Palomar (NASDAQ:PLMR) Price Target Raised to $172.00

Palomar (NASDAQ:PLMR) had its price objective boosted by Keefe, Bruyette & Woods from $161.00 to $172.00 in a research note issued to investors on Tuesday, Marketbeat reports. Keefe, Bruyette & Woods currently has an outperform rating on the stock.

Several other analysts have also issued reports on 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. Weiss Ratings cut Palomar from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, October 30th. Piper Sandler raised their price target on Palomar from $165.00 to $174.00 and gave the company an “overweight” rating in a research note on Friday, November 6th. Zacks Research lowered Palomar from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 29th. Finally, Truist Financial upped their price objective on Palomar from $168.00 to $175.00 and gave the stock a “buy” rating in a research note on Thursday, November 5th. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $165.80.

Palomar Stock Down 0.5%

Shares of PLMR stock opened at $158.31 on Tuesday. The firm’s fifty day moving average price is $137.14 and its two-hundred day moving average price is $127.51. The company has a current ratio of 0.49, a quick ratio of 0.50 and a debt-to-equity ratio of 0.30. Palomar has a 1 year low of $100.81 and a 1 year high of $162.08. The firm has a market capitalization of $4.16 billion, a P/E ratio of 17.68 and a beta of 0.28.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $3.01 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $0.45. The company had revenue of $386.59 million during the quarter, compared to the consensus estimate of $754.28 million. Palomar had a net margin of 17.60% and a return on equity of 25.27%. During the same period in the prior year, the business posted $2.01 EPS. On average, equities analysts predict that Palomar will post 9.30 EPS for the current fiscal year.

Palomar Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Tuesday, November 17th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, November 17th. Palomar’s dividend payout ratio (DPR) is 22.53%.

Insider Activity

In related news, CEO Mac Armstrong sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, October 21st. The shares were sold at an average price of $138.31, for a total value of $484,085.00. Following the completion of the sale, the chief executive officer directly owned 315,388 shares in the company, valued at approximately $43,621,314.28. This trade represents a 1.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 528 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $127.75, for a total transaction of $67,452.00. Following the completion of the sale, the president owned 66,970 shares of the company’s stock, valued at $8,555,417.50. This trade represents a 0.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 12,115 shares of company stock valued at $1,619,923 over the last quarter. 3.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Palomar

A number of institutional investors have recently bought and sold shares of PLMR. Benjamin Edwards Inc. raised its holdings in Palomar by 43.2% in the 3rd quarter. Benjamin Edwards Inc. now owns 3,511 shares of the company’s stock valued at $433,000 after acquiring an additional 1,059 shares during the period. Advisors Asset Management Inc. acquired a new stake in Palomar during the third quarter worth approximately $55,000. Ieq Capital LLC bought a new stake in shares of Palomar during the third quarter worth approximately $2,626,000. Global Retirement Partners LLC boosted its holdings in shares of Palomar by 18.6% during the third quarter. Global Retirement Partners LLC now owns 1,154 shares of the company’s stock worth $142,000 after acquiring an additional 181 shares during the period. Finally, Cercano Management LLC bought a new stake in shares of Palomar during the third quarter worth approximately $779,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Company Profile

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.