Palomar (NASDAQ:PLMR) Price Target Raised to $155.00 at JPMorgan Chase & Co.

Palomar (NASDAQ:PLMR) had its price target raised by equities researchers at JPMorgan Chase & Co. from $145.00 to $155.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 21.01% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Weiss Ratings restated a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. Evercore ISI reduced their target price on shares of Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st. Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, December 20th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a research report on Tuesday. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $159.50.

Palomar Stock Down 2.0%

Palomar stock traded down $2.62 during mid-day trading on Wednesday, reaching $128.09. The company had a trading volume of 33,421 shares, compared to its average volume of 201,188. Palomar has a 52 week low of $98.42 and a 52 week high of $175.85. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of 20.06 and a beta of 0.42. The company has a 50 day moving average of $126.06 and a 200-day moving average of $126.20.

Palomar (NASDAQ:PLMR) last issued its earnings results on Friday, December 16th. The company reported $0.07 EPS for the quarter. Palomar had a return on equity of 21.93% and a net margin of 22.59%.The business had revenue of $65.74 million during the quarter. On average, analysts predict that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Palomar news, CFO T Christopher Uchida sold 782 shares of Palomar stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $128.84, for a total transaction of $100,752.88. Following the completion of the transaction, the chief financial officer directly owned 7,916 shares of the company’s stock, valued at $1,019,897.44. The trade was a 8.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $122.86, for a total transaction of $614,300.00. Following the sale, the chief executive officer owned 358,388 shares of the company’s stock, valued at $44,031,549.68. This trade represents a 1.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 16,494 shares of company stock worth $2,004,566 over the last 90 days. Company insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Palomar

Several institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada increased its position in shares of Palomar by 49.1% in the first quarter. Royal Bank of Canada now owns 2,956 shares of the company’s stock worth $406,000 after purchasing an additional 974 shares during the period. Alliancebernstein L.P. raised its holdings in shares of Palomar by 322.4% during the 1st quarter. Alliancebernstein L.P. now owns 127,383 shares of the company’s stock worth $17,462,000 after buying an additional 97,226 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Palomar by 5.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company’s stock worth $2,115,000 after acquiring an additional 791 shares during the last quarter. NewEdge Advisors LLC acquired a new position in Palomar in the 1st quarter worth about $66,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in Palomar in the first quarter valued at about $314,000. 90.25% of the stock is currently owned by institutional investors.

About Palomar

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.