Palomar (NASDAQ:PLMR) Given New $156.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Palomar’s price target from $167 to $156 while maintaining an “overweight” rating, implying approximately 19.35% upside from the prior close.
• Analyst sentiment remains positive: Palomar has an average “Buy” rating and a consensus price target of $160, with other firms recently raising their targets.
• Palomar shares closed at $130.71, while the company’s latest quarterly earnings of $2.36 per share exceeded the $2.19 consensus estimate; institutional investors own 90.25% of the stock.

Palomar (NASDAQ:PLMR - Get Free Report) had its price objective lowered by analysts at JPMorgan Chase & Co. from $167.00 to $156.00 in a report issued on Friday, Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 19.35% from the stock's previous close.

Several other equities analysts also recently weighed in on PLMR. Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $166.00 to $167.00 and gave the stock an "outperform" rating in a research note on Monday, August 10th. Zacks Research raised shares of Palomar from a "hold" rating to a "strong-buy" rating in a report on Wednesday, September 30th. Piper Sandler lifted their price objective on shares of Palomar from $132.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Weiss Ratings raised shares of Palomar from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, September 24th. Finally, Evercore set a $152.00 target price on Palomar in a research report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company's stock. According to MarketBeat, Palomar currently has an average rating of "Buy" and a consensus price target of $160.00.

Palomar Stock Performance

NASDAQ:PLMR traded down $0.73 during trading hours on Friday, reaching $130.71. The stock had a trading volume of 69,151 shares, compared to its average volume of 259,772. The stock has a market cap of $3.44 billion, a P/E ratio of 17.57 and a beta of 0.35. The stock has a 50 day simple moving average of $131.18 and a 200 day simple moving average of $125.66. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.50 and a current ratio of 0.50. Palomar has a 12-month low of $100.81 and a 12-month high of $147.62.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, topping the consensus estimate of $2.19 by $0.17. Palomar had a return on equity of 23.28% and a net margin of 18.61%.The company had revenue of $314.42 million during the quarter, compared to the consensus estimate of $621.52 million. During the same quarter in the prior year, the company earned $1.76 EPS. On average, research analysts forecast that Palomar will post 9.3 EPS for the current fiscal year.

Insider Transactions at Palomar

In related news, President Jon Christianson sold 3,000 shares of the stock in a transaction on Monday, July 20th. The stock was sold at an average price of $139.50, for a total value of $418,500.00. Following the sale, the president owned 66,478 shares in the company, valued at approximately $9,273,681. This trade represents a 4.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Rodolphe Herve sold 1,207 shares of Palomar stock in a transaction on Friday, July 31st. The shares were sold at an average price of $135.35, for a total value of $163,367.45. Following the sale, the chief operating officer directly owned 3,548 shares of the company's stock, valued at $480,221.80. This represents a 25.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 16,322 shares of company stock worth $2,198,116. 3.70% of the stock is owned by corporate insiders.

Institutional Trading of Palomar

Several institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of Palomar in the second quarter worth approximately $556,348,000. Jupiter Topco LLC purchased a new position in Palomar in the 2nd quarter worth approximately $132,166,000. Janus Henderson Group PLC increased its holdings in shares of Palomar by 17.4% in the 1st quarter. Janus Henderson Group PLC now owns 933,993 shares of the company's stock worth $111,664,000 after buying an additional 138,368 shares during the last quarter. Stephens Investment Management Group LLC increased its holdings in shares of Palomar by 3.0% in the 1st quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company's stock worth $85,432,000 after buying an additional 20,597 shares during the last quarter. Finally, Freestone Grove Partners LP purchased a new stake in shares of Palomar during the 2nd quarter valued at $78,657,000. Hedge funds and other institutional investors own 90.25% of the company's stock.

Palomar Company Profile

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products for risks that may be underserved by standard insurance carriers. The company focuses on markets where specialized underwriting expertise is important, including catastrophe-exposed property and other complex commercial and personal insurance risks.

Its offerings include commercial and residential property coverage, casualty insurance, specialty programs, and other products designed for areas such as earthquake, wind, flood, and other natural catastrophe exposures.

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