Palomar (NASDAQ:PLMR) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Palomar (NASDAQ:PLMR - Get Free Report) had its target price upped by research analysts at JPMorgan Chase & Co. from $93.00 to $100.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 4.42% from the stock's previous close.

PLMR has been the topic of several other reports. Truist Financial increased their target price on shares of Palomar from $100.00 to $112.00 and gave the stock a "buy" rating in a research report on Thursday, August 8th. Evercore ISI upped their price target on Palomar from $90.00 to $99.00 and gave the company an "in-line" rating in a report on Tuesday, August 6th. Keefe, Bruyette & Woods raised their price objective on shares of Palomar from $96.00 to $113.00 and gave the stock an "outperform" rating in a report on Tuesday, August 13th. Jefferies Financial Group boosted their price target on Palomar from $110.00 to $113.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Finally, Piper Sandler upped their price objective on shares of Palomar from $99.00 to $105.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Palomar currently has an average rating of "Moderate Buy" and an average target price of $107.00.

Palomar Stock Down 0.4 %

Shares of NASDAQ:PLMR traded down $0.43 during trading on Thursday, reaching $95.77. 114,019 shares of the company traded hands, compared to its average volume of 162,488. The firm has a fifty day simple moving average of $95.24 and a 200 day simple moving average of $89.24. Palomar has a 1-year low of $54.50 and a 1-year high of $103.40. The firm has a market cap of $2.40 billion, a P/E ratio of 22.75 and a beta of 0.34.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data 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 return on equity of 21.62% and a net margin of 21.55%. The firm had revenue of $148.50 million during the quarter, compared to analysts' expectations of $134.72 million. During the same quarter last year, the firm earned $0.80 earnings per share. As a group, research analysts anticipate that Palomar will post 4.35 EPS for the current year.

Insider Transactions at Palomar

In related news, CEO Mac Armstrong sold 7,000 shares of the business's stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $96.28, for a total transaction of $673,960.00. Following the completion of the sale, the chief executive officer now directly owns 433,388 shares of the company's stock, valued at $41,726,596.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, 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 value of $944,000.00. Following the completion of the sale, the president now owns 51,926 shares in the company, valued at $4,901,814.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Mac Armstrong sold 7,000 shares of the firm's stock in a transaction on Monday, October 21st. The stock was sold at an average price of $96.28, for a total value of $673,960.00. Following the sale, the chief executive officer now directly owns 433,388 shares in the company, valued at $41,726,596.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,770 shares of company stock worth $3,461,986 over the last 90 days. 4.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Palomar

Several large investors have recently modified their holdings of the business. Quest Partners LLC grew its position in shares of Palomar by 1,122.5% in the 3rd quarter. Quest Partners LLC now owns 4,181 shares of the company's stock valued at $396,000 after purchasing an additional 3,839 shares during the period. Thrivent Financial for Lutherans raised its holdings in Palomar by 58.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company's stock worth $3,109,000 after buying an additional 12,147 shares during the period. Natixis Advisors LLC bought a new position in Palomar in the third quarter valued at approximately $1,007,000. Geneva Capital Management LLC boosted its holdings in shares of Palomar by 0.3% in the third quarter. Geneva Capital Management LLC now owns 340,763 shares of the company's stock valued at $32,260,000 after buying an additional 1,009 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of Palomar by 7.4% during the third quarter. Victory Capital Management Inc. now owns 190,742 shares of the company's stock worth $18,058,000 after acquiring an additional 13,064 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.