Piper Sandler Forecasts Strong Price Appreciation for Palomar (NASDAQ:PLMR) Stock

Palomar (NASDAQ:PLMR) had its price target hoisted by research analysts at Piper Sandler from $133.00 to $150.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 18.18% from the company’s current price.

A number of other equities analysts have also weighed in on PLMR. Keefe, Bruyette & Woods increased their target price on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. upped their price target on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a research report on Thursday. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $124.67.

Palomar Stock Up 1.5 %

Shares of Palomar stock opened at $126.92 on Friday. The stock has a market cap of $3.36 billion, a P/E ratio of 30.15 and a beta of 0.38. Palomar has a 12-month low of $66.81 and a 12-month high of $128.38. The business’s 50 day moving average is $107.62 and its 200-day moving average is $101.01.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.55% and a return on equity of 19.65%. On average, sell-side analysts expect that Palomar will post 4.33 EPS for the current year.

Insider Buying and Selling

In other news, CFO T Christopher Uchida sold 1,030 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $110.85, for a total transaction of $114,175.50. Following the completion of the transaction, the chief financial officer now owns 15,994 shares of the company’s stock, valued at approximately $1,772,934.90. The trade was a 6.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $103.04, for a total value of $721,280.00. Following the completion of the sale, the chief executive officer now directly owns 419,388 shares in the company, valued at $43,213,739.52. This trade represents a 1.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,933 shares of company stock valued at $4,030,156 over the last quarter. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PLMR. Whittier Trust Co. of Nevada Inc. acquired a new position in Palomar during the 3rd quarter worth approximately $25,000. Blue Trust Inc. bought a new position in shares of Palomar in the 4th quarter valued at $26,000. GAMMA Investing LLC lifted its stake in shares of Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after acquiring an additional 125 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Palomar by 490.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after acquiring an additional 378 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its position in Palomar by 536.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock worth $43,000 after acquiring an additional 349 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

About Palomar

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.