Palomar (NASDAQ:PLMR) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

Palomar (NASDAQ:PLMR) had its target price hoisted by Jefferies Financial Group from $145.00 to $168.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

PLMR has been the subject of several other reports. JPMorgan Chase & Co. upgraded Palomar from a “neutral” rating to an “overweight” rating and increased their target price for the company from $115.00 to $150.00 in a research report on Tuesday, April 8th. JMP Securities reiterated a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Piper Sandler boosted their target price on shares of Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. Keefe, Bruyette & Woods decreased their price target on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Finally, Truist Financial lifted their price target on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $143.67.

Palomar Price Performance

PLMR stock opened at $147.88 on Friday. Palomar has a 1 year low of $74.77 and a 1 year high of $148.54. The stock has a market cap of $3.95 billion, a price-to-earnings ratio of 33.01 and a beta of 0.46. The company has a 50 day simple moving average of $128.46 and a 200 day simple moving average of $111.73.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. On average, equities research analysts anticipate that Palomar will post 5.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 3,154 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $109.27, for a total transaction of $344,637.58. Following the transaction, the chief executive officer now owns 60,032 shares in the company, valued at approximately $6,559,696.64. This represents a 4.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 1,030 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $109.65, for a total transaction of $112,939.50. Following the completion of the transaction, the chief financial officer now directly owns 16,258 shares in the company, valued at $1,782,689.70. This trade represents a 5.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,097 shares of company stock worth $3,415,422. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Blue Trust Inc. bought a new stake in Palomar during the fourth quarter worth $26,000. Smartleaf Asset Management LLC boosted its holdings in Palomar by 536.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock worth $43,000 after acquiring an additional 349 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in Palomar by 63.2% during the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock worth $52,000 after acquiring an additional 191 shares during the last quarter. NBC Securities Inc. bought a new stake in shares of Palomar in the 1st quarter worth $53,000. Finally, Farther Finance Advisors LLC raised its holdings in shares of Palomar by 21.8% in the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock valued at $58,000 after purchasing an additional 99 shares during the last quarter. 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.