By otakuyassine3@gmail.com 
JPMorgan Chase & Co. upgraded shares of Palomar (NASDAQ:PLMR – Free Report) from a neutral rating to an overweight rating in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has $150.00 target price on the stock, up from their prior target price of $115.00.
PLMR has been the subject of several other reports. Piper Sandler raised their price target on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, February 14th. JMP Securities restated a “market perform” rating on shares of Palomar in a research note on Thursday, February 13th. Truist Financial lifted their target price on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Palomar from $152.00 to $155.00 and gave the company an “outperform” rating in a report on Friday, March 21st. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $134.50.
Check Out Our Latest Stock Analysis on Palomar
Palomar Price Performance
Shares of NASDAQ PLMR opened at $142.99 on Tuesday. Palomar has a 1 year low of $74.09 and a 1 year high of $145.81. The firm has a 50-day moving average of $127.63 and a 200 day moving average of $111.26. The stock has a market cap of $3.81 billion, a P/E ratio of 31.92 and a beta of 0.46.
Palomar (NASDAQ:PLMR – Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. Research analysts expect that Palomar will post 5.99 earnings per share for the current fiscal year.
Insider Buying and Selling at Palomar
In related news, CEO Mac Armstrong sold 3,154 shares of Palomar stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $109.27, for a total value of $344,637.58. Following the completion of the sale, the chief executive officer now owns 60,032 shares of the company’s stock, valued at $6,559,696.64. The trade was a 4.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO T Christopher Uchida sold 1,000 shares of the stock in a transaction dated Wednesday, April 9th. The shares were sold at an average price of $144.00, for a total value of $144,000.00. Following the completion of the transaction, the chief financial officer now directly owns 9,172 shares in the company, valued at approximately $1,320,768. This represents a 9.83 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,097 shares of company stock worth $3,415,422. Company insiders own 4.30% of the company’s stock.
Institutional Investors Weigh In On Palomar
Large investors have recently made changes to their positions in the company. Dakota Wealth Management boosted its holdings in shares of Palomar by 3.1% in the fourth quarter. Dakota Wealth Management now owns 3,070 shares of the company’s stock worth $324,000 after buying an additional 92 shares during the last quarter. Farther Finance Advisors LLC raised its position in Palomar by 21.8% in the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock worth $58,000 after acquiring an additional 99 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Palomar by 0.7% during the 4th quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company’s stock worth $1,588,000 after acquiring an additional 100 shares during the last quarter. Louisiana State Employees Retirement System grew its position in shares of Palomar by 0.8% during the 4th quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company’s stock valued at $1,352,000 after acquiring an additional 100 shares during the period. Finally, Avantax Advisory Services Inc. grew its position in shares of Palomar by 2.5% during the 4th quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company’s stock valued at $616,000 after acquiring an additional 145 shares during the period. 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.
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