Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Palomar (NASDAQ:PLMR) Stock

Palomar (NASDAQ:PLMR) had its price objective raised by Keefe, Bruyette & Woods from $136.00 to $152.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 23.72% from the company’s previous close.

PLMR has been the subject of a number of other reports. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Truist Financial raised their target price on Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Piper Sandler upped their price target on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Finally, JPMorgan Chase & Co. raised their price objective 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. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $127.33.

Palomar Stock Performance

Shares of Palomar stock opened at $122.86 on Tuesday. The stock has a market capitalization of $3.25 billion, a P/E ratio of 27.42 and a beta of 0.38. Palomar has a 52-week low of $71.54 and a 52-week high of $128.38. The stock’s 50-day simple moving average is $108.67 and its 200 day simple moving average is $101.73.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. Equities research analysts forecast that Palomar will post 5.43 EPS for the current fiscal year.

Insider Transactions at Palomar

In related news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $103.04, for a total value of $721,280.00. Following the completion of the transaction, the chief executive officer now directly owns 419,388 shares in the company, valued at approximately $43,213,739.52. The trade was a 1.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 completion of the transaction, the chief financial officer now directly owns 15,994 shares in the company, valued at approximately $1,772,934.90. This represents a 6.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,933 shares of company stock valued at $4,030,156. 4.30% of the stock is owned by corporate insiders.

Institutional Trading of Palomar

A number of hedge funds have recently bought and sold shares of the company. State Street Corp raised its stake in shares of Palomar by 3.0% during the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after acquiring an additional 32,151 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Palomar by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock valued at $56,822,000 after purchasing an additional 18,335 shares during the last quarter. JPMorgan Chase & Co. raised its position in Palomar by 9.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company’s stock worth $12,133,000 after purchasing an additional 11,140 shares during the period. Thrivent Financial for Lutherans lifted its stake in Palomar by 58.7% in the third quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock worth $3,109,000 after purchasing an additional 12,147 shares during the last quarter. Finally, HighTower Advisors LLC purchased a new stake in Palomar during the third quarter valued at about $1,711,000. Institutional investors own 90.25% of the company’s stock.

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.