Palomar (NASDAQ:PLMR) Price Target Lowered to $137.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has lowered its price target for Palomar (NASDAQ:PLMR) from $158.00 to $137.00, while maintaining an "overweight" rating, suggesting a potential upside of 15.98%.
• Other research firms have also revised their price targets for Palomar, with Keefe Bruyette & Woods setting it at $172.00 and Piper Sandler at $151.00.
• Palomar's recent earnings report showed a 47.6% year-over-year increase in revenue, with earnings per share of $1.76, exceeding estimates by $0.08.

Palomar (NASDAQ:PLMR - Get Free Report) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $158.00 to $137.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 15.98% from the company's current price.

PLMR has been the subject of several other research reports. Keefe, Bruyette & Woods decreased their price target on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Weiss Ratings reissued a "hold (c+)" rating on shares of Palomar in a research note on Wednesday. Piper Sandler reduced their price objective on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a research note on Wednesday, August 6th. Evercore ISI reduced their price objective on shares of Palomar from $168.00 to $134.00 and set an "in-line" rating for the company in a research note on Wednesday, October 1st. Finally, Wall Street Zen downgraded shares of Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $156.67.

Palomar Price Performance

Shares of NASDAQ:PLMR traded down $0.82 during trading hours on Thursday, hitting $118.13. 30,571 shares of the company's stock traded hands, compared to its average volume of 296,941. Palomar has a 1 year low of $85.00 and a 1 year high of $175.85. The business has a fifty day moving average price of $120.01 and a 200-day moving average price of $139.48. The firm has a market capitalization of $3.16 billion, a P/E ratio of 20.76 and a beta of 0.30.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.08. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The firm had revenue of $496.29 million during the quarter, compared to the consensus estimate of $173.86 million. During the same quarter in the previous year, the firm posted $1.25 earnings per share. The company's revenue was up 47.6% on a year-over-year basis. As a group, equities analysts predict that Palomar will post 5.99 earnings per share for the current year.

Insider Transactions at Palomar

In other Palomar news, President Jon Christianson sold 521 shares of the company's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $120.13, for a total value of $62,587.73. Following the sale, the president directly owned 59,036 shares of the company's stock, valued at approximately $7,091,994.68. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Rodolphe Herve sold 1,130 shares of the company's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $130.10, for a total transaction of $147,013.00. Following the completion of the sale, the chief operating officer directly owned 807 shares in the company, valued at approximately $104,990.70. The trade was a 58.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,905 shares of company stock worth $2,839,676 over the last 90 days. Insiders own 3.70% of the company's stock.

Institutional Investors Weigh In On Palomar

Several hedge funds have recently modified their holdings of the company. Marshall Financial Group LLC boosted its stake in shares of Palomar by 9.8% during the 3rd quarter. Marshall Financial Group LLC now owns 6,015 shares of the company's stock worth $702,000 after acquiring an additional 537 shares in the last quarter. Texas Permanent School Fund Corp boosted its stake in shares of Palomar by 252.7% during the 2nd quarter. Texas Permanent School Fund Corp now owns 68,408 shares of the company's stock worth $10,552,000 after acquiring an additional 49,015 shares in the last quarter. Osaic Holdings Inc. boosted its stake in shares of Palomar by 93.7% during the 2nd quarter. Osaic Holdings Inc. now owns 19,370 shares of the company's stock worth $2,933,000 after acquiring an additional 9,371 shares in the last quarter. Orion Porfolio Solutions LLC boosted its stake in shares of Palomar by 55.3% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 9,826 shares of the company's stock worth $1,516,000 after acquiring an additional 3,500 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in Palomar by 0.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 28,411 shares of the company's stock valued at $4,382,000 after buying an additional 178 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

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.

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