Palomar (NASDAQ:PLMR) Price Target Raised to $155.00

Palomar (NASDAQ:PLMR) had its target price raised by JPMorgan Chase & Co. from $145.00 to $155.00 in a report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts also recently commented on PLMR. Weiss Ratings reiterated a “hold (c+)” rating on shares of Palomar in a report on Wednesday, October 8th. Keefe, Bruyette & Woods upped their price objective on shares of Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research report on Tuesday. Evercore ISI decreased their price objective on shares of Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Finally, Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, December 20th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Palomar presently has an average rating of “Moderate Buy” and a consensus price target of $159.50.

Palomar Stock Down 1.0%

PLMR stock opened at $128.69 on Wednesday. The firm has a market capitalization of $3.41 billion, a PE ratio of 20.08 and a beta of 0.42. Palomar has a twelve month low of $98.42 and a twelve month high of $175.85. The stock’s 50 day moving average is $127.04 and its 200-day moving average is $126.03.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. Palomar had a return on equity of 21.93% and a net margin of 22.59%.The business had revenue of $65.74 million during the quarter. On average, equities research analysts anticipate that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Activity at Palomar

In other news, President Jon Christianson sold 1,691 shares of the stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $139.50, for a total transaction of $235,894.50. Following the completion of the transaction, the president directly owned 59,631 shares of the company’s stock, valued at $8,318,524.50. This represents a 2.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jonathan Knutzen sold 281 shares of the firm’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $128.84, for a total transaction of $36,204.04. Following the sale, the insider owned 21,565 shares of the company’s stock, valued at approximately $2,778,434.60. The trade was a 1.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 16,494 shares of company stock valued at $2,004,566 in the last three months. Insiders own 3.70% of the company’s stock.

Institutional Trading of Palomar

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Palomar by 3.0% during the 3rd quarter. Vanguard Group Inc. now owns 2,631,240 shares of the company’s stock worth $307,197,000 after acquiring an additional 77,515 shares during the period. American Century Companies Inc. lifted its holdings in Palomar by 2.1% during the second quarter. American Century Companies Inc. now owns 846,312 shares of the company’s stock valued at $130,544,000 after purchasing an additional 17,188 shares during the last quarter. Invesco Ltd. lifted its holdings in Palomar by 234.1% during the second quarter. Invesco Ltd. now owns 798,361 shares of the company’s stock valued at $123,147,000 after purchasing an additional 559,383 shares during the last quarter. Westfield Capital Management Co. LP boosted its position in Palomar by 81.0% during the third quarter. Westfield Capital Management Co. LP now owns 738,528 shares of the company’s stock worth $86,223,000 after purchasing an additional 330,592 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Palomar by 2.1% in the second quarter. Geode Capital Management LLC now owns 657,530 shares of the company’s stock worth $101,436,000 after purchasing an additional 13,802 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors.

Palomar Company Profile

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.