Palomar (NASDAQ:PLMR) Price Target Raised to $155.00

Palomar (NASDAQ:PLMR) had its price target increased by Keefe, Bruyette & Woods from $152.00 to $155.00 in a report released on Friday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research firms also recently weighed in on PLMR. Piper Sandler upped their price target on Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Truist Financial upped their price target on Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a research note on Thursday, February 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Palomar has a consensus rating of “Moderate Buy” and a consensus target price of $127.83.

Palomar Price Performance

Shares of NASDAQ:PLMR opened at $129.32 on Friday. The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of 28.87 and a beta of 0.33. The business’s 50-day moving average is $118.05 and its 200-day moving average is $106.78. Palomar has a 1 year low of $74.09 and a 1 year high of $136.90.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, beating 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%. Analysts anticipate that Palomar will post 5.99 EPS for the current year.

Insiders Place Their Bets

In other news, insider Jonathan Knutzen sold 282 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $104.46, for a total value of $29,457.72. Following the completion of the transaction, the insider now directly owns 20,098 shares of the company’s stock, valued at $2,099,437.08. This represents a 1.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $129.72, for a total value of $648,600.00. Following the completion of the transaction, the chief executive officer now directly owns 402,388 shares of the company’s stock, valued at approximately $52,197,771.36. This represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,455 shares of company stock valued at $3,911,340. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Palomar

Institutional investors have recently modified their holdings of the business. Blue Trust Inc. bought a new position in shares of Palomar in the fourth quarter valued at approximately $26,000. Smartleaf Asset Management LLC lifted its stake in Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock valued at $43,000 after purchasing an additional 349 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Palomar by 63.2% in the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock valued at $52,000 after purchasing an additional 191 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Palomar by 21.8% in the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock valued at $58,000 after purchasing an additional 99 shares during the last quarter. Finally, KBC Group NV lifted its stake in Palomar by 44.9% in the fourth quarter. KBC Group NV now owns 1,045 shares of the company’s stock valued at $110,000 after purchasing an additional 324 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

Palomar Company Profile

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.