Palomar (NASDAQ:PLMR) Stock Price Target Raised at Keefe, Bruyette & Woods

Palomar (NASDAQ:PLMR) had its price objective raised by equities research analysts at Keefe, Bruyette & Woods from $161.00 to $172.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods‘s price objective indicates a potential upside of 9.71% from the stock’s current price.

PLMR has been the topic of several other reports. JPMorgan Chase & Co. decreased their price target on shares of Palomar from $167.00 to $156.00 and set an “overweight” rating on the stock in a research note on Friday, October 9th. Zacks Research downgraded shares of Palomar from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 29th. Truist Financial boosted their price objective on shares of Palomar from $168.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday. Piper Sandler upped their price objective on shares of Palomar from $165.00 to $174.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Weiss Ratings lowered shares of Palomar from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, October 30th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $165.80.

Palomar Stock Up 0.7%

Shares of NASDAQ:PLMR opened at $156.78 on Tuesday. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $4.13 billion, a P/E ratio of 19.62 and a beta of 0.28. Palomar has a 52-week low of $100.81 and a 52-week high of $162.08. The stock’s fifty day simple moving average is $135.50 and its 200-day simple moving average is $127.02.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $3.01 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $0.45. Palomar had a return on equity of 25.42% and a net margin of 17.60%. The firm had revenue of $386.59 million during the quarter, compared to analysts’ expectations of $754.28 million. During the same quarter last year, the business posted $2.01 EPS. As a group, equities research analysts forecast that Palomar will post 9.27 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Palomar news, President Jon Christianson sold 528 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total value of $67,452.00. Following the sale, the president directly owned 66,970 shares of the company’s stock, valued at approximately $8,555,417.50. This trade represents a 0.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mac Armstrong sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, October 21st. The stock was sold at an average price of $138.31, for a total value of $484,085.00. Following the completion of the sale, the chief executive officer directly owned 315,388 shares in the company, valued at approximately $43,621,314.28. The trade was a 1.10% 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. Over the last three months, insiders have sold 12,115 shares of company stock valued at $1,619,923. 3.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palomar

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in Palomar during the second quarter worth approximately $556,348,000. Jupiter Topco LLC acquired a new position in shares of Palomar in the 2nd quarter valued at $132,166,000. Janus Henderson Group PLC boosted its holdings in shares of Palomar by 17.4% in the 1st quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock valued at $111,664,000 after purchasing an additional 138,368 shares during the last quarter. Freestone Grove Partners LP purchased a new stake in shares of Palomar during the 2nd quarter valued at $78,657,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Palomar by 3.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 653,026 shares of the company’s stock valued at $78,037,000 after buying an additional 23,579 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

About Palomar

Palomar Holdings, Inc is a specialty property insurer that provides coverage for risks that can be difficult to insure through standard policies. Its offerings include earthquake, hurricane, flood and wildfire insurance, along with specialty homeowners and commercial property coverage.

The company distributes its products through a network of agents, brokers and other partners, serving customers in the United States. Its business has grown from an initial focus on earthquake insurance into a broader range of specialty insurance markets.

Palomar is headquartered in La Jolla, California.