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

Palomar (NASDAQ:PLMR) had its price objective upped by analysts at JPMorgan Chase & Co. from $137.00 to $145.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 12.01% from the stock’s current price.

PLMR has been the subject of several other research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods decreased their target price on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. Piper Sandler dropped their price target on Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a research report on Wednesday, August 6th. Finally, Evercore ISI decreased their price objective on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 1st. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $158.00.

Palomar Stock Up 1.1%

PLMR stock traded up $1.39 during mid-day trading on Monday, hitting $129.45. The company had a trading volume of 177,283 shares, compared to its average volume of 293,486. The company has a market capitalization of $3.47 billion, a price-to-earnings ratio of 22.75 and a beta of 0.25. Palomar has a 12-month low of $98.42 and a 12-month high of $175.85. The company has a 50-day moving average price of $116.82 and a 200 day moving average price of $135.44.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Friday, December 16th. The company reported $0.07 EPS for the quarter. The company had revenue of $65.74 million during the quarter. Palomar had a return on equity of 20.35% and a net margin of 22.71%. As a group, analysts expect that Palomar will post 5.99 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Mac Armstrong sold 5,000 shares of the business’s stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $116.02, for a total value of $580,100.00. Following the completion of the transaction, the chief executive officer directly owned 372,388 shares of the company’s stock, valued at approximately $43,204,455.76. The trade was a 1.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard H. Taketa acquired 500 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The shares were bought at an average cost of $121.14 per share, for a total transaction of $60,570.00. Following the transaction, the director owned 44,226 shares of the company’s stock, valued at $5,357,537.64. This represents a 1.14% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders sold 20,302 shares of company stock worth $2,414,141. Insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Palomar

A number of hedge funds and other institutional investors have recently bought and sold shares of PLMR. Wealth Enhancement Advisory Services LLC grew its holdings in Palomar by 3.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 2,461 shares of the company’s stock worth $363,000 after purchasing an additional 90 shares during the last quarter. California State Teachers Retirement System grew its stake in Palomar by 0.4% during the 2nd quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock worth $3,734,000 after buying an additional 97 shares during the last quarter. Bank of Montreal Can grew its stake in Palomar by 1.7% during the 2nd quarter. Bank of Montreal Can now owns 5,766 shares of the company’s stock worth $889,000 after buying an additional 98 shares during the last quarter. Hohimer Wealth Management LLC raised its stake in Palomar by 3.9% in the first quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company’s stock valued at $359,000 after buying an additional 99 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in Palomar by 14.4% in the second quarter. GAMMA Investing LLC now owns 833 shares of the company’s stock valued at $128,000 after buying an additional 105 shares during the last quarter. Hedge funds and other 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.