JPMorgan Chase & Co. Issues Pessimistic Forecast for Palomar (NASDAQ:PLMR) Stock Price

Palomar (NASDAQ:PLMR) had its price objective reduced by equities research analysts at JPMorgan Chase & Co. from $158.00 to $137.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 16.03% from the company’s current price.

A number of other research analysts also recently commented on PLMR. Piper Sandler reduced their price target on Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a report on Wednesday, August 6th. Evercore ISI reduced their price target on Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a report on Wednesday, October 1st. Weiss Ratings reissued a “hold (c+)” rating on shares of Palomar in a report on Wednesday. Keefe, Bruyette & Woods reduced their price target on Palomar from $204.00 to $172.00 and set an “outperform” rating for the company in a report on Friday, August 8th. Finally, Wall Street Zen downgraded Palomar from a “buy” rating to a “hold” rating in a report on Saturday, July 5th. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $156.67.

Palomar Stock Performance

PLMR stock opened at $118.07 on Thursday. Palomar has a 1 year low of $85.00 and a 1 year high of $175.85. The firm has a market cap of $3.16 billion, a P/E ratio of 20.75 and a beta of 0.30. The stock has a 50-day simple moving average of $119.53 and a 200-day simple moving average of $139.26.

Palomar (NASDAQ:PLMR) last posted its earnings results on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. Palomar had a return on equity of 20.35% and a net margin of 22.71%.The business had revenue of $65.74 million during the quarter. On average, equities research analysts predict that Palomar will post 5.99 EPS for the current year.

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 782 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $120.13, for a total value of $93,941.66. Following the sale, the chief financial officer owned 7,668 shares of the company’s stock, valued at approximately $921,156.84. This trade represents a 9.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Rodolphe Herve sold 1,130 shares of the firm’s stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $130.10, for a total value of $147,013.00. Following the completion of the sale, the chief operating officer directly owned 807 shares in the company, valued at approximately $104,990.70. This trade represents a 58.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,905 shares of company stock worth $2,839,676 over the last quarter. 3.70% of the stock is owned by corporate insiders.

Institutional Trading of Palomar

Several hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. lifted its holdings in shares of Palomar by 2.1% in the 2nd quarter. American Century Companies Inc. now owns 846,312 shares of the company’s stock worth $130,544,000 after purchasing an additional 17,188 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Palomar by 234.1% in the 2nd quarter. Invesco Ltd. now owns 798,361 shares of the company’s stock worth $123,147,000 after purchasing an additional 559,383 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Palomar by 2.1% in the 2nd quarter. Geode Capital Management LLC now owns 657,530 shares of the company’s stock worth $101,436,000 after purchasing an additional 13,802 shares during the last quarter. Westfield Capital Management Co. LP lifted its holdings in shares of Palomar by 4.2% in the 1st quarter. Westfield Capital Management Co. LP now owns 618,598 shares of the company’s stock worth $84,797,000 after purchasing an additional 25,138 shares during the last quarter. Finally, Driehaus Capital Management LLC lifted its holdings in shares of Palomar by 3.1% in the 1st quarter. Driehaus Capital Management LLC now owns 559,156 shares of the company’s stock worth $76,649,000 after purchasing an additional 17,014 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

Palomar Company Profile

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.