Palomar (NASDAQ:PLMR) Given New $113.00 Price Target at Jefferies Financial Group

Palomar (NASDAQ:PLMR) had its target price hoisted by investment analysts at Jefferies Financial Group from $110.00 to $113.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Jefferies Financial Group’s target price would indicate a potential upside of 19.24% from the company’s previous close.

A number of other analysts also recently commented on the company. Truist Financial increased their price target on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. lifted their price target on Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Evercore ISI lifted their price target on Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research report on Tuesday, August 6th. Keefe, Bruyette & Woods lifted their price target on Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. Finally, Piper Sandler lifted their price target on Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $105.50.

Palomar Trading Down 1.8 %

NASDAQ PLMR traded down $1.74 during trading hours on Wednesday, hitting $94.77. 81,283 shares of the company’s stock were exchanged, compared to its average volume of 165,534. The stock has a 50-day simple moving average of $95.00 and a 200 day simple moving average of $87.14. Palomar has a 1-year low of $48.08 and a 1-year high of $103.40. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 27.29 and a beta of 0.33.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.16. The business had revenue of $123.08 million for the quarter, compared to analyst estimates of $338.74 million. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The company’s quarterly revenue was up 47.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.72 earnings per share. On average, sell-side analysts anticipate that Palomar will post 4.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Palomar news, President Jon Christianson sold 2,000 shares of Palomar stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $91.35, for a total transaction of $182,700.00. Following the completion of the sale, the president now owns 51,761 shares of the company’s stock, valued at $4,728,367.35. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Mac Armstrong sold 12,773 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $88.19, for a total value of $1,126,450.87. Following the completion of the sale, the chief executive officer now owns 59,309 shares of the company’s stock, valued at approximately $5,230,460.71. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Jon Christianson sold 2,000 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $91.35, for a total value of $182,700.00. Following the completion of the sale, the president now directly owns 51,761 shares of the company’s stock, valued at approximately $4,728,367.35. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,500 shares of company stock valued at $4,464,266 over the last 90 days. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Palomar by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 2,403,520 shares of the company’s stock valued at $201,487,000 after acquiring an additional 40,453 shares during the last quarter. Champlain Investment Partners LLC increased its holdings in Palomar by 5.5% during the 1st quarter. Champlain Investment Partners LLC now owns 1,340,795 shares of the company’s stock valued at $112,399,000 after purchasing an additional 69,615 shares during the period. Dimensional Fund Advisors LP increased its holdings in Palomar by 15.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after purchasing an additional 66,478 shares during the period. Artemis Investment Management LLP increased its holdings in Palomar by 12.9% during the 3rd quarter. Artemis Investment Management LLP now owns 383,276 shares of the company’s stock valued at $36,285,000 after purchasing an additional 43,812 shares during the period. Finally, Driehaus Capital Management LLC increased its holdings in Palomar by 17.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock valued at $24,362,000 after purchasing an additional 43,841 shares during the period. Institutional investors own 90.25% of the company’s stock.

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.