Palomar (NASDAQ:PLMR) Price Target Lowered to $158.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has lowered the price target for Palomar (NASDAQ:PLMR) from $170.00 to $158.00, while maintaining an "overweight" rating, indicating a potential upside of 31.25% from the current price.
• Despite recently mixed ratings from various analysts, Palomar has an average rating of "Moderate Buy" with a consensus price target of $165.83.
• Palomar reported a quarterly revenue of $496.29 million, significantly outperforming analyst estimates of $173.86 million, and an EPS of $1.76.

Palomar (NASDAQ:PLMR - Get Free Report) had its target price dropped by stock analysts at JPMorgan Chase & Co. from $170.00 to $158.00 in a report issued on Monday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 31.25% from the stock's current price.

Several other research firms have also commented on PLMR. Wall Street Zen lowered shares of Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Truist Financial increased their target price on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. Piper Sandler cut their price target on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a report on Wednesday, August 6th. Evercore ISI raised their price target on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a report on Friday, May 30th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a report on Friday. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Palomar presently has an average rating of "Moderate Buy" and a consensus price target of $165.83.

Palomar Stock Performance

PLMR stock opened at $120.38 on Monday. Palomar has a 52 week low of $85.00 and a 52 week high of $175.85. The firm's fifty day moving average is $146.19 and its 200 day moving average is $140.06. The firm has a market cap of $3.22 billion, a P/E ratio of 21.16 and a beta of 0.44.

Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $1.76 EPS 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 company had revenue of $496.29 million for the quarter, compared to analyst estimates of $173.86 million. During the same quarter last year, the firm earned $1.25 EPS. The firm's quarterly revenue was up 47.6% compared to the same quarter last year. As a group, analysts forecast that Palomar will post 5.99 EPS for the current year.

Insider Activity at Palomar

In other news, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $140.10, for a total transaction of $700,500.00. Following the sale, the chief executive officer owned 382,388 shares of the company's stock, valued at approximately $53,572,558.80. The trade was a 1.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 500 shares of Palomar stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $143.10, for a total transaction of $71,550.00. Following the sale, the chief financial officer directly owned 6,920 shares in the company, valued at $990,252. The trade was a 6.74% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,294 shares of company stock worth $3,208,102. 3.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Palomar

Large investors have recently modified their holdings of the stock. Allworth Financial LP lifted its position in Palomar by 1,970.0% during the 2nd quarter. Allworth Financial LP now owns 207 shares of the company's stock valued at $32,000 after acquiring an additional 197 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of Palomar by 185.3% during the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock valued at $43,000 after purchasing an additional 202 shares during the last quarter. Maseco LLP purchased a new position in shares of Palomar during the second quarter valued at approximately $45,000. Opal Wealth Advisors LLC bought a new stake in Palomar during the first quarter valued at approximately $46,000. Finally, TCTC Holdings LLC grew its position in Palomar by 116.5% during the first quarter. TCTC Holdings LLC now owns 381 shares of the company's stock valued at $52,000 after buying an additional 205 shares during the period. 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.

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