Keefe, Bruyette & Woods Cuts Palomar (NASDAQ:PLMR) Price Target to $159.00

Palomar (NASDAQ:PLMR) had its price target decreased by Keefe, Bruyette & Woods from $186.00 to $159.00 in a research report report published on Wednesday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the stock.

PLMR has been the topic of a number of other reports. Wall Street Zen lowered Palomar from a “buy” rating to a “hold” rating in a report on Sunday, March 1st. Piper Sandler lowered their target price on Palomar from $151.00 to $132.00 and set an “overweight” rating on the stock in a report on Monday, May 11th. Weiss Ratings lowered Palomar from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 7th. Zacks Research raised Palomar from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 16th. Finally, Evercore began coverage on Palomar in a research note on Monday, February 9th. They set an “outperform” rating and a $150.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $150.25.

Palomar Price Performance

Shares of NASDAQ PLMR opened at $110.78 on Wednesday. Palomar has a fifty-two week low of $107.51 and a fifty-two week high of $175.85. The firm’s 50-day simple moving average is $121.61 and its 200 day simple moving average is $124.43. The company has a quick ratio of 0.50, a current ratio of 0.49 and a debt-to-equity ratio of 0.31. The stock has a market cap of $2.94 billion, a P/E ratio of 15.43 and a beta of 0.49.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.17 by $0.14. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The business had revenue of $278.94 million for the quarter, compared to analysts’ expectations of $557.79 million. During the same period in the previous year, the business earned $1.87 earnings per share. The company’s revenue was up 59.7% on a year-over-year basis. Equities analysts expect that Palomar will post 8.97 EPS for the current year.

Insider Transactions at Palomar

In related news, CFO T Christopher Uchida sold 783 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $128.04, for a total value of $100,255.32. Following the completion of the sale, the chief financial officer directly owned 14,752 shares in the company, valued at approximately $1,888,846.08. The trade was a 5.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Jon Christianson sold 1,937 shares of the business’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $128.62, for a total value of $249,136.94. Following the completion of the sale, the president owned 65,919 shares of the company’s stock, valued at approximately $8,478,501.78. This trade represents a 2.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 16,720 shares of company stock valued at $2,120,817 in the last quarter. Corporate insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Palomar

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its stake in shares of Palomar by 14.0% during the third quarter. Principal Financial Group Inc. now owns 182,255 shares of the company’s stock valued at $21,278,000 after acquiring an additional 22,346 shares during the period. Campbell & CO Investment Adviser LLC acquired a new position in Palomar in the third quarter valued at about $1,459,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in Palomar by 11.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 456,172 shares of the company’s stock valued at $53,258,000 after buying an additional 45,665 shares during the period. Public Sector Pension Investment Board lifted its stake in Palomar by 14.6% in the third quarter. Public Sector Pension Investment Board now owns 104,449 shares of the company’s stock valued at $12,194,000 after buying an additional 13,270 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in Palomar by 12.4% in the third quarter. JPMorgan Chase & Co. now owns 88,841 shares of the company’s stock valued at $10,372,000 after buying an additional 9,831 shares during the period. 90.25% of the stock is currently owned by institutional investors and hedge funds.

About Palomar

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.