shares of Palomar from $72.00 to $88.00 and gave the company a "buy" rating in a report on Friday, February 16th. Piper Sandler upped their target price on shares of Palomar from $80.00 to $89.00 and gave the company an "overweight" rating in a report on Monday, April 1st. Keefe, Bruyette & Woods upped their target price on shares of Palomar from $88.00 to $89.00 and gave the company an "outperform" rating in a report on Wednesday, April 10th. Evercore ISI increased their price target on shares of Palomar from $68.00 to $86.00 and gave the stock an "in-line" rating in a report on Thursday. Finally, JPMorgan Chase & Co. cut shares of Palomar from an "overweight" rating to a "neutral" rating and increased their price target for the stock from $79.00 to $85.00 in a report on Monday, April 8th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Palomar presently has a consensus rating of "Moderate Buy" and a consensus target price of $87.50.

Palomar Stock Up 1.1 %

PLMR traded up $0.80 on Monday, reaching $75.21. The company had a trading volume of 94,684 shares, compared to its average volume of 157,526. Palomar has a 1 year low of $46.09 and a 1 year high of $86.25. The stock has a market capitalization of $1.87 billion, a PE ratio of 24.11 and a beta of 0.21. The stock has a 50-day moving average price of $75.52 and a 200-day moving average price of $63.49.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Wednesday, February 14th. The company reported $0.94 earnings per share for the quarter, beating analysts' consensus estimates of $0.85 by $0.09. Palomar had a net margin of 21.07% and a return on equity of 19.35%. The firm had revenue of $102.35 million during the quarter, compared to analysts' expectations of $95.07 million. As a group, analysts expect that Palomar will post 3.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the company's stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $82.62, for a total transaction of $578,340.00. Following the transaction, the chief executive officer now directly owns 475,388 shares in the company, valued at $39,276,556.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the company's stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $82.62, for a total transaction of $578,340.00. Following the transaction, the chief executive officer now directly owns 475,388 shares in the company, valued at $39,276,556.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO T Christopher Uchida sold 1,000 shares of the company's stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $60.30, for a total transaction of $60,300.00. Following the transaction, the chief financial officer now owns 29,686 shares in the company, valued at $1,790,065.80. The disclosure for this sale can be found here. Insiders sold 37,509 shares of company stock valued at $2,830,557 over the last ninety days. Corporate insiders own 4.40% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. UBS Group AG grew its position in shares of 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 last quarter. Signaturefd LLC grew its position in shares of 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 last quarter. FMR LLC grew its position in shares of 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 last quarter. Lazard Asset Management LLC acquired a new stake in shares of Palomar in the first quarter valued at approximately $55,000. Finally, Atwood & Palmer Inc. lifted its stake in shares of Palomar by 66.7% during the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company's stock valued at $63,000 after buying an additional 300 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.