Keefe, Bruyette & Woods Lowers Palomar (NASDAQ:PLMR) Price Target to $145.00

Palomar (NASDAQ:PLMR) had its price objective cut by investment analysts at Keefe, Bruyette & Woods from $155.00 to $145.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 1.41% from the company’s current price.

PLMR has been the topic of a number of other research reports. Truist Financial raised their price objective on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, February 14th. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a research note on Thursday, February 13th. JPMorgan Chase & Co. upgraded shares of Palomar from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $115.00 to $150.00 in a research note on Tuesday. Finally, Piper Sandler lifted their price target on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Palomar currently has a consensus rating of “Moderate Buy” and a consensus target price of $134.50.

Palomar Stock Down 0.1 %

Shares of PLMR opened at $142.99 on Wednesday. Palomar has a fifty-two week low of $74.09 and a fifty-two week high of $145.81. The firm’s 50 day moving average price is $127.63 and its 200 day moving average price is $111.26. The company has a market cap of $3.81 billion, a P/E ratio of 31.92 and a beta of 0.46.

Palomar (NASDAQ:PLMR) last released its 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 net margin of 21.23% and a return on equity of 19.76%. Research analysts forecast that Palomar will post 5.99 earnings per share for the current year.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the business’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $129.72, for a total value of $648,600.00. Following the completion of the transaction, the chief executive officer now directly owns 402,388 shares in the company, valued at approximately $52,197,771.36. The trade was a 1.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO T Christopher Uchida sold 394 shares of the stock in a transaction dated Sunday, January 26th. The stock was sold at an average price of $101.69, for a total value of $40,065.86. Following the transaction, the chief financial officer now owns 16,943 shares in the company, valued at $1,722,933.67. This trade represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,097 shares of company stock worth $3,415,422. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

A number of institutional investors have recently bought and sold shares of PLMR. Dakota Wealth Management raised its holdings in shares of Palomar by 3.1% in the 4th quarter. Dakota Wealth Management now owns 3,070 shares of the company’s stock worth $324,000 after purchasing an additional 92 shares during the period. Farther Finance Advisors LLC boosted its stake in Palomar by 21.8% during the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock valued at $58,000 after acquiring an additional 99 shares during the last quarter. State of Alaska Department of Revenue lifted its position in shares of Palomar by 0.7% during the fourth quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company’s stock worth $1,588,000 after purchasing an additional 100 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in Palomar by 0.8% during the 4th quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company’s stock worth $1,352,000 after buying an additional 100 shares during the last quarter. Finally, Avantax Advisory Services Inc. boosted its holdings in Palomar by 2.5% in the fourth quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company’s stock worth $616,000 after purchasing an additional 145 shares during the period. 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.