Palomar (NASDAQ:PLMR) Rating Increased to Buy at Wall Street Zen

Palomar (NASDAQ:PLMR - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Friday.

A number of other research analysts also recently issued reports on the stock. Piper Sandler boosted their price objective on shares of Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a research report on Friday. Keefe, Bruyette & Woods reduced their price target on shares of Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. Jefferies Financial Group increased their price target on shares of Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. Truist Financial raised their price objective on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a report on Tuesday, April 15th. Finally, Evercore ISI upped their target price on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a report on Friday. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $164.33.

Palomar Stock Performance

PLMR traded up $7.60 during midday trading on Friday, hitting $171.53. The stock had a trading volume of 520,448 shares, compared to its average volume of 202,159. Palomar has a 1 year low of $77.28 and a 1 year high of $172.37. The business has a fifty day moving average of $150.20 and a 200 day moving average of $126.19. The company has a market cap of $4.59 billion, a P/E ratio of 38.29 and a beta of 0.51.

Palomar (NASDAQ:PLMR - Get Free Report) last released its 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 during the quarter, compared to analyst estimates 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 previous year, the company posted $1.09 EPS. On average, equities research analysts anticipate that Palomar will post 5.99 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $139.00, for a total transaction of $139,000.00. Following the completion of the transaction, the chief financial officer now directly owns 10,172 shares of the company's stock, valued at approximately $1,413,908. The trade was a 8.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $161.96, for a total value of $809,800.00. Following the transaction, the chief executive officer now directly owns 392,388 shares in the company, valued at approximately $63,551,160.48. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 22,202 shares of company stock valued at $3,265,129. 3.70% of the stock is owned by corporate insiders.

Institutional Trading of Palomar

A number of hedge funds and other institutional investors have recently bought and sold shares of PLMR. Blue Trust Inc. bought a new position in shares of Palomar in the fourth quarter worth about $26,000. Smartleaf Asset Management LLC boosted its position in Palomar by 536.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock valued at $43,000 after buying an additional 349 shares during the period. Nisa Investment Advisors LLC grew its stake in Palomar by 185.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock worth $43,000 after acquiring an additional 202 shares in the last quarter. Opal Wealth Advisors LLC purchased a new position in shares of Palomar during the first quarter worth approximately $46,000. Finally, Jones Financial Companies Lllp increased its position in shares of Palomar by 63.2% during the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock worth $52,000 after acquiring an additional 191 shares during the period. Hedge funds and other 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.