Keefe, Bruyette & Woods Has Lowered Expectations for Palomar (NASDAQ:PLMR) Stock Price

Palomar (NASDAQ:PLMR) had its target price reduced by research analysts at Keefe, Bruyette & Woods from $186.00 to $159.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 45.17% from the stock’s current price.

PLMR has been the topic of a number of other research reports. Evercore began coverage on Palomar in a report on Monday, February 9th. They set an “outperform” rating and a $150.00 price target on the stock. Weiss Ratings lowered Palomar from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, May 7th. Piper Sandler dropped their target price on Palomar from $151.00 to $132.00 and set an “overweight” rating on the stock in a report on Monday. JPMorgan Chase & Co. increased their price target on shares of Palomar from $155.00 to $160.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Finally, Zacks Research raised shares of Palomar from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $150.25.

Palomar Trading Up 0.8%

PLMR stock traded up $0.90 during mid-day trading on Wednesday, reaching $109.53. 40,414 shares of the stock traded hands, compared to its average volume of 257,977. Palomar has a 52-week low of $107.51 and a 52-week high of $175.85. The stock’s fifty day moving average is $122.54 and its 200-day moving average is $124.59. The company has a market cap of $2.90 billion, a P/E ratio of 15.25 and a beta of 0.49. The company has a current ratio of 0.49, a quick ratio of 0.50 and a debt-to-equity ratio of 0.31.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.17 by $0.14. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The business had revenue of $278.94 million for the quarter, compared to analyst estimates of $557.79 million. During the same quarter in the previous year, the business earned $1.87 earnings per share. The firm’s revenue was up 59.7% compared to the same quarter last year. As a group, sell-side analysts expect that Palomar will post 8.97 earnings per share for the current year.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $122.60, for a total transaction of $613,000.00. Following the transaction, the chief executive officer owned 343,388 shares in the company, valued at $42,099,368.80. This represents a 1.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 783 shares of the firm’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total transaction of $100,255.32. Following the transaction, the chief financial officer owned 14,752 shares in the company, valued at $1,888,846.08. This represents a 5.04% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 21,720 shares of company stock worth $2,733,817. Corporate insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Palomar

Large investors have recently bought and sold shares of the business. Royal Bank of Canada increased its position in Palomar by 49.1% during the first quarter. Royal Bank of Canada now owns 2,956 shares of the company’s stock worth $406,000 after buying an additional 974 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Palomar by 5.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company’s stock worth $2,115,000 after acquiring an additional 791 shares in the last quarter. NewEdge Advisors LLC acquired a new position in shares of Palomar during the 1st quarter valued at about $66,000. United Services Automobile Association bought a new position in shares of Palomar in the 1st quarter valued at approximately $223,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Palomar by 11.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,661 shares of the company’s stock valued at $9,960,000 after acquiring an additional 7,754 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors.

Palomar Company Profile

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.