Palomar (NASDAQ:PLMR) Price Target Raised to $133.00 at Piper Sandler

Palomar (NASDAQ:PLMR - Get Free Report) had its price target raised by research analysts at Piper Sandler from $119.00 to $133.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price target would indicate a potential upside of 24.89% from the stock's current price.

PLMR has been the subject of several other research reports. Keefe, Bruyette & Woods raised their target price on Palomar from $120.00 to $136.00 and gave the stock an "outperform" rating in a research note on Friday, December 6th. JPMorgan Chase & Co. raised their price objective on shares of Palomar from $93.00 to $100.00 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Finally, Jefferies Financial Group boosted their price objective on shares of Palomar from $110.00 to $113.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $115.50.

Palomar Price Performance

Shares of PLMR traded up $1.68 during trading hours on Monday, hitting $106.49. The company's stock had a trading volume of 169,800 shares, compared to its average volume of 118,300. The company has a market cap of $2.82 billion, a price-to-earnings ratio of 25.29 and a beta of 0.38. The business has a 50 day simple moving average of $103.86 and a two-hundred day simple moving average of $96.17. Palomar has a 52-week low of $54.81 and a 52-week high of $112.90.

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. The business had revenue of $148.50 million for the quarter, compared to analysts' expectations of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same quarter in the previous year, the firm posted $0.80 EPS. Research analysts predict that Palomar will post 4.33 earnings per share for the current year.

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 1,030 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $97.65, for a total transaction of $100,579.50. Following the sale, the chief financial officer now directly owns 17,543 shares of the company's stock, valued at approximately $1,713,073.95. This represents a 5.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Angela L. Grant sold 1,505 shares of the business's stock in a transaction 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 owns 2,534 shares of the company's stock, valued at $268,249.24. This represents a 37.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,909 shares of company stock worth $3,242,655 in the last three months. 4.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Palomar

Several institutional investors and hedge funds have recently added to or reduced their stakes in PLMR. State Street Corp boosted its stake in shares of Palomar by 3.0% in the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company's stock worth $103,919,000 after buying an additional 32,151 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Palomar by 3.2% in the third quarter. Geode Capital Management LLC now owns 600,092 shares of the company's stock valued at $56,822,000 after acquiring an additional 18,335 shares during the period. Dimensional Fund Advisors LP boosted its position in Palomar by 15.0% in the second quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company's stock worth $41,295,000 after purchasing an additional 66,478 shares during the last quarter. Emerald Advisers LLC grew its stake in shares of Palomar by 1.9% during the 3rd quarter. Emerald Advisers LLC now owns 449,973 shares of the company's stock valued at $42,599,000 after purchasing an additional 8,601 shares during the period. Finally, Westfield Capital Management Co. LP lifted its stake in shares of Palomar by 24.5% in the 3rd quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company's stock worth $37,339,000 after purchasing an additional 77,552 shares during the period. 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.