Jefferies Financial Group Issues Positive Forecast for Palomar (NASDAQ:PLMR) Stock Price

Palomar (NASDAQ:PLMR) had its price target lifted by Jefferies Financial Group from $145.00 to $168.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Jefferies Financial Group’s price objective indicates a potential upside of 14.75% from the stock’s previous close.

Several other research analysts have also recently weighed in on PLMR. Truist Financial upped their price target on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Piper Sandler upped their price objective on shares of Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th. Keefe, Bruyette & Woods cut their price target on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a research note on Wednesday. JMP Securities restated a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Finally, JPMorgan Chase & Co. raised shares of Palomar from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $115.00 to $150.00 in a report on Tuesday. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $143.67.

Palomar Price Performance

NASDAQ:PLMR traded up $3.42 on Friday, reaching $146.41. 84,193 shares of the company’s stock were exchanged, compared to its average volume of 181,134. The firm has a market cap of $3.91 billion, a price-to-earnings ratio of 32.57 and a beta of 0.46. The stock has a fifty day simple moving average of $127.63 and a 200-day simple moving average of $111.26. Palomar has a 52 week low of $74.09 and a 52 week high of $146.94.

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 19.76% and a net margin of 21.23%. As a group, sell-side analysts predict that Palomar will post 5.99 EPS for the current year.

Insider Activity

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $109.76, for a total value of $768,320.00. Following the sale, the chief executive officer now directly owns 412,388 shares of the company’s stock, valued at approximately $45,263,706.88. The trade was a 1.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction dated Wednesday, April 9th. The shares were sold at an average price of $144.00, for a total transaction of $144,000.00. Following the transaction, the chief financial officer now owns 9,172 shares in the company, valued at $1,320,768. This represents a 9.83 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,097 shares of company stock valued at $3,415,422. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

A number of hedge funds have recently added to or reduced their stakes in PLMR. FMR LLC boosted its stake in shares of Palomar by 39.5% during the 3rd quarter. FMR LLC now owns 2,123 shares of the company’s stock worth $201,000 after acquiring an additional 601 shares during the last quarter. HighTower Advisors LLC bought a new stake in Palomar during the 3rd quarter valued at approximately $1,711,000. Stifel Financial Corp lifted its holdings in shares of Palomar by 78.6% in the third quarter. Stifel Financial Corp now owns 15,734 shares of the company’s stock worth $1,490,000 after buying an additional 6,926 shares in the last quarter. State Street Corp boosted its position in shares of Palomar by 3.0% during the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after acquiring an additional 32,151 shares during the last quarter. Finally, Barclays PLC grew its stake in Palomar by 112.6% during the third quarter. Barclays PLC now owns 71,803 shares of the company’s stock valued at $6,798,000 after acquiring an additional 38,027 shares in the last quarter. 90.25% of the stock is currently 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.