Piper Sandler Forecasts Strong Price Appreciation for Palomar (NASDAQ:PLMR) Stock

Palomar (NASDAQ:PLMR) had its price target hoisted by investment analysts at Piper Sandler from $105.00 to $110.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 15.50% from the company’s current price.

PLMR has been the topic of several other reports. Evercore ISI increased their target price on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research note on Tuesday, August 6th. JPMorgan Chase & Co. increased their target price on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday. Truist Financial increased their target price on shares of Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Jefferies Financial Group increased their target price on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. Three research 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 a consensus price target of $107.83.

Palomar Stock Down 0.6 %

Palomar stock opened at $95.24 on Friday. Palomar has a twelve month low of $54.50 and a twelve month high of $103.40. The firm has a 50 day moving average price of $95.24 and a 200-day moving average price of $89.24. The company has a market capitalization of $2.38 billion, a P/E ratio of 22.62 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Monday, November 4th. The company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.03 by $0.20. The company had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 21.62%. During the same period last year, the firm earned $0.80 EPS. Equities analysts expect that Palomar will post 4.35 EPS for the current fiscal year.

Insider Activity

In other news, President Jon Christianson sold 10,000 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $94.40, for a total transaction of $944,000.00. Following the sale, the president now owns 51,926 shares in the company, valued at approximately $4,901,814.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO T Christopher Uchida sold 1,030 shares of Palomar stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $97.65, for a total value of $100,579.50. Following the transaction, the chief financial officer now owns 17,543 shares in the company, valued at $1,713,073.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction on Friday, September 6th. The stock was sold at an average price of $94.40, for a total transaction of $944,000.00. Following the completion of the transaction, the president now owns 51,926 shares in the company, valued at approximately $4,901,814.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,770 shares of company stock worth $3,461,986. 4.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Palomar

A number of large investors have recently added to or reduced their stakes in the business. Quest Partners LLC grew its holdings in Palomar by 1,122.5% in the 3rd quarter. Quest Partners LLC now owns 4,181 shares of the company’s stock worth $396,000 after acquiring an additional 3,839 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in Palomar by 58.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock worth $3,109,000 after acquiring an additional 12,147 shares during the last quarter. Natixis Advisors LLC bought a new stake in Palomar in the 3rd quarter worth $1,007,000. Geneva Capital Management LLC grew its holdings in Palomar by 0.3% in the 3rd quarter. Geneva Capital Management LLC now owns 340,763 shares of the company’s stock worth $32,260,000 after acquiring an additional 1,009 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in Palomar by 7.4% in the 3rd quarter. Victory Capital Management Inc. now owns 190,742 shares of the company’s stock worth $18,058,000 after acquiring an additional 13,064 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

About Palomar

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.