Latest PLMR News
May 16, 2023
tadamichi Keefe, Bruyette & Woods upgraded Palomar (NASDAQ: PLMR ) to Outperform from Market Perform following its Q1 earnings report as it believes the reinsurance attachment point seems "very manageable". "We're increasingly confident in PLMR's ability to buy a low enough reinsurance attachment point during the orderly (albeit expensive) mid-year renewals, implying controlled earnings volatility that should – combined with sustained strong GWP growth and expense ratio improvement throughout and beyond 2023 – drive outperformance over the next 12 months," said analyst Meyer Shields. KBW raised its 2023/2024 EPS estimates for Palomar ( PLMR ) to $3.05/$3.90 from $2.96/$3.60, assuming faster premium and investment income growth, and lower core and catastrophe loss and expense ratios. Price target was raised to $64 from $59, implying 35.9% potential upside to its last close. Shares +6% in afternoon trade.