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 price target cut by Piper Sandler from $177.00 to $151.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

PLMR has been the subject of a number of other research reports. Keefe, Bruyette & Woods reduced their price objective on Palomar from $205.00 to $204.00 and set an "outperform" rating for the company in a research note on Monday, June 30th. Jefferies Financial Group upped their price objective on shares of Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a report on Friday, April 11th. JPMorgan Chase & Co. raised shares of Palomar from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Truist Financial boosted their target price on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research report on Tuesday, April 15th. Finally, Evercore ISI upped their target price 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. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Palomar presently has a consensus rating of "Moderate Buy" and a consensus price target of $164.50.

Palomar Trading Down 2.0%

PLMR traded down $2.51 during trading on Wednesday, reaching $120.38. 396,482 shares of the company's stock were exchanged, compared to its average volume of 466,599. The stock has a market capitalization of $3.22 billion, a PE ratio of 20.97 and a beta of 0.44. Palomar has a one year low of $85.00 and a one year high of $175.85. The firm has a fifty day moving average price of $146.19 and a two-hundred day moving average price of $140.06.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $1.76 earnings per share 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 during the quarter, compared to analyst estimates of $173.86 million. During the same quarter in the previous year, the business posted $1.25 EPS. Palomar's revenue for the quarter was up 47.6% compared to the same quarter last year. Sell-side analysts expect that Palomar will post 5.99 earnings per share for the current year.

Insider Activity

In other Palomar news, CFO T Christopher Uchida sold 500 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $158.69, for a total transaction of $79,345.00. Following the transaction, the chief financial officer directly owned 7,420 shares in the company, valued at $1,177,479.80. This represents a 6.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Rodolphe Herve sold 1,130 shares of the company's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $130.10, for a total value of $147,013.00. Following the transaction, the chief operating officer directly owned 807 shares in the company, valued at $104,990.70. This represents a 58.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,294 shares of company stock worth $3,208,102. 3.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Palomar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP boosted its holdings in shares of Palomar by 1,970.0% during the 2nd quarter. Allworth Financial LP now owns 207 shares of the company's stock worth $32,000 after purchasing an additional 197 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of 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 purchasing an additional 202 shares in the last quarter. Maseco LLP acquired a new position in shares of Palomar in the 2nd quarter valued at $45,000. Opal Wealth Advisors LLC purchased a new position in shares of Palomar during the first quarter worth approximately $46,000. Finally, TCTC Holdings LLC lifted its position in Palomar by 116.5% during the 1st quarter. TCTC Holdings LLC now owns 381 shares of the company's stock worth $52,000 after acquiring an additional 205 shares during the period. Institutional investors and hedge funds 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.