Palomar (NASDAQ:PLMR) had its price target lifted by research analysts at Piper Sandler from $64.00 to $90.00 in a note issued to investors on Monday, The Fly reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 4.94% from the stock’s previous close. Piper Sandler also issued estimates for Palomar’s Q3 2020 earnings at $0.52 EPS, Q4 2020 earnings at $0.57 EPS, Q2 2021 earnings at $0.50 EPS and Q3 2021 earnings at $0.68 EPS.
A number of other brokerages have also recently issued reports on PLMR. JPMorgan Chase & Co. increased their price objective on shares of Palomar from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Zacks Investment Research upgraded shares of Palomar from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research note on Wednesday, May 20th. Finally, BidaskClub upgraded shares of Palomar from a “hold” rating to a “buy” rating in a research note on Saturday, March 21st. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $67.71.
NASDAQ:PLMR opened at $85.76 on Monday. The stock has a market cap of $1.91 billion, a P/E ratio of 55.69 and a beta of -0.12. Palomar has a one year low of $23.47 and a one year high of $87.14. The company has a fifty day moving average price of $73.36 and a 200 day moving average price of $58.20.
Palomar (NASDAQ:PLMR) last released its earnings results on Tuesday, May 5th. The company reported $0.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.11. The firm had revenue of $38.02 million during the quarter, compared to analysts’ expectations of $35.72 million. Palomar had a net margin of 28.53% and a return on equity of 18.64%. During the same period in the prior year, the company earned $0.52 EPS. On average, research analysts forecast that Palomar will post 2.09 EPS for the current fiscal year.
In related news, major shareholder Vi Gp Aiv Ltd. Genstar sold 1,135,392 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $61.11, for a total transaction of $69,383,805.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jon Christianson sold 1,500 shares of the stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $50.55, for a total transaction of $75,825.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,211,092 shares of company stock valued at $74,465,825 in the last quarter. 7.70% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the business. US Bancorp DE bought a new stake in Palomar during the 4th quarter worth about $25,000. Salomon & Ludwin LLC bought a new stake in Palomar during the 1st quarter worth about $28,000. Great West Life Assurance Co. Can bought a new stake in Palomar during the 4th quarter worth about $37,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Palomar during the 1st quarter worth about $70,000. Finally, Bank of Montreal Can grew its holdings in Palomar by 205.6% during the 4th quarter. Bank of Montreal Can now owns 1,577 shares of the company’s stock worth $80,000 after acquiring an additional 1,061 shares during the last quarter. 80.20% of the stock is currently owned by hedge funds and other institutional investors.
Palomar Company Profile
There is no company description available for Palomar Holdings Inc
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