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

Palomar (NASDAQ:PLMR) had its price target upped by Keefe, Bruyette & Woods from $161.00 to $172.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods‘s target price suggests a potential upside of 9.71% from the stock’s current price.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. dropped their target price on Palomar from $167.00 to $156.00 and set an “overweight” rating on the stock in a report on Friday, October 9th. Truist Financial lifted their price objective on Palomar from $168.00 to $175.00 and gave the company a “buy” rating in a report on Thursday. Weiss Ratings cut Palomar from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, October 30th. Zacks Research downgraded Palomar from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 29th. Finally, Piper Sandler increased their target price on Palomar from $165.00 to $174.00 and gave the stock an “overweight” rating in a research note on Friday. Six analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Palomar currently has an average rating of “Moderate Buy” and a consensus target price of $165.80.

Palomar Stock Performance

Shares of PLMR stock opened at $156.78 on Tuesday. The firm has a market cap of $4.13 billion, a price-to-earnings ratio of 19.62 and a beta of 0.28. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.50 and a current ratio of 0.50. Palomar has a 1 year low of $100.81 and a 1 year high of $162.08. The stock’s 50-day moving average is $135.50 and its two-hundred day moving average is $127.02.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Wednesday, November 4th. The company reported $3.01 EPS for the quarter, topping the consensus estimate of $2.56 by $0.45. The company had revenue of $386.59 million for the quarter, compared to analyst estimates of $754.28 million. Palomar had a return on equity of 25.42% and a net margin of 17.60%. During the same quarter in the previous year, the company posted $2.01 earnings per share. Analysts predict that Palomar will post 9.27 earnings per share for the current year.

Insider Transactions at Palomar

In related news, insider Jonathan Knutzen sold 296 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total value of $37,814.00. Following the completion of the transaction, the insider directly owned 28,250 shares of the company’s stock, valued at $3,608,937.50. This trade represents a 1.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Jon Christianson sold 528 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $127.75, for a total value of $67,452.00. Following the completion of the transaction, the president directly owned 66,970 shares of the company’s stock, valued at $8,555,417.50. The trade was a 0.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 12,115 shares of company stock worth $1,619,923. 3.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Cercano Management LLC purchased a new stake in shares of Palomar in the third quarter valued at about $779,000. Bessemer Group Inc. grew its position in shares of Palomar by 3.0% in the third quarter. Bessemer Group Inc. now owns 157,140 shares of the company’s stock valued at $19,375,000 after purchasing an additional 4,632 shares during the last quarter. Diversified Trust Co grew its position in shares of Palomar by 14.0% in the third quarter. Diversified Trust Co now owns 9,502 shares of the company’s stock valued at $1,172,000 after purchasing an additional 1,170 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Palomar by 600.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 59,247 shares of the company’s stock worth $7,305,000 after purchasing an additional 50,791 shares in the last quarter. Finally, King Luther Capital Management Corp increased its stake in shares of Palomar by 3.6% during the 3rd quarter. King Luther Capital Management Corp now owns 62,954 shares of the company’s stock worth $7,762,000 after purchasing an additional 2,191 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

About Palomar

Palomar Holdings, Inc is a specialty property insurer that provides coverage for risks that can be difficult to insure through standard policies. Its offerings include earthquake, hurricane, flood and wildfire insurance, along with specialty homeowners and commercial property coverage.

The company distributes its products through a network of agents, brokers and other partners, serving customers in the United States. Its business has grown from an initial focus on earthquake insurance into a broader range of specialty insurance markets.

Palomar is headquartered in La Jolla, California.