Palomar (NASDAQ:PLMR) Stock Price Expected to Rise, Piper Sandler Analyst Says

Palomar (NASDAQ:PLMR) had its price target lifted by analysts at Piper Sandler from $119.00 to $133.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price objective points to a potential upside of 26.10% from the stock’s previous close.

A number of other research analysts have also issued reports on PLMR. Jefferies Financial Group upped their price target on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods upped their target price on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Finally, JPMorgan Chase & Co. raised 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 research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $115.50.

Palomar Price Performance

Palomar stock opened at $105.47 on Monday. Palomar has a 1-year low of $54.81 and a 1-year high of $112.90. The business has a fifty day moving average price of $104.17 and a 200-day moving average price of $96.35. The stock has a market capitalization of $2.79 billion, a price-to-earnings ratio of 25.05 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last issued its quarterly 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. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The business had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. During the same quarter last year, the company earned $0.80 earnings per share. On average, equities research analysts anticipate that Palomar will post 4.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $96.28, for a total transaction of $673,960.00. Following the sale, the chief executive officer now directly owns 433,388 shares of the company’s stock, valued at approximately $41,726,596.64. This trade represents a 1.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Angela L. Grant sold 1,505 shares of the business’s stock in a transaction dated Wednesday, January 1st. The shares were 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 directly 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 sold a total of 31,909 shares of company stock valued at $3,242,655 over the last 90 days. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

Hedge funds have recently bought and sold shares of the stock. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Palomar in the 3rd quarter valued at $25,000. GAMMA Investing LLC increased its holdings in Palomar by 48.6% in the third 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 raised its position in shares of Palomar by 490.9% in the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after acquiring an additional 378 shares during the period. Covestor Ltd boosted its stake in shares of Palomar by 20.2% during the 3rd 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. Finally, DekaBank Deutsche Girozentrale grew its position in shares of Palomar by 152.0% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 1,779 shares of the company’s stock valued at $143,000 after acquiring an additional 1,073 shares during the period. 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.