Palomar (NASDAQ:PLMR) Earns Market Perform Rating from JMP Securities

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

A number of other equities analysts have also weighed in on PLMR. Piper Sandler upped their target price on shares of Palomar from $119.00 to $133.00 and gave the stock an "overweight" rating in a research note on Monday, January 6th. JPMorgan Chase & Co. increased their price objective on shares of Palomar from $93.00 to $100.00 and gave the stock a "neutral" rating in a research note on Thursday, November 7th. Finally, Keefe, Bruyette & Woods increased their price objective 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. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $124.67.

Palomar Stock Performance

NASDAQ PLMR traded up $1.88 on Thursday, reaching $126.92. The company had a trading volume of 292,145 shares, compared to its average volume of 121,840. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of 30.15 and a beta of 0.38. Palomar has a 1-year low of $66.81 and a 1-year high of $128.38. The company's fifty day moving average is $107.62 and its 200-day moving average is $101.07.

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

Insider Activity

In other news, CEO Mac Armstrong sold 7,000 shares of the company'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 of the company's stock, valued at approximately $43,213,739.52. This represents a 1.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 1,030 shares of the company's stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $110.85, for a total transaction of $114,175.50. Following the completion of the sale, the chief financial officer now directly owns 15,994 shares in the company, valued at approximately $1,772,934.90. The trade was a 6.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,933 shares of company stock valued at $4,030,156. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Whittier Trust Co. of Nevada Inc. bought a new position in Palomar in the 3rd quarter valued at about $25,000. Blue Trust Inc. bought a new position in Palomar in the 4th quarter valued at about $26,000. GAMMA Investing LLC raised its holdings in Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company's stock valued at $36,000 after acquiring an additional 125 shares during the period. Farther Finance Advisors LLC raised its holdings in Palomar by 490.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company's stock valued at $43,000 after acquiring an additional 378 shares during the period. Finally, Smartleaf Asset Management LLC raised its holdings 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 acquiring an additional 349 shares during the period. 90.25% of the stock is owned by institutional investors.

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.