Evercore ISI Issues Positive Forecast for Palomar (NASDAQ:PLMR) Stock Price

Palomar (NASDAQ:PLMR - Free Report) had its target price hoisted by Evercore ISI from $163.00 to $168.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has an in-line rating on the stock.

A number of other research firms also recently weighed in on PLMR. Keefe, Bruyette & Woods cut their price target on Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 9th. Piper Sandler raised their price objective on Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research note on Friday. Jefferies Financial Group raised their price objective on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. JMP Securities reaffirmed a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Finally, JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $164.33.

Palomar Stock Up 4.6%

NASDAQ:PLMR traded up $7.60 during trading hours on Friday, hitting $171.53. 520,448 shares of the stock were exchanged, compared to its average volume of 202,159. The company's 50 day moving average is $150.20 and its two-hundred day moving average is $126.19. Palomar has a twelve month low of $77.28 and a twelve month high of $172.37. The company has a market capitalization of $4.59 billion, a P/E ratio of 38.29 and a beta of 0.51.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, beating analysts' consensus estimates of $1.61 by $0.26. The company had revenue of $174.63 million for the quarter, compared to the consensus estimate of $161.97 million. Palomar had a return on equity of 19.76% and a net margin of 21.23%. During the same quarter in the prior year, the business posted $1.09 EPS. On average, equities research analysts expect that Palomar will post 5.99 EPS for the current year.

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 3,202 shares of the firm's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $153.04, for a total value of $490,034.08. Following the completion of the transaction, the chief executive officer now owns 70,186 shares in the company, valued at $10,741,265.44. This trade represents a 4.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $139.00, for a total value of $139,000.00. Following the transaction, the chief financial officer now owns 10,172 shares of the company's stock, valued at $1,413,908. The trade was a 8.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,202 shares of company stock valued at $3,265,129 in the last 90 days. 3.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Palomar

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rhumbline Advisers grew its holdings in Palomar by 1.2% during the first quarter. Rhumbline Advisers now owns 69,865 shares of the company's stock worth $9,577,000 after purchasing an additional 816 shares during the period. Strs Ohio bought a new position in Palomar during the first quarter worth about $1,124,000. Intech Investment Management LLC grew its holdings in Palomar by 6.9% during the first quarter. Intech Investment Management LLC now owns 20,323 shares of the company's stock worth $2,786,000 after purchasing an additional 1,317 shares during the period. Jane Street Group LLC bought a new position in Palomar during the first quarter worth about $4,723,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Palomar by 11.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,661 shares of the company's stock worth $9,960,000 after purchasing an additional 7,754 shares during the period. Institutional investors own 90.25% of the company's stock.

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.