Palomar (NASDAQ:PLMR) Downgraded by JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Palomar (NASDAQ:PLMR - Free Report) from an overweight rating to a neutral rating in a research report released on Monday morning, Marketbeat.com reports. JPMorgan Chase & Co. currently has $85.00 price objective on the stock, up from their previous price objective of $79.00.

Several other research analysts have also issued reports on PLMR. Truist Financial increased their target price on Palomar from $72.00 to $88.00 and gave the stock a buy rating in a research report on Friday, February 16th. Jefferies Financial Group raised Palomar from a hold rating to a buy rating and increased their target price for the stock from $78.00 to $88.00 in a research report on Thursday, March 14th. Piper Sandler increased their target price on Palomar from $80.00 to $89.00 and gave the stock an overweight rating in a research report on Monday, April 1st. Evercore ISI increased their target price on Palomar from $66.00 to $68.00 and gave the stock an in-line rating in a research report on Thursday, February 15th. Finally, Keefe, Bruyette & Woods increased their target price on Palomar from $73.00 to $87.00 and gave the stock an outperform rating in a research report on Wednesday, February 21st. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $84.17.

Palomar Trading Down 3.7 %

NASDAQ PLMR traded down $3.05 on Monday, hitting $78.42. The company's stock had a trading volume of 136,809 shares, compared to its average volume of 160,693. Palomar has a 52-week low of $46.09 and a 52-week high of $86.25. The company's 50-day simple moving average is $73.86 and its 200 day simple moving average is $62.61. The firm has a market cap of $1.95 billion, a P/E ratio of 25.13 and a beta of 0.21.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data on Wednesday, February 14th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.09. Palomar had a return on equity of 19.35% and a net margin of 21.07%. The business had revenue of $102.35 million during the quarter, compared to analysts' expectations of $95.07 million. On average, research analysts forecast that Palomar will post 3.82 EPS for the current fiscal year.

Insider Activity at Palomar

In related news, President Jon Christianson sold 2,000 shares of the firm's stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $60.00, for a total transaction of $120,000.00. Following the completion of the transaction, the president now owns 70,019 shares of the company's stock, valued at approximately $4,201,140. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Palomar news, Director Thomas A. Bradley bought 1,500 shares of Palomar stock in a transaction on Tuesday, March 5th. The stock was acquired at an average price of $74.30 per share, with a total value of $111,450.00. Following the acquisition, the director now owns 1,500 shares in the company, valued at $111,450. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Jon Christianson sold 2,000 shares of Palomar stock in a transaction on Friday, January 12th. The stock was sold at an average price of $60.00, for a total value of $120,000.00. Following the completion of the sale, the president now directly owns 70,019 shares of the company's stock, valued at approximately $4,201,140. The disclosure for this sale can be found here. Insiders sold a total of 39,509 shares of company stock valued at $2,950,557 in the last 90 days. Corporate insiders own 4.40% of the company's stock.

Institutional Trading of Palomar

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Advisor Group Holdings Inc. lifted its position in shares of Palomar by 34.1% in the first quarter. Advisor Group Holdings Inc. now owns 1,470 shares of the company's stock valued at $94,000 after acquiring an additional 374 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Palomar by 20.7% in the first quarter. JPMorgan Chase & Co. now owns 11,682 shares of the company's stock worth $747,000 after buying an additional 2,002 shares in the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Palomar in the first quarter worth about $891,000. Citigroup Inc. lifted its position in shares of Palomar by 11.6% in the first quarter. Citigroup Inc. now owns 20,883 shares of the company's stock worth $1,337,000 after buying an additional 2,165 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of Palomar by 50.8% in the first quarter. PNC Financial Services Group Inc. now owns 6,647 shares of the company's stock worth $425,000 after buying an additional 2,240 shares in the last quarter. Hedge funds and other institutional investors 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.