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

Palomar (NASDAQ:PLMR) had its price objective boosted by Piper Sandler from $133.00 to $150.00 in a report released on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts also recently weighed in on PLMR. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a research note on Thursday. Keefe, Bruyette & Woods upped their target price on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. upped their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Palomar currently has a consensus rating of “Moderate Buy” and an average target price of $124.67.

Palomar Trading Up 1.5 %

Palomar stock opened at $126.92 on Friday. Palomar has a 12 month low of $66.81 and a 12 month high of $128.38. The stock’s 50 day simple moving average is $107.29 and its two-hundred day simple moving average is $100.68. The firm has a market cap of $3.36 billion, a PE ratio of 30.15 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.65% and a net margin of 21.55%. On average, equities research analysts forecast that Palomar will post 4.33 EPS for the current year.

Insider Activity at Palomar

In related news, President Jon Christianson sold 819 shares of the stock in a transaction on Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total value of $86,699.34. Following the completion of the transaction, the president now directly owns 55,126 shares of the company’s stock, valued at approximately $5,835,638.36. This represents a 1.46 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 394 shares of the stock in a transaction on Sunday, January 26th. The shares were sold at an average price of $101.69, for a total value of $40,065.86. Following the completion of the transaction, the chief financial officer now directly owns 16,943 shares of the company’s stock, valued at approximately $1,722,933.67. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,933 shares of company stock valued at $4,030,156. 4.30% of the stock is owned by insiders.

Institutional Trading of Palomar

Several large investors have recently added to or reduced their stakes in PLMR. Whittier Trust Co. of Nevada Inc. purchased a new stake in Palomar in the 3rd quarter valued at $25,000. Blue Trust Inc. purchased a new stake in Palomar in the 4th quarter valued at $26,000. GAMMA Investing LLC grew its holdings in 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 buying an additional 125 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in 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 buying an additional 378 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in Palomar by 536.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock valued at $43,000 after buying an additional 349 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

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.