JPMorgan Chase & Co. Issues Positive Forecast for Palomar (NASDAQ:PLMR) Stock Price

Palomar (NASDAQ:PLMR) had its price target upped by JPMorgan Chase & Co. from $150.00 to $167.00 in a research report report published on Monday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other analysts have also recently weighed in on PLMR. Keefe, Bruyette & Woods lifted their price target on shares of Palomar from $162.00 to $166.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Zacks Research lowered shares of Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Weiss Ratings raised shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Evercore set a $152.00 target price on shares of Palomar in a research note on Friday, July 10th. Finally, Piper Sandler lifted their target price on shares of Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $162.50.

Palomar Trading Up 3.5%

PLMR opened at $140.12 on Monday. Palomar has a one year low of $100.81 and a one year high of $147.62. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49. The business has a 50 day simple moving average of $119.91 and a two-hundred day simple moving average of $123.17. The firm has a market capitalization of $3.71 billion, a price-to-earnings ratio of 19.52 and a beta of 0.41.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The firm had revenue of $278.94 million for the quarter, compared to analyst estimates of $557.79 million. During the same period last year, the company earned $1.87 EPS. The business’s quarterly revenue was up 59.7% compared to the same quarter last year. Analysts predict that Palomar will post 8.9 EPS for the current year.

Insider Activity at Palomar

In other Palomar news, President Jon Christianson sold 6,863 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $139.50, for a total value of $957,388.50. Following the completion of the transaction, the president owned 66,478 shares in the company, valued at approximately $9,273,681. This represents a 9.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy Carter sold 480 shares of the firm’s stock in a transaction on Sunday, June 28th. The shares were sold at an average price of $124.29, for a total value of $59,659.20. Following the transaction, the insider directly owned 1,670 shares of the company’s stock, valued at $207,564.30. This represents a 22.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 14,343 shares of company stock worth $1,812,773 over the last ninety days. 3.70% of the stock is owned by corporate insiders.

Institutional Trading of Palomar

A number of hedge funds and other institutional investors have recently modified their holdings of PLMR. Geneos Wealth Management Inc. purchased a new position in Palomar during the 4th quarter valued at about $32,000. Kestra Advisory Services LLC bought a new stake in Palomar during the fourth quarter worth about $33,000. Rockefeller Capital Management L.P. grew its holdings in Palomar by 81.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock worth $40,000 after purchasing an additional 132 shares during the period. Frazier Financial Advisors LLC purchased a new stake in Palomar in the fourth quarter worth about $54,000. Finally, Parallel Advisors LLC increased its stake in shares of Palomar by 638.3% during the first quarter. Parallel Advisors LLC now owns 443 shares of the company’s stock valued at $53,000 after purchasing an additional 383 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Company Profile

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.