Keefe, Bruyette & Woods Boosts Palomar (NASDAQ:PLMR) Price Target to $152.00

Palomar (NASDAQ:PLMR) had its price objective lifted by Keefe, Bruyette & Woods from $136.00 to $152.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 19.76% from the stock’s current price.

Other analysts have also issued research reports about the stock. JPMorgan Chase & Co. boosted their price target on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Truist Financial boosted their target price on shares of Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a report on Friday. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Finally, Piper Sandler boosted their price objective on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $127.33.

Palomar Trading Up 1.5 %

Shares of NASDAQ PLMR opened at $126.92 on Tuesday. The stock has a fifty day simple moving average of $107.62 and a two-hundred day simple moving average of $101.07. Palomar has a 1-year low of $66.81 and a 1-year high of $128.38. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of 30.15 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.65% and a net margin of 21.55%. Analysts forecast that Palomar will post 4.33 EPS for the current year.

Insider Activity at Palomar

In other news, CFO T Christopher Uchida sold 1,030 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $110.85, for a total value of $114,175.50. Following the transaction, the chief financial officer now owns 15,994 shares of the company’s stock, valued at $1,772,934.90. This represents a 6.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $103.04, for a total transaction of $721,280.00. Following the sale, the chief executive officer now owns 419,388 shares in the company, valued at approximately $43,213,739.52. This trade represents a 1.64 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,933 shares of company stock valued at $4,030,156. Company insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. CWM LLC lifted its stake in Palomar by 31.7% in the third quarter. CWM LLC now owns 2,109 shares of the company’s stock worth $200,000 after purchasing an additional 508 shares during the last quarter. Creative Planning grew its position in Palomar by 23.2% during the 3rd quarter. Creative Planning now owns 3,240 shares of the company’s stock worth $307,000 after acquiring an additional 610 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Palomar by 20.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 199,284 shares of the company’s stock worth $18,866,000 after purchasing an additional 33,599 shares during the period. Toth Financial Advisory Corp lifted its position in Palomar by 83.8% in the third quarter. Toth Financial Advisory Corp now owns 7,350 shares of the company’s stock valued at $696,000 after purchasing an additional 3,350 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Palomar during the third quarter valued at approximately $25,000. Institutional investors own 90.25% of the company’s stock.

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.