Palomar (NASDAQ:PLMR) Upgraded to Buy by Jefferies Financial Group

Jefferies Financial Group upgraded shares of Palomar (NASDAQ:PLMRFree Report) from a hold rating to a buy rating in a research note published on Thursday, MarketBeat Ratings reports. The firm currently has $88.00 price target on the stock, up from their prior price target of $78.00.

PLMR has been the subject of a number of other reports. Keefe, Bruyette & Woods lifted their target price on Palomar from $73.00 to $87.00 and gave the company an outperform rating in a report on Wednesday, February 21st. TheStreet raised Palomar from a c+ rating to a b- rating in a report on Tuesday, December 5th. Evercore ISI lifted their price target on Palomar from $66.00 to $68.00 and gave the stock an in-line rating in a report on Thursday, February 15th. Finally, Truist Financial lifted their price target on Palomar from $72.00 to $88.00 and gave the stock a buy rating in a report on Friday, February 16th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $77.00.

Check Out Our Latest Report on Palomar

Palomar Stock Performance

Shares of Palomar stock opened at $82.02 on Thursday. Palomar has a fifty-two week low of $46.09 and a fifty-two week high of $84.57. The stock has a 50 day moving average of $66.85 and a 200 day moving average of $59.17. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of 26.29 and a beta of 0.21.

Palomar (NASDAQ:PLMRGet Free Report) last issued its quarterly earnings data on Wednesday, February 14th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.09. Palomar had a return on equity of 19.35% and a net margin of 21.07%. The business had revenue of $102.35 million during the quarter, compared to analysts’ expectations of $95.07 million. Analysts forecast that Palomar will post 3.81 EPS for the current year.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $75.75, for a total transaction of $530,250.00. Following the transaction, the chief executive officer now owns 482,388 shares in the company, valued at approximately $36,540,891. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $75.75, for a total transaction of $530,250.00. Following the sale, the chief executive officer now owns 482,388 shares of the company’s stock, valued at approximately $36,540,891. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Jon Christianson sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $60.00, for a total value of $120,000.00. Following the sale, the president now directly owns 70,019 shares in the company, valued at approximately $4,201,140. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,801 shares of company stock worth $1,498,537. Company insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Palomar

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in shares of Palomar by 0.9% during the 1st quarter. BlackRock Inc. now owns 3,633,581 shares of the company’s stock worth $232,512,000 after purchasing an additional 32,307 shares during the period. Vanguard Group Inc. lifted its stake in shares of Palomar by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 2,363,067 shares of the company’s stock worth $131,150,000 after purchasing an additional 85,329 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Palomar by 0.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,600,319 shares of the company’s stock worth $103,061,000 after purchasing an additional 6,497 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake in shares of Palomar by 14.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,199,322 shares of the company’s stock worth $54,162,000 after purchasing an additional 147,566 shares during the period. Finally, Stephens Investment Management Group LLC lifted its stake in shares of Palomar by 11.3% during the 4th quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock worth $59,752,000 after purchasing an additional 109,261 shares during the period. Hedge funds and other institutional investors own 88.33% of the company’s stock.

Palomar Company Profile

(Get Free Report)

Palomar Holdings, Inc, an insurance holding 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.

Further Reading

Analyst Recommendations for Palomar (NASDAQ:PLMR)

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