JPMorgan Chase & Co. Raises Palomar (NASDAQ:PLMR) Price Target to $167.00

Palomar (NASDAQ:PLMR) had its price target lifted by equities research analysts at JPMorgan Chase & Co. from $150.00 to $167.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 22.49% from the company’s current price.

Several other equities research analysts have also commented on the stock. Zacks Research lowered shares of Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Evercore set a $152.00 target price on Palomar in a research note on Friday, July 10th. Weiss Ratings raised Palomar from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Keefe, Bruyette & Woods increased their price target on Palomar from $162.00 to $166.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. Finally, Piper Sandler lifted their price target on Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Palomar presently has an average rating of “Moderate Buy” and an average price target of $162.50.

Palomar Trading Down 2.7%

PLMR opened at $136.34 on Monday. Palomar has a fifty-two week low of $100.81 and a fifty-two week high of $147.62. The firm has a market capitalization of $3.61 billion, a PE ratio of 18.99 and a beta of 0.41. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49. The company’s 50-day moving average is $120.46 and its 200 day moving average is $123.18.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The business had revenue of $278.94 million during the quarter, compared to analyst estimates of $557.79 million. During the same period in the prior year, the firm posted $1.87 EPS. Palomar’s quarterly revenue was up 59.7% compared to the same quarter last year. As a group, research analysts predict that Palomar will post 8.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Palomar

In other Palomar news, CEO Mac Armstrong sold 3,500 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $112.96, for a total value of $395,360.00. Following the transaction, the chief executive officer directly owned 329,388 shares in the company, valued at $37,207,668.48. The trade was a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 6,863 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $139.50, for a total transaction of $957,388.50. Following the sale, the president owned 66,478 shares of the company’s stock, valued at approximately $9,273,681. The trade was a 9.36% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 14,343 shares of company stock worth $1,812,773 over the last three months. 3.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Summit Global Investments boosted its stake in shares of Palomar by 1.7% in the 4th quarter. Summit Global Investments now owns 4,646 shares of the company’s stock valued at $626,000 after purchasing an additional 79 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Palomar by 3.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company’s stock worth $333,000 after purchasing an additional 82 shares during the period. Quadrant Capital Group LLC raised its position in Palomar by 2.0% in the 4th quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company’s stock worth $602,000 after purchasing an additional 88 shares during the period. California State Teachers Retirement System lifted its stake in Palomar by 0.4% in the second quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock worth $3,734,000 after purchasing an additional 97 shares during the last quarter. Finally, Covestor Ltd lifted its stake in Palomar by 11.7% in the fourth quarter. Covestor Ltd now owns 1,254 shares of the company’s stock worth $169,000 after purchasing an additional 131 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 (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.