JPMorgan Chase & Co. Increases Palomar (NASDAQ:PLMR) Price Target to $160.00

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

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

Palomar Stock Up 0.8%

Shares of PLMR traded up $0.93 during mid-day trading on Monday, hitting $121.54. The company had a trading volume of 84,327 shares, compared to its average volume of 269,704. The stock has a market cap of $3.22 billion, a PE ratio of 16.96 and a beta of 0.44. The business’s 50-day simple moving average is $129.40 and its 200-day simple moving average is $123.22. Palomar has a 1-year low of $107.75 and a 1-year high of $175.85.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Wednesday, February 11th. The company reported $2.24 EPS for the quarter, topping analysts’ consensus estimates of $2.06 by $0.18. The company had revenue of $492.63 million for the quarter, compared to the consensus estimate of $204.58 million. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The company’s quarterly revenue was up 62.7% compared to the same quarter last year. During the same period last year, the business posted $1.52 EPS. On average, sell-side analysts expect that Palomar will post 5.99 earnings per share for the current year.

Insider Activity

In other news, President Jon Christianson sold 1,991 shares of the stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total value of $238,681.08. Following the transaction, the president directly owned 62,985 shares of the company’s stock, valued at $7,550,641.80. This represents a 3.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mac Armstrong sold 11,484 shares of the company’s stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total value of $1,376,701.92. Following the sale, the chief executive officer owned 91,737 shares of the company’s stock, valued at approximately $10,997,431.56. The trade was a 11.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 58,999 shares of company stock valued at $7,253,229 in the last quarter. Company insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Royal Bank of Canada boosted its holdings 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 acquiring an additional 974 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Palomar by 5.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company’s stock valued at $2,115,000 after acquiring an additional 791 shares during the last quarter. NewEdge Advisors LLC purchased a new position in Palomar during the 1st quarter valued at $66,000. United Services Automobile Association bought a new stake in shares of Palomar during the first quarter valued at approximately $223,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Palomar by 11.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,661 shares of the company’s stock worth $9,960,000 after buying an additional 7,754 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

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.