Palomar (NASDAQ:PLMR) Upgraded to “Overweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Palomar (NASDAQ:PLMR) from a neutral rating to an overweight rating in a report issued on Tuesday, MarketBeat reports. The firm currently has $150.00 price target on the stock, up from their previous price target of $115.00.

Other equities analysts also recently issued research reports about the company. JMP Securities reiterated a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. 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. Truist Financial lifted 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. Finally, Piper Sandler upped their price target on shares of Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $136.17.

Palomar Trading Up 0.8 %

Shares of NASDAQ:PLMR opened at $131.06 on Tuesday. The stock has a market capitalization of $3.50 billion, a PE ratio of 29.25 and a beta of 0.46. Palomar has a 1 year low of $74.09 and a 1 year high of $143.77. The firm has a fifty day moving average price of $125.49 and a 200 day moving average price of $110.38.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share 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, sell-side analysts forecast that Palomar will post 5.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 1,030 shares of Palomar stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $109.65, for a total transaction of $112,939.50. Following the sale, the chief financial officer now owns 16,258 shares of the company’s stock, valued at approximately $1,782,689.70. This trade represents a 5.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 3,154 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $109.27, for a total value of $344,637.58. Following the sale, the chief executive officer now owns 60,032 shares in the company, valued at approximately $6,559,696.64. This represents a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,097 shares of company stock worth $3,271,422 in the last ninety days. Insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

Several institutional investors have recently made changes to their positions in the business. Blue Trust Inc. bought a new position in Palomar during the fourth quarter worth about $26,000. Smartleaf Asset Management LLC raised its holdings in shares of Palomar by 536.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock worth $43,000 after buying an additional 349 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of Palomar by 63.2% during the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock worth $52,000 after buying an additional 191 shares during the period. Farther Finance Advisors LLC boosted its stake in Palomar by 21.8% in the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock valued at $58,000 after buying an additional 99 shares in the last quarter. Finally, KBC Group NV grew its position in Palomar by 44.9% in the fourth quarter. KBC Group NV now owns 1,045 shares of the company’s stock valued at $110,000 after acquiring an additional 324 shares during the period. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.