Palomar (NASDAQ:PLMR) Given New $178.00 Price Target at Truist Financial

Palomar (NASDAQ:PLMR - Free Report) had its target price upped by Truist Financial from $150.00 to $178.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also weighed in on PLMR. JPMorgan Chase & Co. raised shares of Palomar from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $115.00 to $150.00 in a research report on Tuesday, April 8th. Piper Sandler upped their price target on shares of Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, February 14th. Jefferies Financial Group boosted their price objective on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. JMP Securities reiterated a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Finally, Keefe, Bruyette & Woods decreased their price target on Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a report on Wednesday, April 9th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Palomar currently has an average rating of "Moderate Buy" and a consensus price target of $148.33.

Palomar Stock Performance

PLMR traded down $0.65 during trading on Tuesday, hitting $149.79. The stock had a trading volume of 178,223 shares, compared to its average volume of 184,777. The firm has a market capitalization of $4.00 billion, a P/E ratio of 33.44 and a beta of 0.46. Palomar has a twelve month low of $77.17 and a twelve month high of $155.87. The company's 50-day moving average price is $132.55 and its 200 day moving average price is $113.57.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, topping analysts' consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. As a group, equities analysts expect that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 7,000 shares of the firm's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $109.76, for a total value of $768,320.00. Following the transaction, the chief executive officer now directly owns 412,388 shares in the company, valued at approximately $45,263,706.88. This trade represents a 1.67 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jonathan Knutzen sold 282 shares of the business's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $104.46, for a total transaction of $29,457.72. Following the sale, the insider now directly owns 20,098 shares of the company's stock, valued at approximately $2,099,437.08. This represents a 1.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,645 shares of company stock worth $3,787,579 over the last quarter. 4.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Palomar

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. acquired a new position in Palomar during the 4th quarter valued at approximately $26,000. Smartleaf Asset Management LLC lifted its position in Palomar by 536.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock valued at $43,000 after purchasing an additional 349 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in Palomar in the 1st quarter worth about $46,000. Jones Financial Companies Lllp raised its holdings in shares of Palomar by 63.2% during the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock valued at $52,000 after buying an additional 191 shares during the last quarter. Finally, NBC Securities Inc. acquired a new position in shares of Palomar during the first quarter worth approximately $53,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.