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

Palomar (NASDAQ:PLMR) had its price target upped by research analysts at JPMorgan Chase & Co. from $93.00 to $100.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 5.04% from the stock’s current price.

A number of other analysts also recently issued reports on the company. Jefferies Financial Group raised their price objective on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Evercore ISI raised their price objective on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. Piper Sandler raised their price objective on Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Keefe, Bruyette & Woods raised their price objective on Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Finally, Truist Financial lifted their target price on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $107.00.

Palomar Trading Down 1.0 %

NASDAQ:PLMR traded down $1.00 during trading hours on Thursday, hitting $95.20. The company had a trading volume of 32,514 shares, compared to its average volume of 162,111. The company has a 50-day moving average of $95.30 and a 200 day moving average of $89.20. The company has a market cap of $2.38 billion, a P/E ratio of 22.64 and a beta of 0.34. Palomar has a 1 year low of $54.50 and a 1 year high of $103.40.

Palomar (NASDAQ:PLMR) last issued its earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.20. The company had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. Palomar had a return on equity of 21.62% and a net margin of 21.55%. During the same period in the prior year, the business earned $0.80 EPS. On average, analysts forecast that Palomar will post 4.35 earnings per share for the current year.

Insider Activity

In other news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $95.49, for a total value of $668,430.00. Following the completion of the transaction, the chief executive officer now owns 440,388 shares in the company, valued at approximately $42,052,650.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $95.49, for a total value of $668,430.00. Following the completion of the transaction, the chief executive officer now owns 440,388 shares in the company, valued at approximately $42,052,650.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $94.40, for a total value of $944,000.00. Following the completion of the transaction, the president now owns 51,926 shares of the company’s stock, valued at $4,901,814.40. The trade was 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 currently owned by company insiders.

Hedge Funds Weigh In On Palomar

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Janney Montgomery Scott LLC purchased a new stake in Palomar during the first quarter worth approximately $602,000. Texas Permanent School Fund Corp lifted its stake in Palomar by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 21,644 shares of the company’s stock worth $1,814,000 after purchasing an additional 280 shares during the last quarter. Quantbot Technologies LP lifted its stake in Palomar by 1,149.0% during the first quarter. Quantbot Technologies LP now owns 10,429 shares of the company’s stock worth $874,000 after purchasing an additional 9,594 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Palomar during the first quarter worth approximately $122,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in Palomar during the first quarter worth approximately $235,000. 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.