Palomar (NASDAQ:PLMR) Price Target Raised to $150.00 at Truist Financial

Palomar (NASDAQ:PLMR - Free Report) had its price target raised by Truist Financial from $112.00 to $150.00 in a research report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also weighed in on the stock. Keefe, Bruyette & Woods upped their price target on shares of Palomar from $120.00 to $136.00 and gave the stock an "outperform" rating in a research report on Friday, December 6th. JPMorgan Chase & Co. upped their target price on shares of Palomar from $93.00 to $100.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. JMP Securities reiterated a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Finally, Piper Sandler boosted their price objective on Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a research report on Friday. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $127.33.

Palomar Stock Performance

Shares of PLMR stock traded down $2.79 during mid-day trading on Friday, hitting $124.13. The company's stock had a trading volume of 319,711 shares, compared to its average volume of 167,120. Palomar has a 52-week low of $71.54 and a 52-week high of $128.38. The stock has a market cap of $3.29 billion, a price-to-earnings ratio of 29.48 and a beta of 0.38. The business has a 50-day moving average price of $108.01 and a 200 day moving average price of $101.34.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its earnings results on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, topping analysts' consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.55% and a return on equity of 19.65%. Equities research analysts predict that Palomar will post 4.33 EPS for the current fiscal year.

Insider Transactions at Palomar

In related news, insider Angela L. Grant sold 1,505 shares of the 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 transaction, the insider now directly owns 2,534 shares in the company, valued at approximately $268,249.24. This represents a 37.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO T Christopher Uchida sold 390 shares of Palomar stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $104.47, for a total value of $40,743.30. Following the completion of the transaction, the chief financial officer now directly owns 18,509 shares of the company's stock, valued at approximately $1,933,635.23. This represents a 2.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,933 shares of company stock valued at $4,030,156 in the last ninety days. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PLMR. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Palomar in the 3rd quarter valued at approximately $25,000. Blue Trust Inc. acquired a new stake in shares of Palomar during the fourth quarter worth $26,000. GAMMA Investing LLC grew its position in Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company's stock valued at $36,000 after buying an additional 125 shares during the last quarter. Farther Finance Advisors LLC increased its stake in Palomar by 490.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company's stock valued at $43,000 after buying an additional 378 shares during the period. Finally, Smartleaf Asset Management LLC raised its position in Palomar by 536.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock worth $43,000 after buying an additional 349 shares during the last quarter. 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.