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

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

A number of other research analysts have also weighed in on the company. Keefe, Bruyette & Woods boosted their target price on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Jefferies Financial Group upped their price objective on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, 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. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.50.

Palomar Price Performance

Shares of PLMR stock opened at $106.49 on Monday. The company has a fifty day moving average price of $103.86 and a two-hundred day moving average price of $96.17. Palomar has a one year low of $54.81 and a one year high of $112.90. The stock has a market cap of $2.82 billion, a P/E ratio of 25.29 and a beta of 0.38.

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

Insider Activity at Palomar

In related news, insider Angela L. Grant sold 1,505 shares of the business’s stock in a transaction that occurred 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 sale, 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Mac Armstrong sold 3,185 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $98.21, for a total value of $312,798.85. Following the transaction, the chief executive officer now owns 50,312 shares in the company, valued at approximately $4,941,141.52. This trade represents a 5.95 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,909 shares of company stock worth $3,242,655. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

Hedge funds have recently modified their holdings of the company. State Street Corp increased its position in shares of Palomar by 3.0% during the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after buying an additional 32,151 shares during the period. Geode Capital Management LLC raised its stake in shares of Palomar by 3.2% in 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 last quarter. Victory Capital Management Inc. boosted its holdings in Palomar by 1,634.6% during the 2nd quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock worth $14,419,000 after acquiring an additional 167,435 shares during the last quarter. Driehaus Capital Management LLC lifted its position in shares of Palomar by 17.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock worth $24,362,000 after buying an additional 43,841 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its position in Palomar by 58.7% in the third quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock worth $3,109,000 after purchasing an additional 12,147 shares during the last quarter. Institutional investors and hedge funds 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.