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

JMP Securities reaffirmed their market perform rating on shares of Palomar (NASDAQ:PLMR) in a research report sent to investors on Thursday,Benzinga reports.

Several 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 report on Thursday, November 7th. Keefe, Bruyette & Woods lifted their price target on shares of Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, Piper Sandler upped their price objective on Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $115.50.

Palomar Price Performance

NASDAQ PLMR opened at $125.04 on Thursday. Palomar has a 1-year low of $59.45 and a 1-year high of $128.38. The stock has a market capitalization of $3.31 billion, a price-to-earnings ratio of 29.70 and a beta of 0.38. The business’s fifty day moving average price is $106.96 and its 200-day moving average price is $100.51.

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

Insider Buying and Selling

In other Palomar news, insider Angela L. Grant sold 1,505 shares of the firm’s stock in a transaction that occurred on Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total transaction of $159,319.30. Following the completion of the transaction, the insider now owns 2,534 shares in the company, valued at $268,249.24. This trade represents a 37.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO T Christopher Uchida sold 390 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $104.47, for a total value of $40,743.30. Following the sale, the chief financial officer now directly owns 18,509 shares in the company, valued at $1,933,635.23. This trade represents a 2.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,933 shares of company stock worth $4,030,156. 4.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palomar

A number of hedge funds have recently bought and sold shares of PLMR. American Century Companies Inc. grew its stake in shares of 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 buying an additional 210,523 shares in the last quarter. Norges Bank purchased a new position in Palomar in the fourth quarter worth about $20,637,000. Point72 Asset Management L.P. purchased a new stake in Palomar during the third quarter valued at approximately $10,994,000. Soros Fund Management LLC purchased a new stake in Palomar during the third quarter valued at approximately $9,467,000. Finally, Atlas Capital Advisors Inc. lifted its stake in shares of Palomar by 175.5% in the 4th quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company’s stock valued at $14,918,000 after purchasing an additional 90,000 shares during the last quarter. 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.