Palomar (NASDAQ:PLMR) Stock Price Expected to Rise, Piper Sandler Analyst Says

Palomar (NASDAQ:PLMR) had its price objective boosted by research analysts at Piper Sandler from $105.00 to $110.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s target price indicates a potential upside of 9.89% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Keefe, Bruyette & Woods raised their target price on Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Truist Financial raised their target price on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Evercore ISI raised their price target on Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research report on Tuesday, August 6th. JPMorgan Chase & Co. raised their price target on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Jefferies Financial Group raised their price target on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Palomar has a consensus rating of “Moderate Buy” and an average price target of $109.00.

Palomar Stock Up 4.5 %

Shares of NASDAQ PLMR traded up $4.33 during mid-day trading on Friday, hitting $100.10. 295,653 shares of the company were exchanged, compared to its average volume of 163,101. The stock has a 50 day simple moving average of $95.26 and a 200-day simple moving average of $89.44. Palomar has a 1-year low of $54.50 and a 1-year high of $103.40. The firm has a market cap of $2.65 billion, a price-to-earnings ratio of 23.78 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, November 4th. The company reported $1.23 EPS 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 company had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. During the same quarter last year, the company earned $0.80 earnings per share. Analysts anticipate that Palomar will post 4.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $94.40, for a total transaction of $944,000.00. Following the completion of the sale, the president now owns 51,926 shares in the company, valued at approximately $4,901,814.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Palomar news, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $94.40, for a total value of $944,000.00. Following the completion of the sale, the president now owns 51,926 shares in the company, valued at $4,901,814.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO T Christopher Uchida sold 1,750 shares of Palomar stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $99.00, for a total value of $173,250.00. Following the completion of the sale, the chief financial officer now owns 20,594 shares of the company’s stock, valued at $2,038,806. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,770 shares of company stock worth $3,461,986. 4.30% of the stock is owned by corporate insiders.

Institutional Trading of Palomar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Palomar in the 3rd quarter valued at about $25,000. GAMMA Investing LLC lifted its stake in shares of Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after purchasing an additional 125 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Palomar by 490.9% in the 3rd 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 acquired a new position in shares of Palomar in the 2nd quarter valued at about $49,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Palomar in the 1st quarter valued at about $59,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Company Profile

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.