Keefe, Bruyette & Woods Cuts Palomar (NASDAQ:PLMR) Price Target to $204.00

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

A number of other research analysts also recently weighed in on PLMR. Jefferies Financial Group upped their target price on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a report on Friday, April 11th. Wall Street Zen raised Palomar from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Piper Sandler increased their price objective on Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a report on Friday, May 30th. Evercore ISI boosted their target price on shares of Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a report on Friday, May 30th. Finally, JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $174.17.

Palomar Price Performance

Palomar stock traded up $2.45 during mid-day trading on Monday, reaching $146.10. 247,177 shares of the company traded hands, compared to its average volume of 215,883. Palomar has a 52-week low of $79.82 and a 52-week high of $175.85. The firm has a market capitalization of $3.91 billion, a price-to-earnings ratio of 29.16 and a beta of 0.46. The firm's 50 day moving average price is $158.18 and its 200 day moving average price is $134.21.

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

Insiders Place Their Bets

In other news, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $158.14, for a total transaction of $790,700.00. Following the completion of the transaction, the chief executive officer directly owned 387,388 shares in the company, valued at $61,261,538.32. This trade represents a 1.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO T Christopher Uchida sold 500 shares of Palomar stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $158.69, for a total value of $79,345.00. Following the completion of the transaction, the chief financial officer directly owned 7,420 shares of the company's stock, valued at approximately $1,177,479.80. This represents a 6.31% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,175 shares of company stock valued at $3,420,251. 3.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. KBC Group NV increased its position in shares of Palomar by 9.1% during the first quarter. KBC Group NV now owns 1,140 shares of the company's stock valued at $156,000 after acquiring an additional 95 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in Palomar by 21.8% during the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock valued at $58,000 after purchasing an additional 99 shares during the last quarter. Hohimer Wealth Management LLC increased its holdings in shares of Palomar by 3.9% in the 1st quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company's stock worth $359,000 after purchasing an additional 99 shares in the last quarter. Evergreen Capital Management LLC raised its stake in shares of Palomar by 5.8% in the first quarter. Evergreen Capital Management LLC now owns 2,225 shares of the company's stock worth $305,000 after purchasing an additional 122 shares during the last quarter. 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 valued at $616,000 after purchasing an additional 145 shares in the last quarter. 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.