Palomar (NASDAQ:PLMR) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Palomar (NASDAQ:PLMR) had its target price upped by stock analysts at Keefe, Bruyette & Woods from $117.00 to $120.00 in a report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 19.88% from the company’s current price.

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

Palomar Stock Performance

Shares of NASDAQ PLMR opened at $100.10 on Friday. The firm’s 50-day simple moving average is $95.26 and its 200 day simple moving average is $89.44. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of 23.78 and a beta of 0.34. Palomar has a fifty-two week low of $54.50 and a fifty-two week high of $103.40.

Palomar (NASDAQ:PLMR) last announced its earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The company had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $134.72 million. During the same quarter in the previous year, the firm earned $0.80 earnings per share. On average, sell-side analysts predict that Palomar will post 4.35 EPS for the current year.

Insider Transactions at Palomar

In related news, President Jon Christianson sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $94.40, for a total value of $944,000.00. Following the transaction, the president now owns 51,926 shares in the company, valued at approximately $4,901,814.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, President Jon Christianson sold 10,000 shares of Palomar 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 sale, the president now owns 51,926 shares of the company’s stock, valued at approximately $4,901,814.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $95.49, for a total transaction of $668,430.00. Following the sale, the chief executive officer now directly owns 440,388 shares in the company, valued at approximately $42,052,650.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,770 shares of company stock worth $3,461,986 in the last quarter. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Palomar during the third quarter worth $25,000. GAMMA Investing LLC lifted its holdings in Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after purchasing an additional 125 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in Palomar by 490.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after purchasing an additional 378 shares during the period. International Assets Investment Management LLC bought a new position in Palomar in the 2nd quarter worth about $49,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in Palomar during the 1st quarter valued at about $59,000. 90.25% of the stock is 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.