Piper Sandler Forecasts Strong Price Appreciation for Palomar (NASDAQ:PLMR) Stock

Palomar (NASDAQ:PLMR - Get Free Report) had its price target lifted by research analysts at Piper Sandler from $133.00 to $150.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's price objective would indicate a potential upside of 20.84% from the stock's current price.

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

Palomar Price Performance

Shares of PLMR stock traded down $2.79 during midday trading on Friday, reaching $124.13. 319,711 shares of the company traded hands, compared to its average volume of 167,120. The firm's 50 day simple moving average is $108.01 and its two-hundred day simple moving average is $101.34. Palomar has a 1-year low of $71.54 and a 1-year high of $128.38. The firm has a market cap of $3.29 billion, a PE ratio of 29.48 and a beta of 0.38.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results 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 net margin of 21.55% and a return on equity of 19.65%. As a group, research analysts anticipate that Palomar will post 4.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $103.04, for a total value of $721,280.00. Following the completion of the sale, the chief executive officer now directly owns 419,388 shares of the company's stock, valued at approximately $43,213,739.52. The trade was a 1.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Angela L. Grant sold 1,505 shares of Palomar stock in a transaction that occurred on Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total transaction of $159,319.30. Following the completion of the sale, the insider now directly owns 2,534 shares of the company's stock, valued at $268,249.24. The trade was a 37.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,933 shares of company stock worth $4,030,156 in the last ninety days. Insiders own 4.30% of the company's stock.

Institutional Trading of Palomar

Hedge funds and other institutional investors have recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Palomar during the 3rd quarter valued at $25,000. Blue Trust Inc. purchased a new stake in shares of Palomar during the 4th quarter valued at $26,000. GAMMA Investing LLC grew its stake in shares of Palomar by 48.6% during 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 period. Farther Finance Advisors LLC grew its stake in shares of Palomar by 490.9% during 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 grew its stake in shares of Palomar by 536.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock valued at $43,000 after buying an additional 349 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Company Profile

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.