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

Palomar (NASDAQ:PLMR) had its target price raised by Piper Sandler from $119.00 to $133.00 in a report published on Monday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

PLMR has been the topic of a number of other research reports. 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 report on Wednesday, October 9th. Keefe, Bruyette & Woods boosted their price target on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. increased their price objective on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Palomar presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.50.

Palomar Stock Performance

NASDAQ PLMR opened at $106.49 on Monday. The company has a market capitalization of $2.82 billion, a P/E ratio of 25.29 and a beta of 0.38. The company has a fifty day moving average of $103.86 and a 200-day 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) last issued its earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The firm had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $134.72 million. During the same quarter last year, the business earned $0.80 earnings per share. As a group, analysts forecast that Palomar will post 4.33 EPS for the current fiscal year.

Insider Buying and Selling

In other Palomar news, insider Angela L. Grant sold 1,505 shares of the company’s stock in a transaction that occurred on Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total transaction of $159,319.30. Following the transaction, the insider now owns 2,534 shares in the company, valued at approximately $268,249.24. This represents a 37.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $96.28, for a total transaction of $673,960.00. Following the sale, the chief executive officer now owns 433,388 shares of the company’s stock, valued at approximately $41,726,596.64. The trade was a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,909 shares of company stock valued at $3,242,655 in the last 90 days. Company insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Whittier Trust Co. of Nevada Inc. purchased a new stake in Palomar in the third quarter valued at $25,000. GAMMA Investing LLC boosted its holdings in Palomar by 48.6% in the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after purchasing an additional 125 shares during the period. Farther Finance Advisors LLC grew its stake in Palomar by 490.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after purchasing an additional 378 shares in the last quarter. Covestor Ltd increased its holdings in Palomar by 20.2% during the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after purchasing an additional 181 shares during the period. Finally, DekaBank Deutsche Girozentrale increased its stake in shares of Palomar by 152.0% during the second quarter. DekaBank Deutsche Girozentrale now owns 1,779 shares of the company’s stock worth $143,000 after buying an additional 1,073 shares during the period. 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.