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JPMorgan Chase & Co. upgraded shares of Palomar (NASDAQ:PLMR – Free Report) from a neutral rating to an overweight rating in a research report report published on Tuesday, MarketBeat reports. JPMorgan Chase & Co. currently has $150.00 price target on the stock, up from their previous price target of $115.00.
Other analysts also recently issued research reports about the company. Piper Sandler lifted their target price on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Truist Financial boosted their target price on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Keefe, Bruyette & Woods raised their target price on shares of Palomar from $152.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday, March 21st. Finally, JMP Securities reiterated a “market perform” rating on shares of Palomar in a research note on Thursday, February 13th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $134.50.
Palomar Price Performance
Shares of NASDAQ PLMR opened at $142.99 on Tuesday. The stock has a market cap of $3.81 billion, a PE ratio of 31.92 and a beta of 0.46. Palomar has a 1 year low of $74.09 and a 1 year high of $145.81. The firm has a fifty day moving average price of $127.63 and a 200-day moving average price of $111.26.
Palomar (NASDAQ:PLMR – Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. On average, research analysts expect that Palomar will post 5.99 EPS for the current year.
Insider Buying and Selling
In related news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $109.76, for a total value of $768,320.00. Following the completion of the transaction, the chief executive officer now owns 412,388 shares in the company, valued at approximately $45,263,706.88. This trade represents a 1.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Angela L. Grant sold 717 shares of the business’s stock in a transaction that occurred on Sunday, January 26th. The stock was sold at an average price of $101.70, for a total value of $72,918.90. Following the sale, the insider now directly owns 2,951 shares in the company, valued at $300,116.70. The trade was a 19.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,097 shares of company stock worth $3,415,422. Insiders own 4.30% of the company’s stock.
Hedge Funds Weigh In On Palomar
Institutional investors and hedge funds have recently modified their holdings of the stock. NBC Securities Inc. purchased a new stake in Palomar during the 1st quarter valued at $53,000. Rhumbline Advisers raised its stake in shares of Palomar by 1.2% in the first quarter. Rhumbline Advisers now owns 69,865 shares of the company’s stock valued at $9,577,000 after acquiring an additional 816 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Palomar by 27,543.8% in the 1st quarter. GAMMA Investing LLC now owns 99,794 shares of the company’s stock worth $13,680,000 after acquiring an additional 99,433 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of Palomar by 3.8% during the 4th quarter. California State Teachers Retirement System now owns 24,444 shares of the company’s stock worth $2,581,000 after purchasing an additional 899 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Palomar during the 4th quarter valued at about $5,652,000. 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.
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