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

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 - Free Report) had its price target decreased by JPMorgan Chase & Co. from $170.00 to $158.00 in a report released on Monday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other equities analysts have also recently weighed in on PLMR. Truist Financial raised their price objective on Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. Evercore ISI raised their price objective on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a report on Friday, May 30th. Piper Sandler decreased their price objective on Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a report on Wednesday, August 6th. Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Finally, Keefe, Bruyette & Woods decreased their price objective on Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $165.83.

Palomar Stock Down 0.3%

PLMR stock traded down $0.42 during mid-day trading on Monday, reaching $120.18. 128,813 shares of the company traded hands, compared to its average volume of 295,683. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of 21.12 and a beta of 0.44. The firm's 50 day moving average price is $142.14 and its 200 day moving average price is $140.05. Palomar has a fifty-two week low of $85.00 and a fifty-two week high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.68 by $0.08. The firm had revenue of $496.29 million for the quarter, compared to the consensus estimate of $173.86 million. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The business's revenue for the quarter was up 47.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.25 EPS. On average, analysts anticipate that Palomar will post 5.99 EPS for the current fiscal year.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $140.10, for a total value of $700,500.00. Following the completion of the transaction, the chief executive officer owned 382,388 shares in the company, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Rodolphe Herve sold 1,130 shares of the business's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $130.10, for a total value of $147,013.00. Following the transaction, the chief operating officer owned 807 shares in the company, valued at approximately $104,990.70. This trade represents a 58.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,294 shares of company stock worth $3,208,102. 3.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Allworth Financial LP grew its holdings in shares of Palomar by 1,970.0% in the 2nd quarter. Allworth Financial LP now owns 207 shares of the company's stock worth $32,000 after acquiring an additional 197 shares during the period. Maseco LLP purchased a new stake in Palomar during the 2nd quarter worth $45,000. Nisa Investment Advisors LLC boosted its position in Palomar by 185.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock valued at $43,000 after buying an additional 202 shares during the last quarter. IFP Advisors Inc boosted its position in Palomar by 556.9% in the 2nd quarter. IFP Advisors Inc now owns 335 shares of the company's stock valued at $52,000 after buying an additional 284 shares during the last quarter. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Palomar in the 1st quarter valued at about $46,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Company Profile

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.