Palomar (NASDAQ:PLMR) Price Target Raised to $120.00

Palomar (NASDAQ:PLMR - Free Report) had its price objective hoisted by Keefe, Bruyette & Woods from $117.00 to $120.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other research analysts have also weighed in on PLMR. Truist Financial lifted their target price on Palomar from $100.00 to $112.00 and gave the company a "buy" rating in a report on Thursday, August 8th. Piper Sandler upped their target price on shares of Palomar from $105.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday. Jefferies Financial Group raised their price target on shares of Palomar from $110.00 to $113.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Evercore ISI boosted their price target on shares of Palomar from $90.00 to $99.00 and gave the company an "in-line" rating in a research report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. increased their price objective on Palomar from $93.00 to $100.00 and gave the stock a "neutral" rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $109.00.

Palomar Trading Up 4.5 %

Shares of NASDAQ PLMR traded up $4.33 during midday trading on Friday, hitting $100.10. The company's stock had a trading volume of 260,552 shares, compared to its average volume of 163,101. The firm has a market capitalization of $2.50 billion, a price-to-earnings ratio of 23.78 and a beta of 0.34. The stock has a fifty day moving average price of $95.26 and a 200 day moving average price of $89.38. Palomar has a one year low of $54.50 and a one year high of $103.40.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The business had revenue of $148.50 million for the quarter, compared to analysts' expectations of $134.72 million. During the same quarter in the previous year, the firm posted $0.80 EPS. On average, equities research analysts predict that Palomar will post 4.35 earnings per share for the current fiscal year.

Insider Transactions at Palomar

In related news, President Jon Christianson sold 10,000 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $94.40, for a total value of $944,000.00. Following the transaction, the president now owns 51,926 shares of the company's stock, valued at $4,901,814.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Palomar news, CFO T Christopher Uchida sold 1,750 shares of Palomar stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $99.00, for a total transaction of $173,250.00. Following the transaction, the chief financial officer now directly owns 20,594 shares of the company's stock, valued at approximately $2,038,806. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Jon Christianson sold 10,000 shares of the company's stock in a transaction on Friday, September 6th. The shares were sold at an average price of $94.40, for a total transaction of $944,000.00. Following the completion of the sale, the president now directly owns 51,926 shares of the company's stock, valued at $4,901,814.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,770 shares of company stock valued at $3,461,986. Insiders own 4.30% of the company's stock.

Hedge Funds Weigh In On Palomar

A number of large investors have recently added to or reduced their stakes in PLMR. Janney Montgomery Scott LLC purchased a new stake in Palomar during the first quarter valued at about $602,000. Texas Permanent School Fund Corp grew its position in Palomar by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 21,644 shares of the company's stock worth $1,814,000 after acquiring an additional 280 shares during the last quarter. Quantbot Technologies LP grew its position in Palomar by 1,149.0% during the 1st quarter. Quantbot Technologies LP now owns 10,429 shares of the company's stock worth $874,000 after acquiring an additional 9,594 shares during the last quarter. SG Americas Securities LLC purchased a new position in Palomar in the 1st quarter worth approximately $122,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in Palomar in the first quarter valued at approximately $235,000. 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.