Evercore ISI Raises Palomar (NASDAQ:PLMR) Price Target to $99.00

Palomar (NASDAQ:PLMR) had its target price increased by Evercore ISI from $90.00 to $99.00 in a research note released on Tuesday morning, Benzinga reports. They currently have an in-line rating on the stock.

A number of other research firms have also commented on PLMR. JPMorgan Chase & Co. upped their price target on Palomar from $88.00 to $91.00 and gave the company a neutral rating in a research report on Thursday, July 11th. Keefe, Bruyette & Woods raised their price target on Palomar from $93.00 to $96.00 and gave the stock an outperform rating in a research note on Wednesday, May 29th. Piper Sandler reissued an overweight rating and set a $99.00 price objective (up from $90.00) on shares of Palomar in a research report on Wednesday, May 29th. JMP Securities reaffirmed a market perform rating on shares of Palomar in a research report on Monday, April 15th. Finally, Truist Financial boosted their price target on shares of Palomar from $97.00 to $100.00 and gave the company a buy rating in a research report on Wednesday, May 29th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $98.50.

Palomar Trading Down 4.0 %

Shares of NASDAQ PLMR opened at $89.67 on Tuesday. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of 25.80 and a beta of 0.31. The stock’s 50-day moving average is $85.63 and its 200 day moving average is $79.31. Palomar has a 1-year low of $48.08 and a 1-year high of $96.44.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Monday, August 5th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $1.09 by $0.16. The firm had revenue of $123.08 million for the quarter, compared to the consensus estimate of $338.74 million. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The company’s quarterly revenue was up 47.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.72 earnings per share. On average, analysts forecast that Palomar will post 4.18 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Mac Armstrong sold 12,773 shares of Palomar stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $88.19, for a total transaction of $1,126,450.87. Following the completion of the transaction, the chief executive officer now directly owns 59,309 shares in the company, valued at $5,230,460.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO T Christopher Uchida sold 1,000 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $80.32, for a total transaction of $80,320.00. Following the sale, the chief financial officer now directly owns 24,094 shares of the company’s stock, valued at approximately $1,935,230.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 12,773 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $88.19, for a total transaction of $1,126,450.87. Following the sale, the chief executive officer now owns 59,309 shares of the company’s stock, valued at $5,230,460.71. The disclosure for this sale can be found here. Insiders have sold 49,000 shares of company stock valued at $4,245,216 over the last quarter. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

A number of institutional investors have recently made changes to their positions in PLMR. Raymond James & Associates bought a new position in Palomar in the 4th quarter valued at approximately $293,000. International Assets Investment Management LLC lifted its holdings in shares of Palomar by 375,455.6% during the fourth quarter. International Assets Investment Management LLC now owns 33,800 shares of the company’s stock valued at $1,876,000 after purchasing an additional 33,791 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Palomar by 4.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,135 shares of the company’s stock valued at $618,000 after buying an additional 452 shares during the last quarter. Conestoga Capital Advisors LLC increased its holdings in Palomar by 4.1% in the 4th quarter. Conestoga Capital Advisors LLC now owns 27,137 shares of the company’s stock worth $1,506,000 after buying an additional 1,075 shares in the last quarter. Finally, Louisiana State Employees Retirement System purchased a new position in Palomar in the 4th quarter worth about $688,000. Hedge funds and other institutional investors 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.