Palomar (NASDAQ:PLMR) Given New $120.00 Price Target at Keefe, Bruyette & Woods

Palomar (NASDAQ:PLMR) had its price target lifted by research analysts at Keefe, Bruyette & Woods from $117.00 to $120.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 21.64% from the company’s previous close.

Several other research analysts have also issued reports on PLMR. Evercore ISI raised their target price on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. Truist Financial boosted their price target on shares of Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Jefferies Financial Group upped their target price on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Piper Sandler lifted their target price on Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday. Finally, JPMorgan Chase & Co. raised their price target on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $109.00.

Palomar Stock Up 3.0 %

Shares of NASDAQ:PLMR traded up $2.88 during midday trading on Friday, hitting $98.65. The stock had a trading volume of 28,583 shares, compared to its average volume of 161,871. Palomar has a fifty-two week low of $54.50 and a fifty-two week high of $103.40. The company has a market capitalization of $2.47 billion, a P/E ratio of 23.49 and a beta of 0.34. The company’s 50-day moving average price is $95.24 and its 200-day moving average price is $89.24.

Palomar (NASDAQ:PLMR) last posted its earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.03 by $0.20. Palomar had a return on equity of 21.62% and a net margin of 21.55%. The firm had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. During the same period last year, the company earned $0.80 earnings per share. Research analysts expect that Palomar will post 4.35 EPS for the current fiscal year.

Insider Buying and Selling

In related news, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction on Friday, September 6th. The shares were sold at an average price of $94.40, for a total value of $944,000.00. Following the sale, the president now owns 51,926 shares in the company, valued at $4,901,814.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Palomar news, President Jon Christianson sold 10,000 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $94.40, for a total value of $944,000.00. Following the completion of the transaction, the president now owns 51,926 shares of the company’s stock, valued at approximately $4,901,814.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 1,750 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $99.00, for a total value of $173,250.00. Following the completion of the transaction, the chief financial officer now directly owns 20,594 shares of the company’s stock, valued at approximately $2,038,806. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,770 shares of company stock valued at $3,461,986 over the last three months. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PLMR. Janney Montgomery Scott LLC acquired a new stake in Palomar in the first quarter worth about $602,000. Texas Permanent School Fund Corp increased its position in shares of Palomar by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 21,644 shares of the company’s stock valued at $1,814,000 after buying an additional 280 shares in the last quarter. Quantbot Technologies LP increased its position in shares of Palomar by 1,149.0% in the first quarter. Quantbot Technologies LP now owns 10,429 shares of the company’s stock valued at $874,000 after buying an additional 9,594 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Palomar in the first quarter valued at approximately $122,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of Palomar in the first quarter worth approximately $235,000. 90.25% of the stock is currently owned by 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.