Palomar (NASDAQ:PLMR) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Palomar (NASDAQ:PLMR) had its price objective lifted by Keefe, Bruyette & Woods from $183.00 to $186.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 44.92% from the stock’s current price.

PLMR has been the subject of several other research reports. Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a report on Sunday, March 1st. JPMorgan Chase & Co. increased their price target on Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. Evercore started coverage on Palomar in a report on Monday, February 9th. They issued an “outperform” rating and a $150.00 price target for the company. Finally, Weiss Ratings raised Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 14th. Seven research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $165.50.

Palomar Stock Performance

NASDAQ:PLMR opened at $128.35 on Tuesday. Palomar has a one year low of $107.75 and a one year high of $175.85. The stock has a market cap of $3.43 billion, a PE ratio of 17.88 and a beta of 0.54. The stock has a 50 day moving average price of $123.23 and a 200 day moving average price of $123.25.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $2.24 EPS for the quarter, beating the consensus estimate of $2.06 by $0.18. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The firm had revenue of $253.36 million during the quarter, compared to analysts’ expectations of $204.58 million. During the same quarter last year, the firm earned $1.52 earnings per share. The business’s revenue for the quarter was up 62.7% on a year-over-year basis. As a group, analysts predict that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Activity at Palomar

In related news, CEO Mac Armstrong sold 11,484 shares of the stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total value of $1,376,701.92. Following the completion of the transaction, the chief executive officer directly owned 91,737 shares in the company, valued at approximately $10,997,431.56. This represents a 11.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Jon Christianson sold 3,000 shares of the stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $125.00, for a total value of $375,000.00. Following the completion of the transaction, the president owned 62,919 shares of the company’s stock, valued at $7,864,875. The trade was a 4.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 63,808 shares of company stock valued at $7,814,365 over the last quarter. 3.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Summit Global Investments grew its position in Palomar by 1.7% in the fourth quarter. Summit Global Investments now owns 4,646 shares of the company’s stock worth $626,000 after acquiring an additional 79 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in Palomar by 3.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company’s stock worth $333,000 after acquiring an additional 82 shares during the period. Quadrant Capital Group LLC boosted its position in shares of Palomar by 2.0% during the fourth quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company’s stock worth $602,000 after buying an additional 88 shares during the period. Clearstead Advisors LLC boosted its position in shares of Palomar by 31.0% during the third quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock worth $46,000 after buying an additional 94 shares during the period. Finally, California State Teachers Retirement System boosted its position in shares of Palomar by 0.4% during the second quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock worth $3,734,000 after buying an additional 97 shares during the period. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

About Palomar

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.