Palomar (NASDAQ:PLMR) Given New $150.00 Price Target at Truist Financial

Palomar (NASDAQ:PLMR) had its price target boosted by Truist Financial from $112.00 to $150.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 21.26% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. raised their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a research note on Thursday. Keefe, Bruyette & Woods lifted their price objective on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, Piper Sandler lifted their price objective on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $124.67.

Palomar Trading Down 1.1 %

PLMR stock traded down $1.34 during midday trading on Friday, hitting $123.70. 84,812 shares of the company’s stock were exchanged, compared to its average volume of 154,895. The business has a 50-day simple moving average of $107.29 and a two-hundred day simple moving average of $100.68. The stock has a market capitalization of $3.27 billion, a PE ratio of 29.38 and a beta of 0.38. Palomar has a 1-year low of $66.81 and a 1-year high of $128.38.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.65% and a net margin of 21.55%. As a group, research analysts expect that Palomar will post 4.33 EPS for the current fiscal year.

Insider Activity at Palomar

In other Palomar news, President Jon Christianson sold 356 shares of Palomar stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $104.51, for a total transaction of $37,205.56. Following the completion of the sale, the president now directly owns 57,259 shares of the company’s stock, valued at $5,984,138.09. The trade was a 0.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO T Christopher Uchida sold 1,030 shares of Palomar stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $110.85, for a total value of $114,175.50. Following the sale, the chief financial officer now directly owns 15,994 shares of the company’s stock, valued at $1,772,934.90. This trade represents a 6.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,933 shares of company stock worth $4,030,156. Company insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

A number of institutional investors have recently bought and sold shares of the business. Dakota Wealth Management lifted its holdings in Palomar by 3.1% during the 4th 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 lifted its holdings in Palomar by 21.8% during the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock worth $58,000 after buying an additional 99 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in 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 buying an additional 100 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in Palomar by 0.8% during the 4th quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company’s stock worth $1,352,000 after buying an additional 100 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Palomar by 48.6% in the 3rd 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 last quarter. 90.25% of the stock is owned by hedge funds and other 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.