Palomar (NASDAQ:PLMR) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Palomar (NASDAQ:PLMR) had its price target boosted by stock analysts at JPMorgan Chase & Co. from $93.00 to $100.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 0.10% from the stock’s previous close.

PLMR has been the topic of a number of other research reports. Keefe, Bruyette & Woods upped their target price on shares of Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Evercore ISI boosted their target price on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research note on Tuesday, August 6th. Jefferies Financial Group raised their price target on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Truist Financial boosted their price objective on shares of Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Finally, Piper Sandler lifted their target price on Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Palomar currently has an average rating of “Moderate Buy” and a consensus target price of $109.00.

Palomar Stock Performance

Shares of PLMR opened at $100.10 on Thursday. Palomar has a one year low of $54.50 and a one year high of $103.40. The stock has a 50-day moving average price of $95.26 and a 200 day moving average price of $89.38. The company has a market capitalization of $2.50 billion, a P/E ratio of 23.78 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.20. The business had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same quarter last year, the company earned $0.80 earnings per share. As a group, equities research analysts forecast that Palomar will post 4.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President Jon Christianson sold 3,805 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $103.04, for a total transaction of $392,067.20. Following the completion of the transaction, the president now directly owns 51,926 shares in the company, valued at approximately $5,350,455.04. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction dated Monday, September 23rd. The shares were 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 $42,052,650.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, President Jon Christianson sold 3,805 shares of the business’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $103.04, for a total transaction of $392,067.20. Following the sale, the president now owns 51,926 shares in the company, valued at $5,350,455.04. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,770 shares of company stock worth $3,461,986. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Intech Investment Management LLC boosted its stake in Palomar by 109.0% during the 3rd quarter. Intech Investment Management LLC now owns 9,040 shares of the company’s stock valued at $856,000 after purchasing an additional 4,714 shares in the last quarter. King Luther Capital Management Corp lifted its holdings in shares of Palomar by 1.2% in the third quarter. King Luther Capital Management Corp now owns 88,630 shares of the company’s stock valued at $8,391,000 after buying an additional 1,071 shares during the period. Moran Wealth Management LLC acquired a new stake in shares of Palomar in the third quarter valued at $547,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Palomar during the third quarter valued at about $371,000. Finally, Premier Fund Managers Ltd raised its position in Palomar by 4.7% in the third quarter. Premier Fund Managers Ltd now owns 19,882 shares of the company’s stock worth $1,887,000 after acquiring an additional 900 shares in the last quarter. Institutional investors and hedge funds 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.