Keefe, Bruyette & Woods Cuts Palomar (NASDAQ:PLMR) Price Target to $145.00

Palomar (NASDAQ:PLMR) had its price target trimmed by Keefe, Bruyette & Woods from $155.00 to $145.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

PLMR has been the subject of a number of other research reports. JPMorgan Chase & Co. raised Palomar from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $115.00 to $150.00 in a research report on Tuesday. Piper Sandler raised their target price on shares of Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. JMP Securities reiterated a “market perform” rating on shares of Palomar in a research note on Thursday, February 13th. Finally, Truist Financial increased their price objective on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Palomar presently has a consensus rating of “Moderate Buy” and a consensus target price of $143.67.

Palomar Stock Up 3.4 %

Shares of NASDAQ:PLMR opened at $147.88 on Wednesday. The firm has a market cap of $3.95 billion, a price-to-earnings ratio of 33.01 and a beta of 0.46. Palomar has a 12 month low of $74.09 and a 12 month high of $148.54. The company’s fifty day simple moving average is $128.46 and its 200 day simple moving average is $111.61.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. Research analysts expect that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, President Jon Christianson sold 371 shares of Palomar stock in a transaction that occurred on Sunday, January 26th. The stock was sold at an average price of $101.69, for a total transaction of $37,726.99. Following the completion of the transaction, the president now directly owns 55,771 shares in the company, valued at approximately $5,671,352.99. The trade was a 0.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO T Christopher Uchida sold 394 shares of the stock in a transaction on Sunday, January 26th. The shares were sold at an average price of $101.69, for a total value of $40,065.86. Following the completion of the sale, the chief financial officer now owns 16,943 shares in the company, valued at approximately $1,722,933.67. This trade represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,097 shares of company stock worth $3,415,422. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Palomar

Several large investors have recently modified their holdings of the stock. NBC Securities Inc. bought a new position in Palomar in the 1st quarter valued at about $53,000. Rhumbline Advisers grew its position in shares of Palomar by 1.2% in the first quarter. Rhumbline Advisers now owns 69,865 shares of the company’s stock valued at $9,577,000 after purchasing an additional 816 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Palomar by 27,543.8% during the first quarter. GAMMA Investing LLC now owns 99,794 shares of the company’s stock worth $13,680,000 after purchasing an additional 99,433 shares during the period. California State Teachers Retirement System lifted its holdings in Palomar by 3.8% during the 4th quarter. California State Teachers Retirement System now owns 24,444 shares of the company’s stock worth $2,581,000 after purchasing an additional 899 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Palomar in the 4th quarter valued at $5,652,000. 90.25% of the stock is owned by institutional investors.

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.