Palomar (NASDAQ:PLMR) Price Target Raised to $150.00

Palomar (NASDAQ:PLMR) had its price objective upped by Truist Financial from $112.00 to $150.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also issued reports on PLMR. Piper Sandler lifted their target price on shares of Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a report on Friday. JPMorgan Chase & Co. lifted their target price on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. JMP Securities reiterated a “market perform” rating on shares of Palomar in a report on Thursday. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $124.67.

Palomar Trading Up 1.5 %

Shares of NASDAQ:PLMR opened at $126.92 on Friday. The stock’s 50-day moving average price is $107.62 and its 200-day moving average price is $101.07. Palomar has a 12-month low of $66.81 and a 12-month high of $128.38. The stock has a market capitalization of $3.36 billion, a P/E ratio of 30.15 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.65% and a net margin of 21.55%. As a group, research analysts predict that Palomar will post 4.33 EPS for the current year.

Insider Activity at Palomar

In other Palomar news, insider Jonathan Knutzen sold 282 shares of Palomar stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $104.46, for a total value of $29,457.72. Following the completion of the sale, the insider now owns 20,098 shares of the company’s stock, valued at approximately $2,099,437.08. The trade was a 1.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Angela L. Grant sold 1,505 shares of Palomar stock in a transaction that occurred on Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total transaction of $159,319.30. Following the completion of the sale, the insider now directly owns 2,534 shares of the company’s stock, valued at approximately $268,249.24. This trade represents a 37.26 % decrease in their position. 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 90 days. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

A number of large investors have recently added to or reduced their stakes in the stock. Freestone Grove Partners LP bought a new stake in Palomar in the 4th quarter worth approximately $11,774,000. Comerica Bank grew its position in shares of Palomar by 25.7% during the 4th quarter. Comerica Bank now owns 48,020 shares of the company’s stock valued at $5,071,000 after acquiring an additional 9,804 shares during the period. Lido Advisors LLC grew its position in shares of Palomar by 32.8% during the 4th quarter. Lido Advisors LLC now owns 2,953 shares of the company’s stock valued at $312,000 after acquiring an additional 730 shares during the period. Northern Trust Corp grew its position in shares of Palomar by 17.8% during the 4th quarter. Northern Trust Corp now owns 278,240 shares of the company’s stock valued at $29,379,000 after acquiring an additional 42,133 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of Palomar by 44.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 108,913 shares of the company’s stock valued at $11,500,000 after acquiring an additional 33,697 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.