Palomar (NASDAQ:PLMR) Price Target Cut to $145.00 by Analysts at Keefe, Bruyette & Woods

Palomar (NASDAQ:PLMR - Free Report) had its price target lowered by Keefe, Bruyette & Woods from $155.00 to $145.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other analysts also recently issued reports about the company. JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Truist Financial increased their target price on shares of Palomar from $112.00 to $150.00 and gave the stock a "buy" rating in a report on Friday, February 14th. JMP Securities reaffirmed a "market perform" rating on shares of Palomar in a report on Thursday, February 13th. Finally, Piper Sandler increased their price objective on shares of Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday, February 14th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $143.67.

Palomar Price Performance

PLMR traded down $0.25 on Wednesday, hitting $147.63. 140,883 shares of the stock were exchanged, compared to its average volume of 181,931. The firm has a market capitalization of $3.94 billion, a price-to-earnings ratio of 32.95 and a beta of 0.46. Palomar has a 12 month low of $74.77 and a 12 month high of $152.50. The business has a 50-day moving average of $128.46 and a two-hundred day moving average of $111.73.

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Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) 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%. Equities research analysts expect that Palomar will post 5.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, President Jon Christianson sold 371 shares of the business's stock in a transaction dated Sunday, January 26th. The stock was sold at an average price of $101.69, for a total value of $37,726.99. Following the completion of the sale, the president now directly owns 55,771 shares of the company's stock, valued at $5,671,352.99. The trade was a 0.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Mac Armstrong sold 3,154 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $109.27, for a total value of $344,637.58. Following the completion of the transaction, the chief executive officer now owns 60,032 shares in the company, valued at approximately $6,559,696.64. The trade was a 4.99 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,097 shares of company stock worth $3,415,422. 4.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Palomar

Large investors have recently modified their holdings of the company. FMR LLC raised its holdings in Palomar by 39.5% during the third quarter. FMR LLC now owns 2,123 shares of the company's stock worth $201,000 after buying an additional 601 shares during the last quarter. HighTower Advisors LLC acquired a new position in Palomar during the 3rd quarter valued at about $1,711,000. Janus Henderson Group PLC increased its holdings in Palomar by 91.7% during the 3rd quarter. Janus Henderson Group PLC now owns 45,025 shares of the company's stock worth $4,260,000 after purchasing an additional 21,537 shares in the last quarter. Stifel Financial Corp lifted its holdings in shares of Palomar by 78.6% in the third quarter. Stifel Financial Corp now owns 15,734 shares of the company's stock valued at $1,490,000 after purchasing an additional 6,926 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Palomar by 3.0% during the third quarter. State Street Corp now owns 1,097,702 shares of the company's stock valued at $103,919,000 after buying an additional 32,151 shares during the last quarter. 90.25% of the stock is currently 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.