Palomar Appoints Chief Talent & Diversity Officer; Street Sees 14% Upside

Palomar Holdings on Jan. 4 announced that Michelle Johnson has been promoted to Chief Talent & Diversity Officer, effective immediately.

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Johnson has been serving as the SVP of People & Talent of the specialty property insurance company since joining in 2019.

“In this new role, Michelle will continue to oversee our talent strategies and programs while expanding on the Company’s diversity and inclusion practices. Her continued leadership will only strengthen our position as a leading specialty insurance company,” said Palomar Holdings (PLMR) CEO Mac Armstrong.

Barclays analyst Tracy Benguigui initiated coverage on PLMR stock with a Buy rating and a $82 (7.2% downside potential) price target on Nov. 17.

Benguigui started coverage on the US non-life Insurance industry with a positive outlook, as he views property and casualty insurers at the winning end of a pandemic-induced recession.

COVID-19 is spurring “much-needed” foundational underwriting improvements that extend beyond the purview of a hard pricing cycle, the analyst added. (See PLMR stock analysis on TipRanks)

From the rest of the Street, the stock scores a cautiously optimistic analyst consensus of a Moderate Buy based on 3 Buys and 2 Holds. The average analyst price target of $101 implies upside potential of 14.4% to current levels.