Keefe, Bruyette & Woods Issues Positive Forecast for Palomar (NASDAQ:PLMR) Stock Price

Palomar (NASDAQ:PLMR) had its target price upped by Keefe, Bruyette & Woods from $136.00 to $152.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an outperform rating on the stock.

PLMR has been the topic of a number of other research reports. JPMorgan Chase & Co. increased their price target on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Piper Sandler lifted their target price on shares of Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th. Truist Financial upped their target price on Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, JMP Securities reiterated a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Palomar has an average rating of “Moderate Buy” and a consensus price target of $127.33.

Palomar Stock Performance

Shares of NASDAQ PLMR opened at $120.76 on Tuesday. The stock has a 50 day moving average price of $108.89 and a 200 day moving average price of $101.86. Palomar has a 52 week low of $71.54 and a 52 week high of $128.38. The stock has a market capitalization of $3.20 billion, a PE ratio of 26.96 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. As a group, research analysts forecast that Palomar will post 5.83 EPS for the current year.

Insiders Place Their Bets

In other Palomar news, CFO T Christopher Uchida sold 552 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $123.26, for a total value of $68,039.52. Following the completion of the sale, the chief financial officer now directly owns 15,683 shares of the company’s stock, valued at $1,933,086.58. This trade represents a 3.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jonathan Knutzen sold 282 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $104.46, for a total transaction of $29,457.72. Following the transaction, the insider now owns 20,098 shares of the company’s stock, valued at $2,099,437.08. This represents a 1.38 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,485 shares of company stock valued at $4,098,195. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

Several institutional investors have recently made changes to their positions in PLMR. American Century Companies Inc. increased its holdings in shares of Palomar by 36.6% in the fourth quarter. American Century Companies Inc. now owns 785,419 shares of the company’s stock worth $82,932,000 after purchasing an additional 210,523 shares during the period. Norges Bank bought a new stake in shares of Palomar in the fourth quarter worth about $20,637,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Palomar by 39.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company’s stock valued at $45,622,000 after acquiring an additional 122,057 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Palomar during the 3rd quarter valued at about $10,994,000. Finally, Freestone Grove Partners LP bought a new position in shares of Palomar in the 4th quarter worth approximately $11,774,000. Hedge funds and other 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.