Palomar (NASDAQ:PLMR) Price Target Raised to $177.00 at Piper Sandler

Palomar (NASDAQ:PLMR - Get Free Report) had its price target lifted by research analysts at Piper Sandler from $171.00 to $177.00 in a report released on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Piper Sandler's price objective would indicate a potential upside of 3.19% from the stock's previous close.

PLMR has been the topic of a number of other reports. JMP Securities reaffirmed a "market perform" rating on shares of Palomar in a report on Thursday, February 13th. JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $115.00 to $150.00 in a report on Tuesday, April 8th. Keefe, Bruyette & Woods lowered their target price on Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. Truist Financial lifted their target price on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a report on Tuesday, April 15th. Finally, Jefferies Financial Group lifted their target price on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a report on Friday, April 11th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $164.33.

Palomar Price Performance

Shares of NASDAQ PLMR traded up $7.60 during midday trading on Friday, reaching $171.53. 520,448 shares of the company traded hands, compared to its average volume of 202,159. Palomar has a 52 week low of $77.28 and a 52 week high of $172.37. The stock has a 50-day moving average price of $150.20 and a 200 day moving average price of $126.19. The company has a market cap of $4.59 billion, a price-to-earnings ratio of 38.29 and a beta of 0.51.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, beating analysts' consensus estimates of $1.61 by $0.26. Palomar had a net margin of 21.23% and a return on equity of 19.76%. The business had revenue of $174.63 million for the quarter, compared to analysts' expectations of $161.97 million. During the same period in the previous year, the business earned $1.09 earnings per share. As a group, analysts expect that Palomar will post 5.99 EPS for the current year.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $129.72, for a total transaction of $648,600.00. Following the transaction, the chief executive officer now owns 402,388 shares of the company's stock, valued at $52,197,771.36. The trade was a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $139.00, for a total value of $139,000.00. Following the transaction, the chief financial officer now directly owns 10,172 shares in the company, valued at approximately $1,413,908. This trade represents a 8.95% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 22,202 shares of company stock worth $3,265,129. Company insiders own 3.70% of the company's stock.

Hedge Funds Weigh In On Palomar

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Palomar by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company's stock valued at $271,886,000 after acquiring an additional 53,123 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Palomar by 5.6% in the 1st quarter. American Century Companies Inc. now owns 829,124 shares of the company's stock valued at $113,656,000 after buying an additional 43,705 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Palomar by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 618,840 shares of the company's stock valued at $65,358,000 after buying an additional 18,748 shares in the last quarter. Westfield Capital Management Co. LP grew its stake in shares of Palomar by 4.2% in the 1st quarter. Westfield Capital Management Co. LP now owns 618,598 shares of the company's stock valued at $84,797,000 after buying an additional 25,138 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Palomar by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock valued at $59,313,000 after buying an additional 17,320 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company's stock.

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.