Palomar (NASDAQ:PLMR) Price Target Lowered to $150.00 at JPMorgan Chase & Co.

Palomar (NASDAQ:PLMR) had its price target lowered by JPMorgan Chase & Co. from $160.00 to $150.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 32.46% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Weiss Ratings downgraded shares of Palomar from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 7th. Zacks Research downgraded shares of Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a report on Sunday, March 1st. Keefe, Bruyette & Woods dropped their price target on shares of Palomar from $186.00 to $159.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Finally, Evercore started coverage on shares of Palomar in a report on Monday, February 9th. They set an “outperform” rating and a $150.00 price target on the stock. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $147.75.

Palomar Stock Down 0.6%

PLMR stock traded down $0.63 during trading on Tuesday, hitting $113.24. 92,037 shares of the stock traded hands, compared to its average volume of 255,847. Palomar has a 1 year low of $107.51 and a 1 year high of $175.85. The firm’s 50 day moving average is $120.54 and its two-hundred day moving average is $124.54. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of 15.77 and a beta of 0.49. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, beating the consensus estimate of $2.17 by $0.14. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The company had revenue of $278.94 million for the quarter, compared to the consensus estimate of $557.79 million. During the same period in the prior year, the firm posted $1.87 EPS. Palomar’s revenue for the quarter was up 59.7% on a year-over-year basis. On average, sell-side analysts anticipate that Palomar will post 9.02 EPS for the current year.

Insider Activity at Palomar

In other news, CEO Mac Armstrong sold 3,500 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $120.58, for a total value of $422,030.00. Following the transaction, the chief executive officer owned 339,888 shares in the company, valued at $40,983,695.04. This represents a 1.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Jon Christianson sold 3,000 shares of the stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $125.00, for a total transaction of $375,000.00. Following the completion of the transaction, the president owned 62,919 shares in the company, valued at $7,864,875. This trade represents a 4.55% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 18,634 shares of company stock worth $2,318,111 in the last quarter. Company insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Palomar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Summit Global Investments raised its stake in Palomar by 1.7% during the 4th quarter. Summit Global Investments now owns 4,646 shares of the company’s stock worth $626,000 after acquiring an additional 79 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in Palomar by 3.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company’s stock worth $333,000 after acquiring an additional 82 shares during the period. Quadrant Capital Group LLC raised its stake in Palomar by 2.0% during the 4th quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company’s stock worth $602,000 after acquiring an additional 88 shares during the period. Clearstead Advisors LLC raised its stake in Palomar by 31.0% during the 3rd quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock worth $46,000 after acquiring an additional 94 shares during the period. Finally, California State Teachers Retirement System raised its stake in Palomar by 0.4% during the 2nd quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock worth $3,734,000 after acquiring an additional 97 shares during the period. Institutional investors own 90.25% of the company’s stock.

About Palomar

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.