Keefe, Bruyette & Woods Boosts Palomar (NASDAQ:PLMR) Price Target to $155.00

Palomar (NASDAQ:PLMR) had its target price raised by analysts at Keefe, Bruyette & Woods from $152.00 to $155.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 19.86% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on PLMR. Truist Financial upped their price objective on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Finally, Piper Sandler upped their price objective on shares of Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $127.83.

Palomar Price Performance

NASDAQ:PLMR opened at $129.32 on Friday. The firm has a 50-day moving average of $118.05 and a 200-day moving average of $106.71. The company has a market cap of $3.45 billion, a PE ratio of 28.87 and a beta of 0.33. Palomar has a one year low of $74.09 and a one year high of $136.90.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. On average, equities research analysts expect that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Angela L. Grant sold 1,505 shares of the company’s stock in a transaction that occurred on Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total transaction of $159,319.30. Following the sale, the insider now directly owns 2,534 shares in the company, valued at approximately $268,249.24. This represents a 37.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $129.72, for a total transaction of $648,600.00. Following the sale, the chief executive officer now owns 402,388 shares in the company, valued at $52,197,771.36. The trade was a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,455 shares of company stock valued at $4,632,620 in the last three months. Company insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

A number of institutional investors have recently modified their holdings of PLMR. Blue Trust Inc. purchased a new stake in shares of Palomar during the 4th quarter valued at approximately $26,000. Smartleaf Asset Management LLC lifted its stake in 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 purchasing an additional 349 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in Palomar by 63.2% in the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock worth $52,000 after purchasing an additional 191 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in Palomar by 21.8% in the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock worth $58,000 after purchasing an additional 99 shares in the last quarter. Finally, KBC Group NV lifted its stake in Palomar by 44.9% in the 4th quarter. KBC Group NV now owns 1,045 shares of the company’s stock worth $110,000 after purchasing an additional 324 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, 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.