Palomar (NASDAQ:PLMR) Price Target Raised to $89.00 at Keefe, Bruyette & Woods

Palomar (NASDAQ:PLMR - Get Free Report) had its target price hoisted by investment analysts at Keefe, Bruyette & Woods from $88.00 to $89.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' price target suggests a potential upside of 15.67% from the company's current price.

Several other research analysts have also weighed in on PLMR. Evercore ISI lifted their price objective on shares of Palomar from $66.00 to $68.00 and gave the stock an "in-line" rating in a research note on Thursday, February 15th. JPMorgan Chase & Co. lowered shares of Palomar from an "overweight" rating to a "neutral" rating and lifted their price objective for the stock from $79.00 to $85.00 in a research note on Monday. Piper Sandler lifted their price objective on shares of Palomar from $80.00 to $89.00 and gave the stock an "overweight" rating in a research note on Monday, April 1st. Jefferies Financial Group raised shares of Palomar from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $78.00 to $88.00 in a research note on Thursday, March 14th. Finally, Truist Financial lifted their price objective on shares of Palomar from $72.00 to $88.00 and gave the stock a "buy" rating in a research note on Friday, February 16th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $84.50.

Palomar Stock Performance

PLMR traded down $0.28 during midday trading on Wednesday, hitting $76.94. The company had a trading volume of 95,651 shares, compared to its average volume of 158,892. The company has a market capitalization of $1.91 billion, a PE ratio of 24.59 and a beta of 0.21. Palomar has a twelve month low of $46.09 and a twelve month high of $86.25. The firm's 50-day simple moving average is $74.20 and its 200-day simple moving average is $62.79.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Wednesday, February 14th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.09. The company had revenue of $102.35 million for the quarter, compared to analyst estimates of $95.07 million. Palomar had a net margin of 21.07% and a return on equity of 19.35%. As a group, sell-side analysts anticipate that Palomar will post 3.82 EPS for the current fiscal year.

Insider Buying and Selling at Palomar

In other Palomar news, President Jon Christianson sold 2,000 shares of Palomar stock in a transaction that occurred on Friday, January 12th. The shares were sold at an average price of $60.00, for a total value of $120,000.00. Following the transaction, the president now owns 70,019 shares of the company's stock, valued at $4,201,140. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, President Jon Christianson sold 2,000 shares of Palomar stock in a transaction that occurred on Friday, January 12th. The shares were sold at an average price of $60.00, for a total value of $120,000.00. Following the sale, the president now directly owns 70,019 shares in the company, valued at $4,201,140. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas A. Bradley acquired 1,500 shares of the stock in a transaction dated Tuesday, March 5th. The stock was acquired at an average price of $74.30 per share, for a total transaction of $111,450.00. Following the completion of the acquisition, the director now directly owns 1,500 shares of the company's stock, valued at $111,450. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 39,509 shares of company stock valued at $2,950,557. 4.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Palomar

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. New York State Common Retirement Fund raised its holdings in shares of Palomar by 1.8% in the third quarter. New York State Common Retirement Fund now owns 10,099 shares of the company's stock valued at $513,000 after purchasing an additional 182 shares during the last quarter. Sei Investments Co. increased its holdings in Palomar by 0.3% during the fourth quarter. Sei Investments Co. now owns 72,261 shares of the company's stock worth $4,011,000 after buying an additional 188 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Palomar by 1.9% during the second quarter. The Manufacturers Life Insurance Company now owns 10,002 shares of the company's stock worth $581,000 after buying an additional 190 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Palomar by 3.8% during the second quarter. PNC Financial Services Group Inc. now owns 5,387 shares of the company's stock worth $313,000 after buying an additional 198 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in Palomar by 5.3% during the third quarter. Handelsbanken Fonder AB now owns 4,210 shares of the company's stock worth $214,000 after buying an additional 210 shares during the last quarter. 90.25% of the stock is currently 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.