Palomar (NASDAQ:PLMR) Price Target Raised to $133.00

Palomar (NASDAQ:PLMR) had its price objective hoisted by investment analysts at Piper Sandler from $119.00 to $133.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 23.96% from the company’s current price.

Several other brokerages have also issued reports on PLMR. JPMorgan Chase & Co. lifted their price target on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods increased their price target 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. Finally, Jefferies Financial Group boosted their price objective on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Palomar has an average rating of “Moderate Buy” and an average price target of $115.50.

Palomar Stock Performance

PLMR traded up $2.48 during midday trading on Monday, reaching $107.29. The company had a trading volume of 33,671 shares, compared to its average volume of 71,297. The business has a 50-day moving average price of $103.86 and a two-hundred day moving average price of $96.06. Palomar has a 12-month low of $54.81 and a 12-month high of $112.90. The stock has a market cap of $2.84 billion, a PE ratio of 25.48 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.20. The company had revenue of $148.50 million during the quarter, compared to analyst estimates of $134.72 million. Palomar had a return on equity of 19.65% and a net margin of 21.55%. During the same quarter last year, the firm posted $0.80 EPS. On average, research analysts anticipate that Palomar will post 4.33 earnings per share for the current year.

Insiders Place Their Bets

In related news, President Jon Christianson sold 819 shares of Palomar stock in a transaction that occurred on Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total transaction of $86,699.34. Following the sale, the president now directly owns 55,126 shares in the company, valued at $5,835,638.36. The trade was a 1.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Angela L. Grant sold 1,505 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 $159,319.30. Following the completion of the transaction, the insider now owns 2,534 shares of the company’s stock, valued at approximately $268,249.24. This trade represents a 37.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,909 shares of company stock valued at $3,242,655 in the last quarter. Insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

A number of hedge funds and other institutional investors have recently modified their holdings of PLMR. GAMMA Investing LLC grew its holdings in Palomar by 48.6% in the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after purchasing an additional 125 shares during the period. Arizona State Retirement System increased its position in Palomar by 2.4% during the 2nd quarter. Arizona State Retirement System now owns 6,961 shares of the company’s stock valued at $565,000 after buying an additional 164 shares in the last quarter. Covestor Ltd boosted its holdings in Palomar by 20.2% in the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after acquiring an additional 181 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in shares of Palomar by 1.6% in the third quarter. Louisiana State Employees Retirement System now owns 12,700 shares of the company’s stock worth $1,202,000 after acquiring an additional 200 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. bought a new position in shares of Palomar during the third quarter valued at $25,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

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.