Palomar (NASDAQ:PLMR) Given Market Perform Rating at JMP Securities

Palomar (NASDAQ:PLMR)‘s stock had its “market perform” rating reaffirmed by JMP Securities in a research note issued on Thursday,Benzinga reports.

Several other research firms have also commented on PLMR. Piper Sandler boosted their price objective 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. JPMorgan Chase & Co. upped their target price on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Keefe, Bruyette & Woods raised their price target on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research report 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. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $115.50.

Palomar Price Performance

Shares of PLMR stock traded up $16.06 during midday trading on Thursday, reaching $125.05. 139,852 shares of the company traded hands, compared to its average volume of 137,579. The firm’s 50 day simple moving average is $106.96 and its two-hundred day simple moving average is $100.51. The firm has a market cap of $3.31 billion, a PE ratio of 29.75 and a beta of 0.38. Palomar has a 1-year low of $59.45 and a 1-year high of $128.38.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, beating 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%. As a group, research analysts anticipate that Palomar will post 4.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Jonathan Knutzen sold 282 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $104.46, for a total value of $29,457.72. Following the sale, the insider now directly owns 20,098 shares of the company’s stock, valued at approximately $2,099,437.08. This trade represents a 1.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO T Christopher Uchida sold 1,030 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $110.85, for a total transaction of $114,175.50. Following the transaction, the chief financial officer now directly owns 15,994 shares in the company, valued at approximately $1,772,934.90. This represents a 6.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,933 shares of company stock worth $4,030,156. 4.30% of the stock is owned by insiders.

Institutional Trading of Palomar

Institutional investors and hedge funds have recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. purchased a new stake in Palomar during the third quarter valued at about $25,000. Blue Trust Inc. acquired a new position in Palomar during the fourth quarter valued at approximately $26,000. GAMMA Investing LLC increased its position in shares of Palomar by 48.6% in the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after acquiring an additional 125 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of 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 lifted its holdings in shares of Palomar by 536.9% during 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 in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.