Keefe, Bruyette & Woods Boosts Palomar (NASDAQ:PLMR) Price Target to $186.00

Palomar (NASDAQ:PLMR) had its price target hoisted by investment analysts at Keefe, Bruyette & Woods from $183.00 to $186.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 48.87% from the company’s previous close.

Several other research analysts also recently weighed in on the company. JPMorgan Chase & Co. upped their target price on Palomar from $155.00 to $160.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Wall Street Zen downgraded Palomar from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. Evercore began coverage on Palomar in a research note on Monday, February 9th. They set an “outperform” rating and a $150.00 target price for the company. Finally, Weiss Ratings raised Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 14th. Seven research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $165.50.

Palomar Price Performance

NASDAQ:PLMR traded up $3.08 during trading hours on Tuesday, reaching $124.94. The company had a trading volume of 75,722 shares, compared to its average volume of 251,409. Palomar has a 1-year low of $107.75 and a 1-year high of $175.85. The firm has a market cap of $3.33 billion, a PE ratio of 17.40 and a beta of 0.54. The business’s 50 day moving average price is $123.00 and its 200-day moving average price is $123.14.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.18. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The company had revenue of $253.36 million during the quarter, compared to the consensus estimate of $204.58 million. During the same period in the previous year, the company posted $1.52 earnings per share. Palomar’s revenue for the quarter was up 62.7% on a year-over-year basis. On average, analysts expect that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Palomar

In related news, CEO Mac Armstrong sold 11,484 shares of the stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total value of $1,376,701.92. Following the completion of the transaction, the chief executive officer directly owned 91,737 shares of the company’s stock, valued at approximately $10,997,431.56. This represents a 11.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 2,103 shares of the stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total value of $252,107.64. Following the completion of the transaction, the chief financial officer directly owned 11,473 shares of the company’s stock, valued at approximately $1,375,383.24. This represents a 15.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 60,808 shares of company stock valued at $7,439,365. 3.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Palomar by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company’s stock valued at $363,620,000 after purchasing an additional 67,038 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in Palomar by 13.8% in the 4th quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company’s stock valued at $113,229,000 after purchasing an additional 101,698 shares during the last quarter. Invesco Ltd. raised its stake in Palomar by 234.1% in the 2nd quarter. Invesco Ltd. now owns 798,361 shares of the company’s stock valued at $123,147,000 after purchasing an additional 559,383 shares during the last quarter. Janus Henderson Group PLC raised its stake in Palomar by 250.1% in the 4th quarter. Janus Henderson Group PLC now owns 795,625 shares of the company’s stock valued at $107,237,000 after purchasing an additional 568,360 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in Palomar by 72.1% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company’s stock valued at $105,809,000 after buying an additional 328,993 shares in the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

About Palomar

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.