Piper Sandler Issues Positive Forecast for Palomar (NASDAQ:PLMR) Stock Price

Palomar (NASDAQ:PLMR) had its price target upped by Piper Sandler from $133.00 to $150.00 in a research report released on Friday,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms also recently weighed in on PLMR. Keefe, Bruyette & Woods lifted their price objective on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a report on Friday, December 6th. JPMorgan Chase & Co. lifted their price objective on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, JMP Securities restated a “market perform” rating on shares of Palomar in a report on Thursday. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $124.67.

Palomar Stock Up 1.5 %

NASDAQ PLMR opened at $126.92 on Friday. Palomar has a 52 week low of $66.81 and a 52 week high of $128.38. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of 30.15 and a beta of 0.38. The company has a fifty day moving average of $107.29 and a two-hundred day moving average of $100.68.

Palomar (NASDAQ:PLMR) last released its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.65% and a net margin of 21.55%. Equities research analysts anticipate that Palomar will post 4.33 EPS for the current year.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $109.76, for a total value of $768,320.00. Following the completion of the transaction, the chief executive officer now directly owns 412,388 shares in the company, valued at approximately $45,263,706.88. The trade was a 1.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 394 shares of the business’s stock in a transaction dated Sunday, January 26th. The stock was sold at an average price of $101.69, for a total transaction of $40,065.86. Following the completion of the transaction, the chief financial officer now owns 16,943 shares of the company’s stock, valued at $1,722,933.67. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,933 shares of company stock worth $4,030,156. 4.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palomar

A number of large investors have recently modified their holdings of PLMR. American Century Companies Inc. grew its stake in shares of Palomar by 36.6% during the fourth quarter. American Century Companies Inc. now owns 785,419 shares of the company’s stock worth $82,932,000 after acquiring an additional 210,523 shares during the last quarter. Norges Bank purchased a new stake in shares of Palomar during the fourth quarter worth about $20,637,000. Price T Rowe Associates Inc. MD grew its stake in shares of Palomar by 39.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company’s stock worth $45,622,000 after acquiring an additional 122,057 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Palomar during the third quarter worth about $10,994,000. Finally, Freestone Grove Partners LP purchased a new stake in shares of Palomar during the fourth quarter worth about $11,774,000. 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.