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

Palomar (NASDAQ:PLMR) had its target price raised by Piper Sandler from $119.00 to $133.00 in a research report report published on Monday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

PLMR has been the subject of a number of other reports. JPMorgan Chase & Co. boosted their target price on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods boosted their price objective on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Finally, Jefferies Financial Group increased their price objective on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $115.50.

Palomar Trading Up 0.4 %

Shares of Palomar stock opened at $105.87 on Monday. Palomar has a twelve month low of $54.81 and a twelve month high of $112.90. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of 25.15 and a beta of 0.38. The business’s 50 day simple moving average is $104.67 and its 200-day simple moving average is $96.60.

Palomar (NASDAQ:PLMR) last issued its earnings results 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 firm had revenue of $148.50 million for 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 period last year, the company earned $0.80 earnings per share. Sell-side analysts predict that Palomar will post 4.33 earnings per share for the current year.

Insider Activity

In related news, President Jon Christianson sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $98.45, for a total transaction of $196,900.00. Following the completion of the transaction, the president now owns 51,926 shares of the company’s stock, valued at $5,112,114.70. This trade represents a 3.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Angela L. Grant sold 1,505 shares of Palomar stock in a transaction dated Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total value of $159,319.30. Following the transaction, the insider now directly owns 2,534 shares in the company, valued at approximately $268,249.24. The trade was a 37.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 31,909 shares of company stock worth $3,242,655 over the last three months. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp increased its holdings in shares of Palomar by 3.0% in the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after buying an additional 32,151 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Palomar by 3.2% during the third quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock worth $56,822,000 after purchasing an additional 18,335 shares during the period. Victory Capital Management Inc. raised its position in shares of Palomar by 1,634.6% during the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock worth $14,419,000 after purchasing an additional 167,435 shares during the period. Driehaus Capital Management LLC lifted its holdings in shares of Palomar by 17.1% during the second quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock valued at $24,362,000 after purchasing an additional 43,841 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its position in shares of Palomar by 58.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock valued at $3,109,000 after purchasing an additional 12,147 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

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.