Palomar (NASDAQ:PLMR) Upgraded by Wall Street Zen to Buy Rating

Wall Street Zen upgraded shares of Palomar (NASDAQ:PLMR) from a hold rating to a buy rating in a research note published on Saturday morning.

Other equities analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $164.00 to $170.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 11th. Piper Sandler lowered their price objective on Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a research report on Wednesday, August 6th. JPMorgan Chase & Co. increased their price objective on Palomar from $137.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, November 10th. Weiss Ratings reissued a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. Finally, Evercore ISI lowered their price target on Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a report on Wednesday, October 1st. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $157.67.

Palomar Price Performance

Shares of PLMR stock traded down $0.34 during trading hours on Friday, reaching $129.72. 244,234 shares of the stock were exchanged, compared to its average volume of 294,111. The business’s fifty day moving average is $117.54 and its two-hundred day moving average is $134.89. The firm has a market capitalization of $3.44 billion, a P/E ratio of 22.80 and a beta of 0.25. Palomar has a 12-month low of $98.42 and a 12-month high of $175.85.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The company had revenue of $65.74 million during the quarter. As a group, equities research analysts predict that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Transactions at Palomar

In other news, President Jon Christianson sold 521 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $120.13, for a total value of $62,587.73. Following the completion of the sale, the president directly owned 59,036 shares of the company’s stock, valued at approximately $7,091,994.68. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $121.59, for a total transaction of $60,795.00. Following the transaction, the chief financial officer owned 7,168 shares in the company, valued at approximately $871,557.12. This trade represents a 6.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 20,302 shares of company stock worth $2,414,141. Insiders own 3.70% of the company’s stock.

Institutional Trading of Palomar

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Palomar by 3.0% in the third quarter. Vanguard Group Inc. now owns 2,631,240 shares of the company’s stock valued at $307,197,000 after purchasing an additional 77,515 shares during the period. American Century Companies Inc. grew its holdings in shares of Palomar by 2.1% during the second quarter. American Century Companies Inc. now owns 846,312 shares of the company’s stock worth $130,544,000 after buying an additional 17,188 shares during the last quarter. Invesco Ltd. increased its position in Palomar by 234.1% in the 2nd quarter. Invesco Ltd. now owns 798,361 shares of the company’s stock valued at $123,147,000 after acquiring an additional 559,383 shares during the period. Westfield Capital Management Co. LP raised its stake in Palomar by 81.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 738,528 shares of the company’s stock valued at $86,223,000 after acquiring an additional 330,592 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Palomar by 2.1% during the 2nd quarter. Geode Capital Management LLC now owns 657,530 shares of the company’s stock valued at $101,436,000 after acquiring an additional 13,802 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.