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

Palomar (NASDAQ:PLMR) had its target price lifted by Keefe, Bruyette & Woods from $152.00 to $155.00 in a report issued on Friday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

PLMR has been the subject of several other reports. JMP Securities reiterated a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Truist Financial increased their price objective on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Finally, Piper Sandler increased their price objective 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. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Palomar has a consensus rating of “Moderate Buy” and an average price target of $127.83.

Palomar Stock Performance

Shares of NASDAQ PLMR opened at $129.32 on Friday. Palomar has a 52-week low of $74.09 and a 52-week high of $136.90. The firm has a 50 day moving average price of $118.05 and a two-hundred day moving average price of $106.66. The stock has a market cap of $3.45 billion, a P/E ratio of 28.87 and a beta of 0.33.

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

Insider Buying and Selling

In related news, CFO T Christopher Uchida sold 394 shares of the stock in a transaction on Sunday, January 26th. The shares were sold at an average price of $101.69, for a total transaction of $40,065.86. Following the transaction, the chief financial officer now directly owns 16,943 shares of the company’s stock, valued at $1,722,933.67. This represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 419,388 shares in the company, valued at $43,213,739.52. This trade represents a 1.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 42,455 shares of company stock valued at $4,632,620 over the last ninety days. 4.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. California State Teachers Retirement System lifted its stake in shares of Palomar by 3.8% in the fourth quarter. California State Teachers Retirement System now owns 24,444 shares of the company’s stock valued at $2,581,000 after buying an additional 899 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Palomar in the fourth quarter valued at $5,652,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Palomar by 30.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,907 shares of the company’s stock valued at $6,854,000 after purchasing an additional 14,965 shares in the last quarter. Tidal Investments LLC bought a new position in shares of Palomar during the fourth quarter valued at about $616,000. Finally, Silvercrest Asset Management Group LLC lifted its position in shares of Palomar by 3.0% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 15,750 shares of the company’s stock valued at $1,663,000 after purchasing an additional 462 shares in 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.