Piper Sandler Forecasts Strong Price Appreciation for Palomar (NASDAQ:PLMR) Stock

Palomar (NASDAQ:PLMR) had its price target increased by equities researchers at Piper Sandler from $119.00 to $133.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective would indicate a potential upside of 23.96% from the stock’s previous close.

Several other equities research analysts have also commented on PLMR. Keefe, Bruyette & Woods upped their price objective on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. lifted their target price on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group increased their price objective on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $115.50.

Palomar Price Performance

Shares of PLMR traded up $2.48 during trading hours on Monday, hitting $107.29. The stock had a trading volume of 33,671 shares, compared to its average volume of 71,297. Palomar has a 12 month low of $54.81 and a 12 month high of $112.90. The stock has a fifty day moving average price of $103.86 and a 200 day moving average price of $96.06. The firm has a market capitalization of $2.84 billion, a PE ratio of 25.48 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.03 by $0.20. The firm had revenue of $148.50 million during the quarter, compared to analyst estimates of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same quarter in the prior year, the firm earned $0.80 EPS. As a group, analysts anticipate that Palomar will post 4.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Mac Armstrong sold 3,185 shares of Palomar stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $98.21, for a total transaction of $312,798.85. Following the completion of the sale, the chief executive officer now owns 50,312 shares of the company’s stock, valued at approximately $4,941,141.52. The trade was a 5.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Jon Christianson sold 819 shares of the firm’s stock in a transaction on Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total value of $86,699.34. Following the transaction, the president now owns 55,126 shares in the company, valued at approximately $5,835,638.36. This represents a 1.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,909 shares of company stock valued at $3,242,655 in the last three months. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

A number of institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its holdings in shares of Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after buying an additional 125 shares in the last quarter. Arizona State Retirement System boosted its stake in Palomar by 2.4% in the second quarter. Arizona State Retirement System now owns 6,961 shares of the company’s stock valued at $565,000 after acquiring an additional 164 shares in the last quarter. Covestor Ltd grew its holdings in Palomar by 20.2% in the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after purchasing an additional 181 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of Palomar by 1.6% during the 3rd quarter. Louisiana State Employees Retirement System now owns 12,700 shares of the company’s stock valued at $1,202,000 after purchasing an additional 200 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Palomar in the 3rd quarter worth $25,000. Institutional investors own 90.25% of the company’s stock.

About Palomar

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.