Palomar (NASDAQ:PLMR) Price Target Raised to $167.00

Palomar (NASDAQ:PLMR) had its price target increased by JPMorgan Chase & Co. from $150.00 to $167.00 in a research report released on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms also recently issued reports on PLMR. Evercore set a $152.00 price objective on shares of Palomar in a research note on Friday, July 10th. Weiss Ratings upgraded shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Zacks Research downgraded Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Piper Sandler raised their price objective on Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods boosted their price objective on Palomar from $162.00 to $166.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $162.50.

Palomar Price Performance

Shares of Palomar stock opened at $130.45 on Monday. The business’s fifty day moving average price is $120.91 and its 200 day moving average price is $123.15. Palomar has a twelve month low of $100.81 and a twelve month high of $147.62. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $3.46 billion, a P/E ratio of 18.17 and a beta of 0.41.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The company had revenue of $278.94 million during the quarter, compared to analyst estimates of $557.79 million. During the same period in the prior year, the firm posted $1.87 earnings per share. The firm’s revenue was up 59.7% on a year-over-year basis. As a group, research analysts anticipate that Palomar will post 8.9 earnings per share for the current year.

Insider Transactions at Palomar

In other news, insider Timothy Carter sold 480 shares of the company’s stock in a transaction on Sunday, June 28th. The shares were sold at an average price of $124.29, for a total value of $59,659.20. Following the completion of the transaction, the insider directly owned 1,670 shares in the company, valued at approximately $207,564.30. This represents a 22.33% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Jon Christianson sold 6,863 shares of the firm’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $139.50, for a total transaction of $957,388.50. Following the sale, the president directly owned 66,478 shares of the company’s stock, valued at approximately $9,273,681. The trade was a 9.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 14,343 shares of company stock valued at $1,812,773. Corporate insiders own 3.70% of the company’s stock.

Institutional Trading of Palomar

Large investors have recently modified their holdings of the business. Royal Bank of Canada boosted its holdings in Palomar by 49.1% in the first quarter. Royal Bank of Canada now owns 2,956 shares of the company’s stock valued at $406,000 after purchasing an additional 974 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings 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 purchasing an additional 791 shares during the last quarter. NewEdge Advisors LLC acquired a new position in shares of Palomar in the 1st quarter valued at approximately $66,000. United Services Automobile Association acquired a new position in shares of Palomar in the 1st quarter valued at approximately $223,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Palomar by 11.9% during 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 valued at $9,960,000 after buying an additional 7,754 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.