Palomar (NASDAQ:PLMR) Price Target Increased to $90.00 by Analysts at Piper Sandler

Palomar (NASDAQ:PLMR) had its price target lifted by Piper Sandler from $64.00 to $90.00 in a research report released on Monday, The Fly reports. The firm currently has an overweight rating on the stock. Piper Sandler also issued estimates for Palomar’s Q2 2020 earnings at $0.42 EPS, Q3 2020 earnings at $0.52 EPS, Q4 2020 earnings at $0.57 EPS, FY2020 earnings at $2.00 EPS, Q1 2021 earnings at $0.53 EPS, Q2 2021 earnings at $0.50 EPS, Q3 2021 earnings at $0.68 EPS and FY2021 earnings at $2.45 EPS.

Several other research firms also recently weighed in on PLMR. BidaskClub upgraded shares of Palomar from a hold rating to a buy rating in a research report on Saturday, March 21st. Zacks Investment Research upgraded shares of Palomar from a hold rating to a buy rating and set a $68.00 price target on the stock in a research report on Wednesday, May 20th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Palomar from $55.00 to $60.00 and gave the stock an overweight rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Palomar presently has a consensus rating of Buy and an average target price of $67.71.

PLMR opened at $87.51 on Monday. Palomar has a 1-year low of $23.69 and a 1-year high of $90.64. The company has a market capitalization of $2.08 billion, a PE ratio of 56.83 and a beta of -0.10. The firm’s 50 day simple moving average is $74.44 and its two-hundred day simple moving average is $58.53.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.50 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.11. Palomar had a net margin of 28.53% and a return on equity of 18.64%. The business had revenue of $38.02 million for the quarter, compared to the consensus estimate of $35.72 million. During the same period last year, the firm earned $0.52 earnings per share. As a group, research analysts expect that Palomar will post 2.08 earnings per share for the current year.

In related news, CEO Mac Armstrong sold 12,500 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $59.70, for a total transaction of $746,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Heath A. Fisher sold 5,000 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $82.86, for a total transaction of $414,300.00. Following the transaction, the president now directly owns 25,000 shares of the company’s stock, valued at $2,071,500. The disclosure for this sale can be found here. Insiders have sold 1,211,092 shares of company stock valued at $74,465,825 over the last ninety days. 7.70% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of PLMR. US Bancorp DE purchased a new position in shares of Palomar in the 4th quarter worth $25,000. Salomon & Ludwin LLC purchased a new position in shares of Palomar in the 1st quarter worth $28,000. Great West Life Assurance Co. Can purchased a new position in shares of Palomar in the 4th quarter worth $37,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Palomar in the 1st quarter worth $70,000. Finally, Bank of Montreal Can grew its stake in shares of Palomar by 205.6% in the 4th quarter. Bank of Montreal Can now owns 1,577 shares of the company’s stock worth $80,000 after buying an additional 1,061 shares in the last quarter. 80.20% of the stock is owned by institutional investors and hedge funds.

About Palomar

There is no company description available for Palomar Holdings Inc

Featured Article: How the Consumer Price Index (CPI) is calculated?

The Fly

Analyst Recommendations for Palomar (NASDAQ:PLMR)

Receive News & Ratings for Palomar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Palomar and related companies with MarketBeat.com's FREE daily email newsletter.