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

Palomar (NASDAQ:PLMR - Get Free Report) had its price objective boosted by Keefe, Bruyette & Woods from $120.00 to $136.00 in a report released on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' price objective indicates a potential upside of 23.13% from the company's current price.

A number of other research firms also recently weighed in on PLMR. Piper Sandler upped their price target on Palomar from $105.00 to $110.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. JPMorgan Chase & Co. increased their target price on shares of Palomar from $93.00 to $100.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Jefferies Financial Group lifted their price target on shares of Palomar from $110.00 to $113.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Finally, Truist Financial increased their price objective on shares of Palomar from $100.00 to $112.00 and gave the stock a "buy" rating in a research note on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, Palomar presently has a consensus rating of "Moderate Buy" and an average target price of $111.67.

Palomar Price Performance

PLMR traded up $2.03 during trading on Friday, reaching $110.45. The company had a trading volume of 165,504 shares, compared to its average volume of 153,516. The business's fifty day moving average price is $99.78 and its 200 day moving average price is $92.88. Palomar has a 12 month low of $54.50 and a 12 month high of $112.10. The company has a market cap of $2.92 billion, a P/E ratio of 26.24 and a beta of 0.36.

Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.03 by $0.20. The firm had revenue of $148.50 million during the quarter, compared to analysts' expectations of $134.72 million. Palomar had a return on equity of 19.65% and a net margin of 21.55%. During the same quarter in the prior year, the company earned $0.80 EPS. As a group, sell-side analysts predict that Palomar will post 4.33 EPS for the current fiscal year.

Insider Activity

In related news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $95.49, for a total transaction of $668,430.00. Following the completion of the sale, the chief executive officer now directly owns 440,388 shares of the company's stock, valued at approximately $42,052,650.12. This trade represents a 1.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 1,030 shares of Palomar stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $97.65, for a total value of $100,579.50. Following the completion of the transaction, the chief financial officer now directly owns 17,543 shares of the company's stock, valued at $1,713,073.95. This represents a 5.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,326 shares of company stock valued at $2,688,779. 4.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Palomar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Driehaus Capital Management LLC grew its position in Palomar by 17.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company's stock worth $24,362,000 after acquiring an additional 43,841 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Palomar by 1,634.6% in the 2nd quarter. Victory Capital Management Inc. now owns 177,678 shares of the company's stock valued at $14,419,000 after buying an additional 167,435 shares during the last quarter. Thrivent Financial for Lutherans grew its position in shares of Palomar by 58.7% in the 3rd 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 last quarter. Moran Wealth Management LLC bought a new stake in shares of Palomar in the 3rd quarter valued at about $547,000. Finally, Exchange Traded Concepts LLC bought a new stake in shares of Palomar in the 3rd quarter valued at about $731,000. 90.25% of the stock is owned by institutional investors and hedge funds.

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.