Palomar (NASDAQ:PLMR) Price Target Raised to $152.00

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

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

Palomar Price Performance

NASDAQ PLMR opened at $126.92 on Tuesday. The business’s 50-day moving average is $107.62 and its 200 day moving average is $101.07. The stock has a market capitalization of $3.36 billion, a PE ratio of 30.15 and a beta of 0.38. Palomar has a 1 year low of $66.81 and a 1 year high of $128.38.

Palomar (NASDAQ:PLMR) last posted its 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 return on equity of 19.65% and a net margin of 21.55%. As a group, equities research analysts anticipate that Palomar will post 4.33 earnings per share for the current year.

Insider Buying and Selling at Palomar

In other news, CFO T Christopher Uchida sold 390 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $104.47, for a total value of $40,743.30. Following the transaction, the chief financial officer now owns 18,509 shares in the company, valued at approximately $1,933,635.23. This represents a 2.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction that occurred 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. The trade was a 1.64 % 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 worth $4,030,156. 4.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Palomar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. purchased a new position in shares of Palomar in the fourth quarter worth $26,000. Whittier Trust Co. of Nevada Inc. purchased a new position in Palomar in the 3rd quarter worth about $25,000. Smartleaf Asset Management LLC lifted its stake in Palomar by 536.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock valued at $43,000 after acquiring an additional 349 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of Palomar by 490.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after acquiring an additional 378 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Palomar by 63.2% during the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock valued at $52,000 after acquiring an additional 191 shares during the last quarter. 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.