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

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

Other equities research analysts have also issued reports about the stock. Truist Financial increased their price objective on shares of Palomar from $112.00 to $150.00 and gave the company a "buy" rating in a report on Friday, February 14th. Piper Sandler raised their target price 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. Finally, JMP Securities reiterated a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $127.83.

Palomar Stock Performance

Shares of NASDAQ PLMR traded up $1.68 during midday trading on Friday, reaching $131.00. The stock had a trading volume of 115,879 shares, compared to its average volume of 161,325. The company has a market capitalization of $3.49 billion, a price-to-earnings ratio of 29.24 and a beta of 0.33. Palomar has a 12-month low of $74.09 and a 12-month high of $136.90. The stock has a 50-day moving average of $118.05 and a 200-day moving average of $106.78.

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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 EPS for the quarter, beating analysts' consensus estimates of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. As a group, analysts forecast that Palomar will post 5.99 EPS for the current fiscal year.

Insider Activity

In other news, insider Angela L. Grant sold 1,505 shares of Palomar stock in a transaction that occurred on Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total value of $159,319.30. Following the completion of the transaction, the insider now owns 2,534 shares in the company, valued at approximately $268,249.24. The trade was a 37.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Jon Christianson sold 819 shares of Palomar stock in a transaction dated Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total transaction of $86,699.34. Following the transaction, the president now directly owns 55,126 shares of the company's stock, valued at approximately $5,835,638.36. This represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,455 shares of company stock worth $3,911,340. 4.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Palomar

A number of large investors have recently made changes to their positions in PLMR. State Street Corp raised its stake 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 acquiring an additional 32,151 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Palomar by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company's stock worth $56,822,000 after purchasing an additional 18,335 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Palomar by 9.5% during the third quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company's stock valued at $12,133,000 after purchasing an additional 11,140 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings 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 buying an additional 12,147 shares during the period. Finally, HighTower Advisors LLC bought a new position in Palomar in the third quarter worth approximately $1,711,000. 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.