Palomar (NASDAQ:PLMR) Price Target Raised to $145.00

Palomar (NASDAQ:PLMR) had its target price raised by JPMorgan Chase & Co. from $137.00 to $145.00 in a report released on Monday,Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts also recently issued reports on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Piper Sandler reduced their target price on Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 6th. Evercore ISI lowered their target price on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Palomar in a report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $157.67.

Palomar Stock Performance

Palomar stock opened at $132.45 on Monday. Palomar has a fifty-two week low of $98.42 and a fifty-two week high of $175.85. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of 23.28 and a beta of 0.25. The stock’s fifty day moving average is $117.33 and its two-hundred day moving average is $135.15.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Friday, December 16th. The company reported $0.07 EPS for the quarter. The business had revenue of $65.74 million for the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. As a group, sell-side analysts forecast that Palomar will post 5.99 EPS for the current fiscal year.

Insider Activity

In other news, CEO Mac Armstrong sold 5,000 shares of the company’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $116.02, for a total transaction of $580,100.00. Following the completion of the transaction, the chief executive officer owned 372,388 shares of the company’s stock, valued at $43,204,455.76. This represents a 1.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Jon Christianson sold 521 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $120.13, for a total transaction of $62,587.73. Following the completion of the sale, the president directly owned 59,036 shares in the company, valued at $7,091,994.68. This represents a 0.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 20,302 shares of company stock valued at $2,414,141 in the last three months. Company insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Palomar

A number of large investors have recently bought and sold shares of the stock. Barclays PLC raised its stake in Palomar by 55.5% during the third quarter. Barclays PLC now owns 142,777 shares of the company’s stock worth $16,669,000 after purchasing an additional 50,939 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Palomar by 1.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 596,050 shares of the company’s stock worth $69,584,000 after buying an additional 9,731 shares during the period. Picton Mahoney Asset Management boosted its holdings in Palomar by 99,408.3% in the third quarter. Picton Mahoney Asset Management now owns 11,941 shares of the company’s stock valued at $1,395,000 after acquiring an additional 11,929 shares during the last quarter. South Dakota Investment Council grew its position in Palomar by 49.9% during the third quarter. South Dakota Investment Council now owns 21,319 shares of the company’s stock valued at $2,489,000 after acquiring an additional 7,100 shares during the period. Finally, Champlain Investment Partners LLC increased its stake in Palomar by 22.9% during the third quarter. Champlain Investment Partners LLC now owns 408,746 shares of the company’s stock worth $47,721,000 after acquiring an additional 76,059 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

About Palomar

Palomar Holdings, Inc, a specialty insurance company, provides property and casualty insurance to residential and businesses in the United States. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, fronting, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance.