Palomar (NASDAQ:PLMR – Get Free Report) was upgraded by investment 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.
A number of other research analysts have also recently issued reports on PLMR. Piper Sandler boosted their price objective on shares of 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 report on Friday, July 10th. Weiss Ratings upgraded Palomar from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 24th. Keefe, Bruyette & Woods boosted their price target on Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a research report on Monday, August 10th. Finally, JPMorgan Chase & Co. raised their target price on shares of Palomar from $150.00 to $167.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $162.75.
View Our Latest Stock Analysis on PLMR
Palomar Stock Up 2.1%
Palomar (NASDAQ:PLMR – Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.19 by $0.17. The company had revenue of $314.42 million during 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 posted $1.76 earnings per share. Equities research analysts anticipate that Palomar will post 9.31 EPS for the current fiscal year.
Insider Activity at Palomar
In other news, insider Jonathan Knutzen sold 296 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total transaction of $37,814.00. Following the completion of the transaction, the insider directly owned 28,250 shares in the company, valued at $3,608,937.50. This trade represents a 1.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Rodolphe Herve sold 1,207 shares of the company’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $135.35, for a total transaction of $163,367.45. Following the sale, the chief operating officer directly owned 3,548 shares in the company, valued at $480,221.80. This trade represents a 25.38% decrease in their position. 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 valued at $2,198,116 in the last quarter. Insiders own 3.70% of the company’s stock.
Institutional Investors Weigh In On Palomar
Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Palomar in the 2nd quarter worth approximately $556,348,000. Jupiter Topco LLC purchased a new position in shares of Palomar during the 2nd quarter valued at about $132,166,000. Westfield Capital Management Co. LP lifted its holdings in shares of Palomar by 13.8% in the 4th quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company’s stock worth $113,229,000 after acquiring an additional 101,698 shares during the last quarter. Janus Henderson Group PLC boosted its position in Palomar by 17.4% during the first quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock valued at $111,664,000 after buying an additional 138,368 shares during the period. Finally, Geode Capital Management LLC grew its position in Palomar by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 661,900 shares of the company’s stock worth $89,212,000 after acquiring an additional 2,295 shares during the last quarter. 90.25% of the stock is owned by 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.
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