JPMorgan Chase & Co. Issues Positive Forecast for Palomar (NASDAQ:PLMR) Stock Price

Palomar (NASDAQ:PLMR) had its price target hoisted by JPMorgan Chase & Co. from $93.00 to $100.00 in a research report released on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Other research analysts also recently issued reports about the stock. Keefe, Bruyette & Woods raised their price objective on shares of Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Truist Financial raised their price target on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Evercore ISI upped their price objective on Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research note on Tuesday, August 6th. 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. Finally, Jefferies Financial Group upped their price target on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. 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 has a consensus rating of “Moderate Buy” and a consensus target price of $109.00.

Palomar Stock Up 4.5 %

PLMR traded up $4.33 on Thursday, reaching $100.10. The company had a trading volume of 260,552 shares, compared to its average volume of 163,101. Palomar has a 1 year low of $54.50 and a 1 year high of $103.40. The stock has a market capitalization of $2.50 billion, a PE ratio of 23.66 and a beta of 0.34. The stock has a 50-day moving average price of $95.24 and a 200-day moving average price of $89.24.

Palomar (NASDAQ:PLMR) last announced its earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. The firm had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. Palomar had a return on equity of 19.65% and a net margin of 21.55%. During the same period in the prior year, the firm earned $0.80 EPS. As a group, analysts expect that Palomar will post 4.35 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO T Christopher Uchida sold 1,750 shares of Palomar stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $99.00, for a total transaction of $173,250.00. Following the completion of the transaction, the chief financial officer now owns 20,594 shares of the company’s stock, valued at $2,038,806. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $95.49, for a total transaction of $668,430.00. Following the completion of the sale, the chief executive officer now owns 440,388 shares in the company, valued at approximately $42,052,650.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 1,750 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $99.00, for a total transaction of $173,250.00. Following the completion of the transaction, the chief financial officer now owns 20,594 shares in the company, valued at approximately $2,038,806. 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 three months, insiders sold 35,770 shares of company stock worth $3,461,986. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Palomar

Several institutional investors and hedge funds have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Palomar during the 3rd quarter valued at about $371,000. Premier Fund Managers Ltd raised its stake in Palomar by 4.7% during the third quarter. Premier Fund Managers Ltd now owns 19,882 shares of the company’s stock worth $1,887,000 after purchasing an additional 900 shares during the period. Quest Partners LLC boosted its holdings in shares of Palomar by 1,122.5% in the 3rd quarter. Quest Partners LLC now owns 4,181 shares of the company’s stock valued at $396,000 after purchasing an additional 3,839 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in shares of Palomar by 58.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock valued at $3,109,000 after buying an additional 12,147 shares during the period. Finally, Natixis Advisors LLC purchased a new position in shares of Palomar in the 3rd quarter worth $1,007,000. Hedge funds and other 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.