Piper Sandler Issues Positive Forecast for Palomar (NASDAQ:PLMR) Stock Price

Palomar (NASDAQ:PLMR) had its target price hoisted by Piper Sandler from $119.00 to $133.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price objective would indicate a potential upside of 26.10% from the stock’s current price.

Several other research firms also recently weighed in on PLMR. 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 note on Wednesday, October 9th. JPMorgan Chase & Co. raised their target price on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Keefe, Bruyette & Woods upped their price target on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Palomar has a consensus rating of “Moderate Buy” and a consensus target price of $115.50.

Palomar Price Performance

Shares of Palomar stock opened at $105.47 on Monday. The business has a 50 day simple moving average of $104.17 and a two-hundred day simple moving average of $96.35. The stock has a market capitalization of $2.79 billion, a P/E ratio of 25.05 and a beta of 0.38. Palomar has a 12 month low of $54.81 and a 12 month high of $112.90.

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

Insiders Place Their Bets

In other Palomar news, CFO T Christopher Uchida sold 1,030 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $110.85, for a total value of $114,175.50. Following the transaction, the chief financial officer now owns 15,994 shares of the company’s stock, valued at $1,772,934.90. This represents a 6.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $96.28, for a total transaction of $673,960.00. Following the sale, the chief executive officer now owns 433,388 shares of the company’s stock, valued at approximately $41,726,596.64. This represents a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,909 shares of company stock valued at $3,242,655 over the last ninety days. Company insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

Several institutional investors have recently added to or reduced their stakes in PLMR. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Palomar during the third quarter worth $25,000. GAMMA Investing LLC lifted its stake in Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after acquiring an additional 125 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Palomar by 490.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after acquiring an additional 378 shares during the period. Covestor Ltd grew its position in Palomar by 20.2% in the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company’s stock valued at $102,000 after acquiring an additional 181 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its stake in Palomar by 152.0% during the second quarter. DekaBank Deutsche Girozentrale now owns 1,779 shares of the company’s stock worth $143,000 after purchasing an additional 1,073 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

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.