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Why Palomar Stock Was Up 10.7% This Week

TheMotleyFool

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Why Palomar Stock Was Up 10.7% This Week: https://g.foolcdn.com/editorial/images/734908/person-reading-on-his-smartphone.jpg

Palomar (NASDAQ: PLMR) had a solid week, as its stock price was up by 10.7% as of Friday morning at 9:30 a.m. ET, according to S&P Global Market Intelligence. Palomar was trading at about $52.90 per share at the market open on Friday, up 17.1% year to date.

The market was sluggish this week as the S 500 was up 0.4%, the Dow Jones Industrial Average was down 0.1%, and the Nasdaq Composite gained 1% as of Friday at the opening bell.

Palomar, a specialty insurance company, jumped this week after it announced the successful completion of several reinsurance programs on June 1. At the same time, the company boosted its net income guidance for 2023.

Source Fool.com