JMP Securities Reiterates Market Perform Rating for Palomar (NASDAQ:PLMR)

JMP Securities restated their market perform rating on shares of Palomar (NASDAQ:PLMR) in a research note issued to investors on Thursday morning,Benzinga reports.

A number of other analysts have also issued reports on PLMR. JPMorgan Chase & Co. boosted their target price on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods boosted their price objective on shares of Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Finally, Piper Sandler raised their target price on shares of Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Palomar presently has a consensus rating of “Moderate Buy” and an average price target of $124.67.

Palomar Price Performance

Palomar stock opened at $126.92 on Thursday. Palomar has a 1-year low of $66.81 and a 1-year high of $128.38. The company’s 50-day moving average is $107.62 and its 200 day moving average is $101.01. The firm has a market capitalization of $3.36 billion, a P/E ratio of 30.15 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.13. Palomar had a return on equity of 19.65% and a net margin of 21.55%. Research analysts anticipate that Palomar will post 4.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 394 shares of the business’s stock in a transaction on Sunday, January 26th. The stock was sold at an average price of $101.69, for a total value of $40,065.86. Following the completion of the transaction, the chief financial officer now directly owns 16,943 shares of the company’s stock, valued at approximately $1,722,933.67. The trade was a 2.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $103.04, for a total value of $721,280.00. Following the sale, the chief executive officer now directly owns 419,388 shares in the company, valued at approximately $43,213,739.52. The trade was a 1.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,933 shares of company stock worth $4,030,156 in the last three months. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Palomar

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Palomar by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company’s stock valued at $271,886,000 after buying an additional 53,123 shares during the last quarter. State Street Corp raised its position in shares of Palomar by 3.0% in the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after purchasing an additional 32,151 shares during the last quarter. American Century Companies Inc. boosted its stake in Palomar by 36.6% in the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company’s stock worth $82,932,000 after purchasing an additional 210,523 shares in the last quarter. Geode Capital Management LLC grew its position in Palomar by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 618,840 shares of the company’s stock worth $65,358,000 after purchasing an additional 18,748 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Palomar by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company’s stock valued at $59,313,000 after purchasing an additional 17,320 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

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.