Keefe, Bruyette & Woods Issues Positive Forecast for Palomar (NASDAQ:PLMR) Stock Price

Palomar (NASDAQ:PLMR) had its price objective raised by research analysts at Keefe, Bruyette & Woods from $164.00 to $170.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 29.58% from the company’s current price.

Several other research firms also recently issued reports on PLMR. Piper Sandler cut their price objective on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a report on Wednesday, August 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. Evercore ISI decreased their price target on shares of Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a report on Wednesday, October 1st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Palomar from $137.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $157.67.

Palomar Stock Up 1.3%

Shares of Palomar stock traded up $1.68 on Tuesday, reaching $131.19. The stock had a trading volume of 74,181 shares, compared to its average volume of 293,530. The stock has a market capitalization of $3.51 billion, a P/E ratio of 23.16 and a beta of 0.25. The company has a 50 day moving average price of $116.95 and a 200 day moving average price of $135.28. Palomar has a 1 year low of $98.42 and a 1 year high of $175.85.

Palomar (NASDAQ:PLMR) last posted its earnings results on Friday, December 16th. The company reported $0.07 EPS for the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The company had revenue of $65.74 million during the quarter. On average, analysts forecast that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Transactions at Palomar

In other news, Director Richard H. Taketa purchased 500 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were purchased at an average cost of $121.14 per share, with a total value of $60,570.00. Following the completion of the acquisition, the director owned 44,226 shares of the company’s stock, valued at approximately $5,357,537.64. This represents a 1.14% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO T Christopher Uchida sold 782 shares of Palomar stock in a transaction on Monday, August 18th. The shares were sold at an average price of $120.13, for a total transaction of $93,941.66. Following the completion of the transaction, the chief financial officer directly owned 7,668 shares of the company’s stock, valued at $921,156.84. The trade was a 9.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 20,302 shares of company stock worth $2,414,141. Insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Palomar

A number of large investors have recently bought and sold shares of the business. Salomon & Ludwin LLC acquired a new stake in Palomar in the third quarter valued at approximately $25,000. Richardson Financial Services Inc. grew its stake in Palomar by 210.0% in the 3rd quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock valued at $25,000 after acquiring an additional 147 shares during the period. Allworth Financial LP increased its holdings in Palomar by 1,970.0% in the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock worth $32,000 after acquiring an additional 197 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Palomar by 185.3% during the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company’s stock worth $43,000 after acquiring an additional 202 shares during the period. Finally, Maseco LLP purchased a new position in Palomar during the second quarter valued at $45,000. Institutional investors and hedge funds 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.