Truist Financial Raises Palomar (NASDAQ:PLMR) Price Target to $97.00

Palomar (NASDAQ:PLMR) had its price target increased by Truist Financial from $88.00 to $97.00 in a research report released on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages have also recently issued reports on PLMR. JMP Securities reissued a market perform rating on shares of Palomar in a research note on Monday, April 15th. JPMorgan Chase & Co. lowered shares of Palomar from an overweight rating to a neutral rating and lifted their target price for the company from $79.00 to $85.00 in a report on Monday, April 8th. Evercore ISI lifted their target price on shares of Palomar from $68.00 to $86.00 and gave the company an in-line rating in a report on Thursday, April 11th. Piper Sandler lifted their target price on shares of Palomar from $89.00 to $90.00 and gave the company an overweight rating in a report on Monday. Finally, Keefe, Bruyette & Woods lifted 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. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $89.17.

Palomar Stock Down 0.4 %

Shares of NASDAQ PLMR opened at $84.76 on Monday. Palomar has a 52-week low of $46.09 and a 52-week high of $86.25. The firm has a fifty day moving average of $79.43 and a 200-day moving average of $66.89. The stock has a market capitalization of $2.11 billion, a PE ratio of 24.36 and a beta of 0.24.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.28. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The company had revenue of $108.39 million during the quarter, compared to analysts’ expectations of $322.10 million. During the same period in the previous year, the company earned $0.80 EPS. The business’s quarterly revenue was up 29.1% compared to the same quarter last year. Equities research analysts expect that Palomar will post 3.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the business’s 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 transaction, the chief executive officer now owns 482,388 shares in the company, valued at approximately $36,540,891. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $36,540,891. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Thomas A. Bradley bought 1,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was bought at an average price of $84.32 per share, for a total transaction of $84,320.00. Following the purchase, the director now owns 2,500 shares in the company, valued at approximately $210,800. The disclosure for this purchase can be found here. Insiders have sold 42,250 shares of company stock worth $3,305,655 in the last quarter. 4.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palomar

A number of institutional investors have recently modified their holdings of PLMR. Artemis Investment Management LLP acquired a new stake in shares of Palomar in the 1st quarter valued at about $20,904,000. Norges Bank bought a new stake in shares of Palomar during the 4th quarter valued at about $9,726,000. Stephens Investment Management Group LLC grew its position in shares of Palomar by 11.3% during the 4th quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock valued at $59,752,000 after buying an additional 109,261 shares during the last quarter. Westfield Capital Management Co. LP grew its position in shares of Palomar by 26.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 433,346 shares of the company’s stock valued at $21,992,000 after buying an additional 89,410 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Palomar by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 2,363,067 shares of the company’s stock valued at $131,150,000 after buying an additional 85,329 shares during the last quarter. 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.