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

Palomar (NASDAQ:PLMR) had its price objective hoisted by Keefe, Bruyette & Woods from $152.00 to $155.00 in a research report released on Friday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the stock.

PLMR has been the subject of several other research reports. Truist Financial lifted their target price on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. JMP Securities reiterated a “market perform” rating on shares of Palomar in a research note on Thursday, February 13th. Finally, Piper Sandler lifted their target price on shares of Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $127.83.

Palomar Stock Performance

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 company has a 50-day simple moving average of $118.05 and a 200 day simple moving average of $106.66. The company has a market capitalization of $3.45 billion, a PE 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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. As a group, analysts forecast that Palomar will post 5.99 EPS for the current fiscal year.

Insider Activity at Palomar

In related news, CEO Mac Armstrong sold 7,000 shares of the business’s 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 completion of the transaction, the chief executive officer now owns 419,388 shares of the company’s stock, 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 394 shares of the business’s stock in a transaction that occurred 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 approximately $1,722,933.67. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,455 shares of company stock valued at $4,632,620. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Palomar

Several hedge funds have recently bought and sold shares of PLMR. Natixis Advisors LLC purchased a new position in Palomar during the third quarter valued at approximately $1,007,000. Thrivent Financial for Lutherans lifted its position in Palomar by 58.7% during the third quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock valued at $3,109,000 after purchasing an additional 12,147 shares during the last quarter. Quest Partners LLC grew its stake in Palomar by 1,122.5% in the 3rd quarter. Quest Partners LLC now owns 4,181 shares of the company’s stock worth $396,000 after buying an additional 3,839 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Palomar in the 3rd quarter worth approximately $371,000. Finally, Moran Wealth Management LLC purchased a new position in Palomar in the 3rd quarter worth approximately $547,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

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.