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

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

A number of other equities analysts also recently commented on the stock. Jefferies Financial Group upped their target price on shares of Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a research note on Friday, April 11th. Piper Sandler boosted their price target on Palomar from $171.00 to $177.00 and gave the company an “overweight” rating in a report on Friday, May 30th. Evercore ISI increased their price objective on Palomar from $163.00 to $168.00 and gave the stock an “in-line” rating in a research note on Friday, May 30th. Truist Financial lifted their target price on Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a research report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. upgraded Palomar from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $115.00 to $150.00 in a report on Tuesday, April 8th. Two 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 Stock Down 3.5%

Shares of Palomar stock opened at $143.65 on Monday. The stock’s fifty day moving average is $158.18 and its two-hundred day moving average is $134.21. Palomar has a 52 week low of $79.82 and a 52 week high of $175.85. The company has a market capitalization of $3.84 billion, a PE ratio of 28.67 and a beta of 0.46.

Palomar (NASDAQ:PLMR) last issued 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. The firm had revenue of $174.63 million during the quarter, compared to analyst estimates of $161.97 million. Palomar had a net margin of 21.99% and a return on equity of 20.56%. During the same period in the previous year, the firm earned $1.09 earnings per share. As a group, research analysts anticipate that Palomar will post 5.99 earnings per share for the current year.

Insider Activity

In other news, insider Timothy Carter sold 473 shares of Palomar stock in a transaction on Saturday, June 28th. The stock was sold at an average price of $153.65, for a total value of $72,676.45. Following the transaction, the insider directly owned 361 shares in the company, valued at approximately $55,467.65. This trade represents a 56.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 1,000 shares of the business’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $150.24, for a total value of $150,240.00. Following the completion of the transaction, the chief financial officer directly owned 8,172 shares of the company’s stock, valued at approximately $1,227,761.28. The trade was a 10.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,175 shares of company stock worth $3,420,251. Corporate insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Palomar

Institutional investors have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC lifted its position in shares of Palomar by 536.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock valued at $43,000 after buying an additional 349 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Palomar by 185.3% during the 1st 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. Opal Wealth Advisors LLC purchased a new stake in Palomar during the first quarter valued at approximately $46,000. Jones Financial Companies Lllp boosted its stake in Palomar by 63.2% in the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock valued at $52,000 after acquiring an additional 191 shares in the last quarter. Finally, TCTC Holdings LLC grew its holdings in Palomar by 116.5% in the first quarter. TCTC Holdings LLC now owns 381 shares of the company’s stock worth $52,000 after purchasing an additional 205 shares during the last quarter. Institutional investors 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.