Palomar (NASDAQ:PLMR) Given New $155.00 Price Target at Keefe, Bruyette & Woods

Palomar (NASDAQ:PLMR) had its price target boosted by investment analysts at Keefe, Bruyette & Woods from $152.00 to $155.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 18.57% from the stock’s previous close.

A number of other analysts have also recently weighed in on PLMR. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Truist Financial raised their target price on shares of Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, Piper Sandler raised their target price on shares of Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $127.83.

Palomar Stock Performance

Palomar stock opened at $130.72 on Friday. The firm’s 50-day moving average is $117.49 and its 200-day moving average is $106.45. Palomar has a 1 year low of $74.09 and a 1 year high of $136.90. The company has a market cap of $3.49 billion, a P/E ratio of 29.18 and a beta of 0.33.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. As a group, sell-side analysts predict that Palomar will post 5.99 earnings per share for the current year.

Insider Activity

In other news, insider Jonathan Knutzen sold 282 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $104.46, for a total transaction of $29,457.72. Following the completion of the transaction, the insider now owns 20,098 shares in the company, valued at approximately $2,099,437.08. This trade represents a 1.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Jon Christianson sold 819 shares of the firm’s stock in a transaction dated Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total transaction of $86,699.34. Following the transaction, the president now owns 55,126 shares of the company’s stock, valued at approximately $5,835,638.36. This trade represents a 1.46 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,455 shares of company stock worth $3,984,020. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Palomar

Large investors have recently made changes to their positions in the business. Dakota Wealth Management boosted its holdings in shares of Palomar by 3.1% in the fourth quarter. Dakota Wealth Management now owns 3,070 shares of the company’s stock worth $324,000 after buying an additional 92 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of Palomar by 21.8% in the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock worth $58,000 after buying an additional 99 shares during the period. State of Alaska Department of Revenue boosted its holdings in shares of Palomar by 0.7% in the fourth quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company’s stock worth $1,588,000 after buying an additional 100 shares during the period. Louisiana State Employees Retirement System boosted its holdings in shares of Palomar by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company’s stock worth $1,352,000 after buying an additional 100 shares during the period. Finally, Avantax Advisory Services Inc. boosted its holdings in shares of Palomar by 2.5% in the fourth quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company’s stock worth $616,000 after buying an additional 145 shares during the period. Institutional investors own 90.25% of the company’s stock.

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.