Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Palomar (NASDAQ:PLMR) Stock

Palomar (NASDAQ:PLMR) had its price objective increased by analysts at Keefe, Bruyette & Woods from $152.00 to $155.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 18.57% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Piper Sandler raised their price objective on shares of Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Truist Financial lifted their price target on shares of Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, JMP Securities reissued a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $127.83.

Palomar Stock Performance

PLMR stock opened at $130.72 on Friday. The stock has a market cap of $3.49 billion, a P/E ratio of 29.18 and a beta of 0.33. The firm has a 50 day simple moving average of $117.49 and a 200 day simple moving average of $106.45. Palomar has a 52 week low of $74.09 and a 52 week high of $136.90.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 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%. Sell-side analysts predict that Palomar will post 5.99 EPS for the current year.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 864 shares of the business’s stock in a transaction on Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total value of $91,463.04. Following the sale, the chief financial officer now owns 17,288 shares in the company, valued at approximately $1,830,107.68. The trade was a 4.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Jon Christianson sold 819 shares of the business’s stock in a transaction on Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total transaction of $86,699.34. Following the completion of the sale, the president now owns 55,126 shares in the company, valued at $5,835,638.36. This represents a 1.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,455 shares of company stock worth $3,984,020 over the last 90 days. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

Institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp boosted its stake in shares of Palomar by 3.0% in the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after purchasing an additional 32,151 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Palomar by 3.2% in the third quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock valued at $56,822,000 after buying an additional 18,335 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Palomar by 9.5% in the third quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company’s stock valued at $12,133,000 after buying an additional 11,140 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Palomar by 58.7% in 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 last quarter. Finally, HighTower Advisors LLC bought a new position in shares of Palomar in the third quarter valued at about $1,711,000. Institutional investors and hedge funds 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.