Palomar (NASDAQ:PLMR) Price Target Raised to $100.00

Palomar (NASDAQ:PLMR) had its price target raised by JPMorgan Chase & Co. from $93.00 to $100.00 in a research report report published on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

A number of other research analysts also recently commented on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. Piper Sandler boosted their target price on Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Evercore ISI upped their target price on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. Jefferies Financial Group lifted their price target on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Truist Financial increased their price objective on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Palomar has a consensus rating of “Moderate Buy” and a consensus target price of $109.00.

Palomar Stock Performance

Shares of NASDAQ:PLMR traded up $4.33 during mid-day trading on Thursday, hitting $100.10. The stock had a trading volume of 295,653 shares, compared to its average volume of 163,101. Palomar has a 12-month low of $54.50 and a 12-month high of $103.40. The company has a market cap of $2.65 billion, a PE ratio of 23.78 and a beta of 0.34. The company’s 50 day moving average is $95.26 and its 200-day moving average is $89.44.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The business had revenue of $148.50 million for the quarter, compared to the consensus estimate of $134.72 million. During the same quarter in the previous year, the company posted $0.80 earnings per share. On average, equities research analysts predict that Palomar will post 4.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other Palomar news, CFO T Christopher Uchida sold 1,750 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $99.00, for a total transaction of $173,250.00. Following the completion of the transaction, the chief financial officer now owns 20,594 shares of the company’s stock, valued at $2,038,806. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $96.28, for a total transaction of $673,960.00. Following the transaction, the chief executive officer now owns 433,388 shares of the company’s stock, valued at approximately $41,726,596.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 1,750 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $99.00, for a total transaction of $173,250.00. Following the completion of the sale, the chief financial officer now directly owns 20,594 shares of the company’s stock, valued at approximately $2,038,806. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,770 shares of company stock valued at $3,461,986 over the last 90 days. 4.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PLMR. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Palomar during the 3rd quarter worth about $25,000. GAMMA Investing LLC lifted its stake in Palomar by 48.6% during the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after purchasing an additional 125 shares during the period. Farther Finance Advisors LLC boosted its holdings in Palomar by 490.9% during the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after purchasing an additional 378 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Palomar in the 2nd quarter valued at approximately $49,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Palomar in the 1st quarter worth approximately $59,000. Institutional investors and hedge funds 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.