Palomar (NASDAQ:PLMR) Price Target Raised to $150.00

Palomar (NASDAQ:PLMR) had its price target upped by equities research analysts at Piper Sandler from $133.00 to $150.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 19.96% from the stock’s previous close.

Other analysts also recently issued research reports about the company. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a research note on Thursday. JPMorgan Chase & Co. boosted their price target on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Palomar presently has an average rating of “Moderate Buy” and an average target price of $118.33.

Palomar Stock Up 14.7 %

NASDAQ PLMR opened at $125.04 on Friday. Palomar has a twelve month low of $59.45 and a twelve month high of $128.38. The business has a 50-day moving average price of $106.96 and a 200-day moving average price of $100.51. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of 29.70 and a beta of 0.38.

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

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 1,030 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $110.85, for a total transaction of $114,175.50. Following the transaction, the chief financial officer now directly owns 15,994 shares in the company, valued at approximately $1,772,934.90. This represents a 6.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $103.04, for a total transaction of $721,280.00. Following the completion of the sale, the chief executive officer now directly owns 419,388 shares of the company’s stock, valued at approximately $43,213,739.52. The trade was a 1.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,933 shares of company stock worth $4,030,156. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Palomar

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Palomar by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company’s stock valued at $271,886,000 after purchasing an additional 53,123 shares during the period. State Street Corp lifted its holdings in Palomar by 3.0% during the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after buying an additional 32,151 shares in the last quarter. American Century Companies Inc. lifted its holdings in Palomar by 36.6% during the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company’s stock valued at $82,932,000 after buying an additional 210,523 shares in the last quarter. Geode Capital Management LLC boosted its position in Palomar by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 618,840 shares of the company’s stock valued at $65,358,000 after buying an additional 18,748 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Palomar by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company’s stock worth $59,313,000 after acquiring an additional 17,320 shares in the last quarter. 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.