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

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 reduced by Keefe, Bruyette & Woods from $204.00 to $172.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' target price would suggest a potential upside of 42.88% from the company's current price.

Other equities analysts have also recently issued research reports about the stock. Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Truist Financial boosted their price objective on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research report on Tuesday, April 15th. Evercore ISI boosted their price objective on shares of Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research report on Friday, May 30th. Jefferies Financial Group boosted 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. Finally, Piper Sandler cut their price objective on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a research report on Wednesday. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Palomar presently has a consensus rating of "Moderate Buy" and an average price target of $164.50.

Palomar Price Performance

PLMR traded down $2.51 during midday trading on Friday, reaching $120.38. 396,482 shares of the company's stock were exchanged, compared to its average volume of 460,510. The stock has a market capitalization of $3.22 billion, a PE ratio of 21.16 and a beta of 0.44. The business's 50-day moving average price is $146.19 and its 200 day moving average price is $140.06. Palomar has a 1-year low of $85.00 and a 1-year high of $175.85.

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

Insider Activity at Palomar

In related news, COO Rodolphe Herve sold 1,130 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $130.10, for a total transaction of $147,013.00. Following the completion of the transaction, the chief operating officer owned 807 shares of the company's stock, valued at approximately $104,990.70. This represents a 58.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $161.96, for a total transaction of $809,800.00. Following the transaction, the chief executive officer directly owned 392,388 shares of the company's stock, valued at $63,551,160.48. This trade represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,294 shares of company stock worth $3,208,102. 3.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Palomar

Several institutional investors and hedge funds have recently bought and sold shares of PLMR. Allworth Financial LP increased its position 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 purchasing an additional 197 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Palomar by 185.3% in the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock worth $43,000 after acquiring an additional 202 shares in the last quarter. Maseco LLP acquired a new stake in shares of Palomar in the second quarter worth $45,000. Opal Wealth Advisors LLC acquired a new stake in shares of Palomar in the first quarter worth $46,000. Finally, TCTC Holdings LLC increased its position in shares of Palomar by 116.5% in the first quarter. TCTC Holdings LLC now owns 381 shares of the company's stock worth $52,000 after acquiring an additional 205 shares in the last quarter. 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.