Palomar (NASDAQ:PLMR) Stock Moved Up to Strong-Buy by Zacks Research

Palomar (NASDAQ:PLMR) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday, Zacks reports. Zacks Research also issued estimates for Palomar’s Q2 2027 earnings at $2.30 EPS, Q1 2028 earnings at $2.88 EPS, Q2 2028 earnings at $2.79 EPS and FY2028 earnings at $10.81 EPS.

PLMR has been the topic of several other research reports. Keefe, Bruyette & Woods upped their target price on shares of Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a research note on Monday, August 10th. JPMorgan Chase & Co. increased their target price on shares of Palomar from $150.00 to $167.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Piper Sandler raised their price target on Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Evercore set a $152.00 target price on shares of Palomar in a research report on Friday, July 10th. Finally, Weiss Ratings raised Palomar from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company’s stock. According to data from MarketBeat, Palomar presently has an average rating of “Buy” and a consensus target price of $162.75.

Palomar Stock Performance

Shares of PLMR stock opened at $125.93 on Wednesday. The company has a market capitalization of $3.31 billion, a P/E ratio of 16.93 and a beta of 0.35. Palomar has a fifty-two week low of $100.81 and a fifty-two week high of $147.62. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.50 and a current ratio of 0.50. The stock has a 50 day moving average price of $132.42 and a two-hundred day moving average price of $125.31.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $2.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.19 by $0.17. The business had revenue of $314.42 million for the quarter, compared to the consensus estimate of $621.52 million. Palomar had a net margin of 18.61% and a return on equity of 23.28%. During the same period in the previous year, the firm earned $1.76 EPS. Analysts expect that Palomar will post 9.31 earnings per share for the current year.

Insider Activity at Palomar

In other news, CEO Mac Armstrong sold 3,500 shares of the stock in a transaction on Monday, September 21st. The shares were sold at an average price of $134.98, for a total value of $472,430.00. Following the sale, the chief executive officer owned 318,888 shares in the company, valued at $43,043,502.24. This represents a 1.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jonathan Knutzen sold 296 shares of Palomar stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $127.75, for a total value of $37,814.00. Following the transaction, the insider owned 28,250 shares of the company’s stock, valued at approximately $3,608,937.50. This represents a 1.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 16,322 shares of company stock worth $2,198,116 in the last 90 days. 3.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Palomar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System boosted its holdings in shares of Palomar by 1.2% in the 2nd quarter. Arizona State Retirement System now owns 7,364 shares of the company’s stock valued at $931,000 after buying an additional 84 shares during the period. Rockefeller Capital Management L.P. grew its position in Palomar by 81.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock worth $40,000 after purchasing an additional 132 shares in the last quarter. Strs Ohio lifted its position in shares of Palomar by 2.3% in the first quarter. Strs Ohio now owns 8,900 shares of the company’s stock worth $1,064,000 after purchasing an additional 200 shares in the last quarter. KBC Group NV increased its stake in shares of Palomar by 38.0% in the first quarter. KBC Group NV now owns 1,017 shares of the company’s stock worth $122,000 after acquiring an additional 280 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of Palomar during the 2nd quarter worth about $43,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

About Palomar

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products for risks that may be underserved by standard insurance carriers. The company focuses on markets where specialized underwriting expertise is important, including catastrophe-exposed property and other complex commercial and personal insurance risks.

Its offerings include commercial and residential property coverage, casualty insurance, specialty programs, and other products designed for areas such as earthquake, wind, flood, and other natural catastrophe exposures.