Palomar (NASDAQ:PLMR) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Palomar (NASDAQ:PLMR) had its target price trimmed by JPMorgan Chase & Co. from $167.00 to $156.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other analysts have also commented on the stock. Piper Sandler lifted their price target on shares of Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Zacks Research raised shares of Palomar from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 30th. Keefe, Bruyette & Woods increased their price objective on shares of Palomar from $166.00 to $167.00 and gave the company an “outperform” rating in a research report on Monday, August 10th. Weiss Ratings upgraded shares of Palomar from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 24th. Finally, Evercore set a $152.00 price objective on shares of Palomar in a research report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $160.00.

Palomar Stock Performance

Palomar stock opened at $130.76 on Friday. Palomar has a one year low of $100.81 and a one year high of $147.62. The business’s fifty day moving average is $131.12 and its 200 day moving average is $125.73. The stock has a market capitalization of $3.44 billion, a PE ratio of 17.58 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.50 and a quick ratio of 0.50.

Palomar (NASDAQ:PLMR) last issued its earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.19 by $0.17. The business had revenue of $314.42 million during the quarter, compared to analyst estimates of $621.52 million. Palomar had a return on equity of 23.28% and a net margin of 18.61%. During the same quarter in the previous year, the firm earned $1.76 EPS. On average, sell-side analysts predict that Palomar will post 9.30 EPS for the current year.

Palomar Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were given a $0.45 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $1.80 annualized dividend and a yield of 1.4%. Palomar’s dividend payout ratio (DPR) is presently 24.19%.

Insider Buying and Selling at Palomar

In other news, COO Rodolphe Herve sold 1,207 shares of the company’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $135.35, for a total value of $163,367.45. Following the completion of the sale, the chief operating officer directly owned 3,548 shares in the company, valued at $480,221.80. This represents a 25.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO T. Christopher Uchida sold 791 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $127.74, for a total value of $101,042.34. Following the completion of the sale, the chief financial officer owned 16,238 shares of the company’s stock, valued at $2,074,242.12. This trade represents a 4.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 16,322 shares of company stock worth $2,198,116. Insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Palomar

Several institutional investors and hedge funds have recently bought and sold shares of PLMR. Farther Finance Advisors LLC grew its holdings in Palomar by 123.2% during the third quarter. Farther Finance Advisors LLC now owns 790 shares of the company’s stock valued at $97,000 after purchasing an additional 436 shares during the period. Artemis Investment Management LLP increased its position in Palomar by 0.6% in the third quarter. Artemis Investment Management LLP now owns 335,986 shares of the company’s stock worth $41,424,000 after buying an additional 2,018 shares in the last quarter. Moody National Bank Trust Division bought a new position in shares of Palomar in the third quarter worth about $216,000. Sequoia Financial Advisors LLC bought a new position in shares of Palomar in the second quarter worth about $221,000. Finally, Tidal Investments LLC lifted its position in shares of Palomar by 41.3% during the 2nd quarter. Tidal Investments LLC now owns 16,583 shares of the company’s stock valued at $2,096,000 after buying an additional 4,847 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

About Palomar

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products for risks that may be underserved by standard insurance carriers. The company focuses on markets where specialized underwriting expertise is important, including catastrophe-exposed property and other complex commercial and personal insurance risks.

Its offerings include commercial and residential property coverage, casualty insurance, specialty programs, and other products designed for areas such as earthquake, wind, flood, and other natural catastrophe exposures.