Palomar (NASDAQ:PLMR) Price Target Raised to $168.00

Palomar (NASDAQ:PLMR) had its price target increased by Jefferies Financial Group from $145.00 to $168.00 in a research report released on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts have also recently issued reports on PLMR. JPMorgan Chase & Co. raised Palomar from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $115.00 to $150.00 in a research report on Tuesday, April 8th. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Keefe, Bruyette & Woods decreased their price objective on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating on the stock in a report on Wednesday, April 9th. Truist Financial raised their target price on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Finally, Piper Sandler lifted their target price on shares of Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Palomar has an average rating of “Moderate Buy” and an average target price of $143.67.

Palomar Trading Up 3.4 %

NASDAQ:PLMR opened at $147.88 on Friday. The firm has a fifty day simple moving average of $128.46 and a 200 day simple moving average of $111.73. Palomar has a 1-year low of $74.77 and a 1-year high of $148.54. The stock has a market capitalization of $3.95 billion, a PE ratio of 33.01 and a beta of 0.46.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, beating 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%. On average, equities analysts predict that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Mac Armstrong sold 3,154 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $109.27, for a total transaction of $344,637.58. Following the sale, the chief executive officer now owns 60,032 shares of the company’s stock, valued at $6,559,696.64. This represents a 4.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO T Christopher Uchida sold 1,030 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $109.65, for a total value of $112,939.50. Following the transaction, the chief financial officer now owns 16,258 shares in the company, valued at approximately $1,782,689.70. This trade represents a 5.96 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,097 shares of company stock valued at $3,415,422. 4.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Palomar

Institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. bought a new position in Palomar in the 4th quarter valued at about $26,000. NBC Securities Inc. acquired a new stake in shares of Palomar during the 1st quarter worth approximately $53,000. Smartleaf Asset Management LLC increased its stake in Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock valued at $43,000 after acquiring an additional 349 shares during the last quarter. Jones Financial Companies Lllp raised its position in 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 purchasing an additional 191 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in Palomar by 21.8% during the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock worth $58,000 after purchasing an additional 99 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

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.