JPMorgan Chase & Co. Boosts Palomar (NASDAQ:PLMR) Price Target to $155.00

Palomar (NASDAQ:PLMR) had its price target hoisted by equities researchers at JPMorgan Chase & Co. from $145.00 to $155.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 19.27% from the company’s previous close.

Several other research firms have also weighed in on PLMR. Keefe, Bruyette & Woods raised their price objective on shares of Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a report on Tuesday. Evercore ISI dropped 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. Wall Street Zen downgraded Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, December 20th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Palomar in a report on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Palomar has a consensus rating of “Moderate Buy” and a consensus target price of $159.50.

Palomar Stock Performance

Shares of NASDAQ PLMR opened at $129.96 on Wednesday. Palomar has a 52-week low of $98.42 and a 52-week high of $175.85. The business has a fifty day moving average of $126.75 and a two-hundred day moving average of $126.25. The stock has a market cap of $3.44 billion, a PE ratio of 20.27 and a beta of 0.42.

Palomar (NASDAQ:PLMR) last announced its earnings results on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. Palomar had a net margin of 22.59% and a return on equity of 21.93%. The business had revenue of $65.74 million during the quarter. Analysts predict that Palomar will post 5.99 earnings per share for the current year.

Insider Transactions at Palomar

In other news, President Jon Christianson sold 1,691 shares of Palomar stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $139.50, for a total value of $235,894.50. Following the completion of the sale, the president directly owned 59,631 shares of the company’s stock, valued at approximately $8,318,524.50. This trade represents a 2.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 782 shares of the business’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $128.84, for a total value of $100,752.88. Following the sale, the chief financial officer owned 7,916 shares of the company’s stock, valued at approximately $1,019,897.44. The trade was a 8.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 16,494 shares of company stock valued at $2,004,566 over the last 90 days. 3.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PLMR. Dynamic Technology Lab Private Ltd bought a new position in Palomar in the first quarter valued at approximately $314,000. Osaic Holdings Inc. lifted its position in Palomar by 93.7% in the 2nd quarter. Osaic Holdings Inc. now owns 19,370 shares of the company’s stock valued at $2,933,000 after acquiring an additional 9,371 shares in the last quarter. Alliancebernstein L.P. lifted its position in Palomar by 322.4% in the 1st quarter. Alliancebernstein L.P. now owns 127,383 shares of the company’s stock valued at $17,462,000 after acquiring an additional 97,226 shares in the last quarter. Strs Ohio acquired a new position in Palomar in the 1st quarter worth $1,124,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Palomar by 256.0% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 41,785 shares of the company’s stock worth $6,445,000 after purchasing an additional 30,049 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

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.