Palomar (NASDAQ:PLMR) Price Target Raised to $160.00

Palomar (NASDAQ:PLMR) had its price target upped by analysts at JPMorgan Chase & Co. from $155.00 to $160.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 31.64% from the company’s current price.

Several other research analysts have also issued reports on PLMR. Weiss Ratings raised Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th. Wall Street Zen raised Palomar from a “hold” rating to a “buy” rating in a report on Saturday. Keefe, Bruyette & Woods lifted their price objective on shares of Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a report on Tuesday, January 6th. Finally, Evercore started coverage on Palomar in a research report on Monday, February 9th. They set an “outperform” rating and a $150.00 target price on the stock. Seven research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $163.00.

Palomar Stock Up 0.8%

Palomar stock traded up $0.93 during midday trading on Monday, reaching $121.54. The stock had a trading volume of 84,327 shares, compared to its average volume of 269,704. Palomar has a 52-week low of $107.75 and a 52-week high of $175.85. The firm has a market cap of $3.22 billion, a price-to-earnings ratio of 16.96 and a beta of 0.44. The company has a fifty day moving average of $129.40 and a 200 day moving average of $123.22.

Palomar (NASDAQ:PLMR) last issued its earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.18. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The business had revenue of $492.63 million during the quarter, compared to analysts’ expectations of $204.58 million. During the same period in the prior year, the business earned $1.52 EPS. The business’s revenue for the quarter was up 62.7% compared to the same quarter last year. Equities research analysts predict that Palomar will post 5.99 EPS for the current year.

Insider Buying and Selling

In related news, CFO T Christopher Uchida sold 783 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total value of $100,255.32. Following the completion of the sale, the chief financial officer directly owned 14,752 shares in the company, valued at approximately $1,888,846.08. The trade was a 5.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Angela L. Grant sold 260 shares of the firm’s stock in a transaction dated Saturday, January 31st. The shares were sold at an average price of $121.75, for a total value of $31,655.00. Following the sale, the insider owned 7,033 shares in the company, valued at approximately $856,267.75. The trade was a 3.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 58,999 shares of company stock valued at $7,253,229 in the last quarter. Corporate insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Salomon & Ludwin LLC acquired a new position in Palomar during the third quarter valued at $25,000. Richardson Financial Services Inc. grew its position in Palomar by 210.0% during the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock worth $25,000 after buying an additional 147 shares in the last quarter. Allworth Financial LP increased its holdings in Palomar by 1,970.0% in the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock valued at $32,000 after buying an additional 197 shares during the period. Geneos Wealth Management Inc. acquired a new position in shares of Palomar in the 4th quarter worth approximately $32,000. Finally, Kestra Advisory Services LLC bought a new position in shares of Palomar in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Company Profile

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.