Keefe, Bruyette & Woods Lowers Palomar (NASDAQ:PLMR) Price Target to $172.00

Key Points

• Analysts at Keefe, Bruyette & Woods have lowered Palomar's price target from $204.00 to $172.00, maintaining an "outperform" rating which suggests a potential upside of 39.96%.
• Palomar's shares opened at $122.89 and reported earnings per share of $1.76, exceeding estimates, with a revenue of $496.29 million in their latest quarter.
• Insiders, including the CFO and CEO, have recently sold shares, indicating decreased ownership while 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar (NASDAQ:PLMR - Get Free Report) had its price objective decreased by equities research analysts at Keefe, Bruyette & Woods from $204.00 to $172.00 in a report issued on Friday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' target price would indicate a potential upside of 40.28% from the stock's current price.

PLMR has been the subject of a number of other research reports. Piper Sandler cut their target price on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a research report on Wednesday, August 6th. Jefferies Financial Group boosted their target price on shares of Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Evercore ISI boosted their target price on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. 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 research report on Tuesday, April 15th. Finally, Wall Street Zen lowered shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $165.83.

Palomar Price Performance

Shares of PLMR stock traded up $0.98 on Friday, hitting $122.62. The company's stock had a trading volume of 187,744 shares, compared to its average volume of 294,584. Palomar has a fifty-two week low of $85.00 and a fifty-two week high of $175.85. The firm's fifty day moving average price is $145.11 and its 200-day moving average price is $140.19. The stock has a market capitalization of $3.28 billion, a price-to-earnings ratio of 21.55 and a beta of 0.44.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.08. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The business had revenue of $496.29 million during the quarter, compared to analyst estimates of $173.86 million. During the same quarter in the previous year, the business earned $1.25 EPS. Palomar's quarterly revenue was up 47.6% compared to the same quarter last year. Analysts predict that Palomar will post 5.99 EPS for the current fiscal year.

Insider Buying and Selling at Palomar

In other Palomar news, CFO T Christopher Uchida sold 500 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $143.10, for a total transaction of $71,550.00. Following the sale, the chief financial officer directly owned 6,920 shares of the company's stock, valued at approximately $990,252. This represents a 6.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Timothy Carter sold 473 shares of the company's stock in a transaction dated Saturday, June 28th. The stock was sold at an average price of $153.65, for a total transaction of $72,676.45. Following the sale, the insider directly owned 361 shares in the company, valued at $55,467.65. This represents a 56.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 21,294 shares of company stock worth $3,208,102. Insiders own 3.70% of the company's stock.

Institutional Trading of Palomar

Large investors have recently added to or reduced their stakes in the company. Allworth Financial LP grew its stake in Palomar by 1,970.0% during the second quarter. Allworth Financial LP now owns 207 shares of the company's stock worth $32,000 after buying an additional 197 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Palomar by 185.3% during the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock worth $43,000 after purchasing an additional 202 shares in the last quarter. Maseco LLP acquired a new position in Palomar in the second quarter valued at approximately $45,000. Opal Wealth Advisors LLC acquired a new position in Palomar in the first quarter valued at approximately $46,000. Finally, TCTC Holdings LLC lifted its holdings in Palomar by 116.5% in the first quarter. TCTC Holdings LLC now owns 381 shares of the company's stock valued at $52,000 after buying an additional 205 shares during the period. 90.25% of the stock is owned by institutional investors.

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.