Keefe, Bruyette & Woods Increases Palomar (NASDAQ:PLMR) Price Target to $89.00

Palomar (NASDAQ:PLMR) had its price objective hoisted by Keefe, Bruyette & Woods from $88.00 to $89.00 in a research report released on Wednesday morning, Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the stock.

PLMR has been the topic of a number of other research reports. Piper Sandler lifted their target price on Palomar from $80.00 to $89.00 and gave the company an overweight rating in a report on Monday, April 1st. Jefferies Financial Group upgraded Palomar from a hold rating to a buy rating and lifted their target price for the company from $78.00 to $88.00 in a report on Thursday, March 14th. JPMorgan Chase & Co. cut Palomar from an overweight rating to a neutral rating and lifted their target price for the company from $79.00 to $85.00 in a report on Monday. Truist Financial lifted their target price on Palomar from $72.00 to $88.00 and gave the company a buy rating in a report on Friday, February 16th. Finally, Evercore ISI lifted their target price on Palomar from $66.00 to $68.00 and gave the company an in-line rating in a report on Thursday, February 15th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $84.50.

Palomar Stock Down 0.4 %

PLMR stock opened at $76.94 on Wednesday. Palomar has a 52-week low of $46.09 and a 52-week high of $86.25. The stock’s fifty day simple moving average is $74.20 and its 200-day simple moving average is $62.79. The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of 24.66 and a beta of 0.21.

Palomar (NASDAQ:PLMR) last issued its earnings results on Wednesday, February 14th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.09. Palomar had a return on equity of 19.35% and a net margin of 21.07%. The firm had revenue of $102.35 million for the quarter, compared to analysts’ expectations of $95.07 million. As a group, analysts anticipate that Palomar will post 3.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Palomar

In other Palomar news, President Jon Christianson sold 2,000 shares of the firm’s stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $60.00, for a total value of $120,000.00. Following the transaction, the president now directly owns 70,019 shares of the company’s stock, valued at $4,201,140. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Mac Armstrong sold 1,541 shares of Palomar stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $59.19, for a total transaction of $91,211.79. Following the sale, the chief executive officer now directly owns 46,842 shares of the company’s stock, valued at $2,772,577.98. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Jon Christianson sold 2,000 shares of Palomar stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $60.00, for a total value of $120,000.00. Following the sale, the president now directly owns 70,019 shares in the company, valued at $4,201,140. The disclosure for this sale can be found here. Insiders have sold 39,509 shares of company stock valued at $2,950,557 over the last three months. 4.40% of the stock is owned by company insiders.

Institutional Trading of Palomar

Hedge funds and other institutional investors have recently modified their holdings of the business. UBS Group AG increased its position in shares of Palomar by 7,440.0% during the third quarter. UBS Group AG now owns 377 shares of the company’s stock worth $32,000 after acquiring an additional 372 shares during the last quarter. Signaturefd LLC increased its position in shares of Palomar by 59.4% during the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock worth $33,000 after acquiring an additional 221 shares during the last quarter. FMR LLC increased its position in shares of Palomar by 89.9% during the first quarter. FMR LLC now owns 864 shares of the company’s stock worth $48,000 after acquiring an additional 409 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Palomar during the first quarter worth about $55,000. Finally, Atwood & Palmer Inc. grew its stake in Palomar by 66.7% in the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock worth $63,000 after purchasing an additional 300 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other 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.