Piper Sandler Lowers Palomar (NASDAQ:PLMR) Price Target to $151.00

Key Points

• Piper Sandler has reduced Palomar's price target from $177.00 to $151.00, indicating a potential upside of 30.42% from the previous close.
• Palomar's stock has experienced a significant increase in trading volume, reaching 385,881 shares on Wednesday, surpassing its average of 280,919 shares.
• In recent trades, insider selling has occurred, with COO Rodolphe Herve and CEO Mac Armstrong selling significant amounts of stock, indicating possible caution among executives.

Palomar (NASDAQ:PLMR - Free Report) had its target price reduced by Piper Sandler from $177.00 to $151.00 in a research report report published on Wednesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

PLMR has been the topic of several other research reports. Truist Financial boosted their price target on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research note on Tuesday, April 15th. Jefferies Financial Group upped their target price on shares of Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Evercore ISI upped their target price on shares of Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research report on Friday, May 30th. Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Finally, JPMorgan Chase & Co. raised shares of Palomar from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $164.50.

Palomar Price Performance

NASDAQ PLMR traded down $0.78 during mid-day trading on Wednesday, reaching $122.11. The stock had a trading volume of 96,573 shares, compared to its average volume of 293,061. Palomar has a 1 year low of $85.00 and a 1 year high of $175.85. The stock has a market cap of $3.27 billion, a PE ratio of 21.48 and a beta of 0.44. The company has a fifty day moving average price of $147.21 and a 200 day moving average price of $139.51.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $1.76 EPS for the quarter, topping analysts' consensus estimates of $1.68 by $0.08. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The business 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 EPS. The firm's revenue was up 47.6% on a year-over-year basis. As a group, equities research analysts expect that Palomar will post 5.99 earnings per share for the current year.

Insider Activity

In related news, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $161.96, for a total transaction of $809,800.00. Following the completion of the sale, the chief executive officer owned 392,388 shares of the company's stock, valued at approximately $63,551,160.48. This represents a 1.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Rodolphe Herve sold 1,130 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $130.10, for a total transaction of $147,013.00. Following the completion of the transaction, the chief operating officer owned 807 shares in the company, valued at approximately $104,990.70. This represents a 58.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,294 shares of company stock worth $3,208,102 over the last three months. Corporate insiders own 3.70% of the company's stock.

Institutional Investors Weigh In On Palomar

Institutional investors and hedge funds have recently bought and sold shares of the stock. Allworth Financial LP lifted its position in shares of Palomar by 1,970.0% during the second quarter. Allworth Financial LP now owns 207 shares of the company's stock worth $32,000 after purchasing an additional 197 shares in the last quarter. Maseco LLP bought a new position in shares of Palomar during the second quarter worth about $45,000. Nisa Investment Advisors LLC grew its position in shares of Palomar by 185.3% during the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock worth $43,000 after acquiring an additional 202 shares during the last quarter. IFP Advisors Inc grew 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 in the last quarter. Finally, Opal Wealth Advisors LLC acquired a new stake in Palomar in the 1st quarter valued at about $46,000. Hedge funds and other 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.