JPMorgan Chase & Co. Issues Positive Forecast for Palomar (NASDAQ:PLMR) Stock Price

Palomar (NASDAQ:PLMR) had its target price upped by stock analysts at JPMorgan Chase & Co. from $150.00 to $167.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 18.66% from the stock’s current price.

Other research analysts have also issued reports about the stock. Evercore set a $152.00 target price on shares of Palomar in a research report on Friday, July 10th. Keefe, Bruyette & Woods lifted their price target on Palomar from $162.00 to $166.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. Weiss Ratings upgraded Palomar from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Piper Sandler boosted their target price on Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Finally, Zacks Research lowered Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $162.50.

Palomar Price Performance

Palomar stock traded up $5.30 during mid-day trading on Monday, hitting $140.74. 45,909 shares of the company traded hands, compared to its average volume of 272,203. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.49 and a current ratio of 0.49. Palomar has a one year low of $100.81 and a one year high of $147.62. The stock has a market cap of $3.73 billion, a price-to-earnings ratio of 19.55 and a beta of 0.41. The stock has a fifty day moving average price of $119.29 and a 200-day moving average price of $123.13.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.17 by $0.14. The firm had revenue of $278.94 million for the quarter, compared to analyst estimates of $557.79 million. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The business’s revenue for the quarter was up 59.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.87 EPS. On average, equities analysts predict that Palomar will post 8.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, President Jon Christianson sold 6,863 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $139.50, for a total transaction of $957,388.50. Following the transaction, the president directly owned 66,478 shares of the company’s stock, valued at approximately $9,273,681. This trade represents a 9.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy Carter sold 480 shares of Palomar stock in a transaction dated Sunday, June 28th. The stock was sold at an average price of $124.29, for a total value of $59,659.20. Following the completion of the transaction, the insider owned 1,670 shares in the company, valued at approximately $207,564.30. This represents a 22.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 17,843 shares of company stock worth $2,270,468 in the last 90 days. 3.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Palomar

Several institutional investors have recently bought and sold shares of the stock. Summit Global Investments lifted its holdings in Palomar by 1.7% during the fourth quarter. Summit Global Investments now owns 4,646 shares of the company’s stock valued at $626,000 after purchasing an additional 79 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Palomar by 3.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company’s stock worth $333,000 after purchasing an additional 82 shares in the last quarter. Quadrant Capital Group LLC raised its position in shares of Palomar by 2.0% during the 4th quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company’s stock valued at $602,000 after purchasing an additional 88 shares during the period. California State Teachers Retirement System raised its position in shares of Palomar by 0.4% during the 2nd quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock valued at $3,734,000 after purchasing an additional 97 shares during the period. Finally, Covestor Ltd lifted its stake in shares of Palomar by 11.7% during the 4th quarter. Covestor Ltd now owns 1,254 shares of the company’s stock valued at $169,000 after buying an additional 131 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

About Palomar

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.