Piper Sandler Increases Palomar (NASDAQ:PLMR) Price Target to $110.00

Palomar (NASDAQ:PLMR) had its price objective raised by Piper Sandler from $105.00 to $110.00 in a research note released on Friday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Other research analysts also recently issued reports about the stock. Jefferies Financial Group boosted their target price on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. boosted their target price on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday. Truist Financial upped their price objective 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. Keefe, Bruyette & Woods lifted their price target on Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Finally, Evercore ISI upped their price target on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a report on Tuesday, August 6th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $109.00.

Palomar Trading Up 4.5 %

Shares of NASDAQ:PLMR traded up $4.33 during trading on Friday, reaching $100.10. The stock had a trading volume of 295,653 shares, compared to its average volume of 163,101. The company has a market capitalization of $2.50 billion, a P/E ratio of 23.78 and a beta of 0.34. Palomar has a one year low of $54.50 and a one year high of $103.40. The firm’s 50-day simple moving average is $95.26 and its 200 day simple moving average is $89.38.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The business had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. During the same quarter last year, the company posted $0.80 earnings per share. Equities research analysts forecast that Palomar will post 4.35 earnings per share for the current fiscal year.

Insider Activity

In related news, President Jon Christianson sold 3,805 shares of the stock in a transaction on Friday, October 4th. The stock was sold at an average price of $103.04, for a total value of $392,067.20. Following the completion of the transaction, the president now directly owns 51,926 shares of the company’s stock, valued at approximately $5,350,455.04. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Palomar news, President Jon Christianson sold 3,805 shares of the stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $103.04, for a total value of $392,067.20. Following the completion of the sale, the president now owns 51,926 shares in the company, valued at approximately $5,350,455.04. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 1,030 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $97.65, for a total transaction of $100,579.50. Following the completion of the transaction, the chief financial officer now directly owns 17,543 shares in the company, valued at $1,713,073.95. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,770 shares of company stock worth $3,461,986 over the last quarter. 4.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Palomar

Hedge funds have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC acquired a new stake in shares of Palomar in the first quarter valued at $602,000. Texas Permanent School Fund Corp increased its position in shares of Palomar by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 21,644 shares of the company’s stock valued at $1,814,000 after purchasing an additional 280 shares during the last quarter. Quantbot Technologies LP grew its stake in shares of Palomar by 1,149.0% during the first quarter. Quantbot Technologies LP now owns 10,429 shares of the company’s stock worth $874,000 after purchasing an additional 9,594 shares in the last quarter. SG Americas Securities LLC purchased a new position in Palomar in the first quarter valued at $122,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in Palomar during the 1st quarter worth about $235,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.