Palomar (NASDAQ:PLMR) Raised to Overweight at JPMorgan Chase & Co.

Palomar (NASDAQ:PLMR - Get Free Report) was upgraded by equities researchers at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a report released on Tuesday, Marketbeat.com reports. The firm currently has a $150.00 price objective on the stock, up from their prior price objective of $115.00. JPMorgan Chase & Co.'s target price suggests a potential upside of 1.43% from the company's current price.

Several other research firms have also issued reports on PLMR. Truist Financial raised their target price on shares of Palomar from $112.00 to $150.00 and gave the stock a "buy" rating in a report on Friday, February 14th. JMP Securities reissued a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Keefe, Bruyette & Woods boosted their target price on Palomar from $152.00 to $155.00 and gave the company an "outperform" rating in a research report on Friday, March 21st. Finally, Piper Sandler increased their price target on Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a report on Friday, February 14th. Two research analysts have rated the stock with a hold rating and five 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 price target of $143.67.

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Palomar Price Performance

Shares of NASDAQ PLMR traded up $4.89 during mid-day trading on Tuesday, hitting $147.88. 248,965 shares of the company's stock traded hands, compared to its average volume of 181,919. Palomar has a 1 year low of $74.09 and a 1 year high of $148.54. The company's 50-day moving average is $128.46 and its two-hundred day moving average is $111.61. The company has a market capitalization of $3.95 billion, a P/E ratio of 33.01 and a beta of 0.46.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. Equities analysts anticipate that Palomar will post 5.99 EPS for the current fiscal year.

Insider Transactions at Palomar

In other news, CFO T Christopher Uchida sold 394 shares of the firm's stock in a transaction on Sunday, January 26th. The stock was sold at an average price of $101.69, for a total transaction of $40,065.86. Following the transaction, the chief financial officer now owns 16,943 shares in the company, valued at approximately $1,722,933.67. This trade represents a 2.27 % 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 5,000 shares of the company's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $129.72, for a total transaction of $648,600.00. Following the completion of the sale, the chief executive officer now directly owns 402,388 shares of the company's stock, valued at approximately $52,197,771.36. This trade represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,097 shares of company stock valued at $3,415,422. 4.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Palomar

Hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC lifted its holdings in Palomar by 39.5% during the third quarter. FMR LLC now owns 2,123 shares of the company's stock worth $201,000 after buying an additional 601 shares during the period. Centiva Capital LP purchased a new stake in shares of Palomar during the 3rd quarter worth $352,000. HighTower Advisors LLC bought a new stake in Palomar during the third quarter valued at about $1,711,000. Janus Henderson Group PLC grew its stake in Palomar by 91.7% in the third quarter. Janus Henderson Group PLC now owns 45,025 shares of the company's stock valued at $4,260,000 after purchasing an additional 21,537 shares during the last quarter. Finally, Stifel Financial Corp raised its holdings in Palomar by 78.6% in the third quarter. Stifel Financial Corp now owns 15,734 shares of the company's stock worth $1,490,000 after purchasing an additional 6,926 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors.

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.