JPMorgan Chase & Co. Raises Palomar (NASDAQ:PLMR) Price Target to $145.00

Palomar (NASDAQ:PLMR) had its price objective increased by research analysts at JPMorgan Chase & Co. from $137.00 to $145.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 9.78% from the stock’s current price.

A number of other research firms also recently issued reports on PLMR. Piper Sandler dropped their price objective on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a report on Wednesday, August 6th. Keefe, Bruyette & Woods lowered their price target on Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. Evercore ISI cut their price objective on Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a report on Wednesday, October 1st. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Palomar currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.67.

Palomar Trading Up 2.0%

Shares of NASDAQ PLMR opened at $132.08 on Monday. The business has a 50-day moving average of $117.14 and a 200-day moving average of $135.17. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of 23.21 and a beta of 0.25. Palomar has a 12 month low of $98.42 and a 12 month high of $175.85.

Palomar (NASDAQ:PLMR) last announced its earnings results on Friday, December 16th. The company reported $0.07 earnings per share for the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The business had revenue of $65.74 million for the quarter. On average, analysts predict that Palomar will post 5.99 earnings per share for the current year.

Insider Activity

In other news, insider Jonathan Knutzen sold 281 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $120.13, for a total value of $33,756.53. Following the transaction, the insider owned 21,210 shares in the company, valued at approximately $2,547,957.30. This trade represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Jon Christianson sold 521 shares of the company’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $120.13, for a total transaction of $62,587.73. Following the sale, the president owned 59,036 shares of the company’s stock, valued at $7,091,994.68. This represents a 0.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 20,302 shares of company stock valued at $2,414,141. Corporate insiders own 3.70% of the company’s stock.

Institutional Trading of Palomar

A number of institutional investors have recently modified their holdings of the company. Allworth Financial LP increased its holdings in Palomar by 1,970.0% during the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock valued at $32,000 after purchasing an additional 197 shares during the period. Salomon & Ludwin LLC bought a new stake in shares of Palomar in the 3rd quarter worth approximately $25,000. Richardson Financial Services Inc. increased its stake in shares of Palomar by 210.0% during the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock valued at $25,000 after buying an additional 147 shares during the period. Maseco LLP bought a new position in shares of Palomar during the second quarter valued at approximately $45,000. Finally, Nisa Investment Advisors LLC lifted its stake in Palomar by 185.3% in the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company’s stock worth $43,000 after acquiring an additional 202 shares during the period. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

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.