Palomar (NASDAQ:PLMR) Stock Price Expected to Rise, Piper Sandler Analyst Says

Palomar (NASDAQ:PLMR) had its price target increased by Piper Sandler from $119.00 to $133.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also issued research reports about the stock. JPMorgan Chase & Co. upped their price objective on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. 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 note on Friday, December 6th. Finally, Jefferies Financial Group increased their price objective on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Palomar presently has an average rating of “Moderate Buy” and an average target price of $115.50.

Palomar Stock Up 0.4 %

Shares of Palomar stock opened at $105.87 on Monday. Palomar has a 12 month low of $54.81 and a 12 month high of $112.90. The stock has a market cap of $2.80 billion, a PE ratio of 25.15 and a beta of 0.38. The business has a fifty day simple moving average of $104.67 and a 200-day simple moving average of $96.60.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.20. The firm had revenue of $148.50 million during the quarter, compared to analyst estimates of $134.72 million. Palomar had a return on equity of 19.65% and a net margin of 21.55%. During the same period last year, the company posted $0.80 EPS. Analysts expect that Palomar will post 4.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, President Jon Christianson sold 819 shares of the business’s 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 $86,699.34. Following the completion of the sale, the president now directly owns 55,126 shares in the company, valued at approximately $5,835,638.36. The trade was a 1.46 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Angela L. Grant sold 1,505 shares of the stock in a transaction that occurred on Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total value of $159,319.30. Following the transaction, the insider now owns 2,534 shares in the company, valued at approximately $268,249.24. This trade represents a 37.26 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,909 shares of company stock worth $3,242,655. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

Hedge funds have recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Palomar during the 3rd quarter worth about $25,000. GAMMA Investing LLC increased its position in Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after buying an additional 125 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Palomar by 490.9% during the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after buying an additional 378 shares during the last quarter. Covestor Ltd boosted its position in shares of Palomar by 20.2% in the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock valued at $102,000 after acquiring an additional 181 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its stake in shares of Palomar by 152.0% in the second quarter. DekaBank Deutsche Girozentrale now owns 1,779 shares of the company’s stock worth $143,000 after acquiring an additional 1,073 shares during the last quarter. 90.25% of the stock is currently owned by 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.