Palomar (NASDAQ:PLMR) Price Target Lowered to $150.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. lowered its price target on Palomar from $160 to $150 but kept an overweight rating, implying about 32.5% upside from the prior close.
• Other analysts have recently trimmed their views as well, though the stock still carries a Moderate Buy consensus with an average price target of $147.75.
• Palomar shares were trading at $113.24 on Tuesday, and the company recently reported Q1 EPS of $2.31, topping estimates, while revenue grew 59.7% year over year.

Palomar (NASDAQ:PLMR - Get Free Report) had its target price lowered by analysts at JPMorgan Chase & Co. from $160.00 to $150.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 32.46% from the stock's previous close.

A number of other analysts also recently weighed in on the stock. Piper Sandler cut their price target on shares of Palomar from $151.00 to $132.00 and set an "overweight" rating for the company in a report on Monday, May 11th. Weiss Ratings downgraded shares of Palomar from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, May 7th. Keefe, Bruyette & Woods decreased their price objective on shares of Palomar from $186.00 to $159.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. Zacks Research cut shares of Palomar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Finally, Evercore started coverage on shares of Palomar in a report on Monday, February 9th. They issued an "outperform" rating and a $150.00 price target for the company. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Palomar presently has an average rating of "Moderate Buy" and an average price target of $147.75.

Palomar Stock Performance

Shares of Palomar stock traded down $0.63 during trading on Tuesday, hitting $113.24. 92,037 shares of the stock were exchanged, compared to its average volume of 255,847. The stock has a market capitalization of $3.00 billion, a price-to-earnings ratio of 15.77 and a beta of 0.49. The company has a fifty day moving average price of $120.54 and a 200-day moving average price of $124.54. Palomar has a 1-year low of $107.51 and a 1-year high of $175.85. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.31.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, beating analysts' consensus estimates of $2.17 by $0.14. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The business had revenue of $278.94 million for the quarter, compared to analyst estimates of $557.79 million. During the same quarter in the prior year, the business earned $1.87 EPS. Palomar's quarterly revenue was up 59.7% on a year-over-year basis. As a group, equities analysts predict that Palomar will post 9.02 EPS for the current fiscal year.

Insider Buying and Selling

In other news, President Jon Christianson sold 3,000 shares of the company's stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $125.00, for a total value of $375,000.00. Following the completion of the sale, the president owned 62,919 shares of the company's stock, valued at approximately $7,864,875. This represents a 4.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mac Armstrong sold 3,500 shares of the company's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $120.58, for a total transaction of $422,030.00. Following the sale, the chief executive officer owned 339,888 shares of the company's stock, valued at $40,983,695.04. This represents a 1.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 18,634 shares of company stock valued at $2,318,111. Corporate insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Bank of America Corp DE increased its stake in shares of Palomar by 1.2% in the 1st quarter. Bank of America Corp DE now owns 146,570 shares of the company's stock worth $17,515,000 after acquiring an additional 1,693 shares in the last quarter. Janus Henderson Group PLC grew its position in Palomar by 17.4% during the 1st quarter. Janus Henderson Group PLC now owns 933,993 shares of the company's stock valued at $111,664,000 after purchasing an additional 138,368 shares during the last quarter. Amundi grew its position in Palomar by 34.9% during the 1st quarter. Amundi now owns 6,283 shares of the company's stock valued at $751,000 after purchasing an additional 1,625 shares during the last quarter. California State Teachers Retirement System grew its position in Palomar by 18.7% during the 1st quarter. California State Teachers Retirement System now owns 30,280 shares of the company's stock valued at $3,618,000 after purchasing an additional 4,779 shares during the last quarter. Finally, Royal Bank of Canada grew its position in Palomar by 20.6% during the 1st quarter. Royal Bank of Canada now owns 3,631 shares of the company's stock valued at $434,000 after purchasing an additional 619 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors.

About Palomar

Palomar Holdings, Inc NASDAQ: PLMR is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.

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