JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Palomar (NASDAQ:PLMR) Stock

Palomar (NASDAQ:PLMR) had its target price upped by investment analysts at JPMorgan Chase & Co. from $137.00 to $145.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 12.01% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Piper Sandler decreased their target price on Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a report on Wednesday, August 6th. Weiss Ratings restated a “hold (c+)” rating on shares of Palomar in a research note on Wednesday, October 8th. Evercore ISI dropped their price objective on shares of Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating for the company in a report on Friday, August 8th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $158.00.

Palomar Stock Up 1.1%

Shares of PLMR traded up $1.39 during trading hours on Monday, reaching $129.45. 177,283 shares of the company traded hands, compared to its average volume of 293,486. The stock has a market capitalization of $3.47 billion, a P/E ratio of 22.75 and a beta of 0.25. Palomar has a 12-month low of $98.42 and a 12-month high of $175.85. The business has a fifty day moving average price of $116.82 and a 200-day moving average price of $135.44.

Palomar (NASDAQ:PLMR) last issued its earnings results on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. The company had revenue of $65.74 million during the quarter. Palomar had a return on equity of 20.35% and a net margin of 22.71%. As a group, research analysts predict that Palomar will post 5.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other Palomar news, CFO T Christopher Uchida sold 782 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $120.13, for a total transaction of $93,941.66. Following the completion of the sale, the chief financial officer directly owned 7,668 shares in the company, valued at $921,156.84. This represents a 9.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Jon Christianson sold 521 shares of Palomar stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $120.13, for a total value of $62,587.73. Following the completion of the transaction, the president owned 59,036 shares in the company, valued at $7,091,994.68. The trade was a 0.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 20,302 shares of company stock worth $2,414,141 in the last three months. 3.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. increased its position in Palomar by 9.4% during the first quarter. Envestnet Asset Management Inc. now owns 44,523 shares of the company’s stock worth $6,103,000 after acquiring an additional 3,835 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of Palomar by 185.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company’s stock worth $43,000 after purchasing an additional 202 shares during the period. Cerity Partners LLC raised its position in shares of Palomar by 2,825.6% during the first quarter. Cerity Partners LLC now owns 70,449 shares of the company’s stock valued at $9,657,000 after buying an additional 68,041 shares during the last quarter. Xponance Inc. acquired a new position in shares of Palomar during the first quarter valued at about $270,000. Finally, New York State Common Retirement Fund grew its position in Palomar by 48.7% during the first quarter. New York State Common Retirement Fund now owns 22,561 shares of the company’s stock worth $3,093,000 after buying an additional 7,384 shares in the last quarter. 90.25% of the stock is 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.