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

Palomar (NASDAQ:PLMR - Free Report) had its target price trimmed by Keefe, Bruyette & Woods from $205.00 to $204.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other brokerages also recently weighed in on PLMR. Truist Financial boosted their target price on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a report on Tuesday, April 15th. Jefferies Financial Group lifted their price objective on shares of Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Wall Street Zen upgraded Palomar from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Evercore ISI upped their price objective on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research note on Friday, May 30th. Finally, JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $115.00 to $150.00 in a research report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $174.17.

Palomar Stock Performance

Palomar stock traded up $0.87 during mid-day trading on Monday, reaching $154.25. The company's stock had a trading volume of 252,571 shares, compared to its average volume of 212,911. Palomar has a 12 month low of $79.82 and a 12 month high of $175.85. The business's 50 day simple moving average is $158.13 and its 200 day simple moving average is $133.73. The company has a market capitalization of $4.12 billion, a price-to-earnings ratio of 30.79 and a beta of 0.50.

Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.61 by $0.26. Palomar had a return on equity of 20.56% and a net margin of 21.99%. The business had revenue of $174.63 million for the quarter, compared to the consensus estimate of $161.97 million. During the same quarter in the previous year, the business earned $1.09 earnings per share. As a group, sell-side analysts expect that Palomar will post 5.99 EPS for the current year.

Insiders Place Their Bets

In related news, CFO T Christopher Uchida sold 1,000 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $150.24, for a total transaction of $150,240.00. Following the sale, the chief financial officer owned 8,172 shares in the company, valued at approximately $1,227,761.28. This trade represents a 10.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $161.96, for a total value of $809,800.00. Following the completion of the sale, the chief executive officer directly owned 392,388 shares in the company, valued at approximately $63,551,160.48. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,702 shares of company stock worth $3,347,574. Corporate insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. KBC Group NV boosted its position in Palomar by 9.1% in the first quarter. KBC Group NV now owns 1,140 shares of the company's stock valued at $156,000 after buying an additional 95 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Palomar by 21.8% during the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock worth $58,000 after purchasing an additional 99 shares during the last quarter. Hohimer Wealth Management LLC raised its holdings in Palomar by 3.9% in the 1st quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company's stock valued at $359,000 after buying an additional 99 shares during the last quarter. Evergreen Capital Management LLC increased its position in Palomar by 5.8% in the 1st quarter. Evergreen Capital Management LLC now owns 2,225 shares of the company's stock valued at $305,000 after acquiring an additional 122 shares during the period. Finally, Avantax Advisory Services Inc. lifted its holdings in shares of Palomar by 2.5% during the fourth quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company's stock worth $616,000 after purchasing an additional 145 shares during the period. Institutional investors and hedge funds own 90.25% of the company's stock.

Palomar Company Profile

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.