Keefe, Bruyette & Woods Cuts Palomar (NASDAQ:PLMR) Price Target to $172.00

Palomar (NASDAQ:PLMR) had its price objective decreased by Keefe, Bruyette & Woods from $204.00 to $172.00 in a research note released on Friday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the stock.

A number of other research analysts have also issued reports on PLMR. Evercore ISI raised their target price on shares of Palomar from $163.00 to $168.00 and gave the company an “in-line” rating in a research note on Friday, May 30th. Piper Sandler lowered their target price on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 6th. Truist Financial raised their price target on shares of Palomar from $150.00 to $178.00 and gave the stock a “buy” rating in a research report on Tuesday, April 15th. Jefferies Financial Group raised their price target on shares of Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a research report on Friday, April 11th. Finally, Wall Street Zen lowered shares of Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, July 5th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $164.50.

Palomar Trading Down 2.0%

NASDAQ:PLMR opened at $120.38 on Friday. Palomar has a 1 year low of $85.00 and a 1 year high of $175.85. The firm’s fifty day simple moving average is $146.19 and its 200 day simple moving average is $140.06. The firm has a market capitalization of $3.22 billion, a PE ratio of 21.16 and a beta of 0.44.

Palomar (NASDAQ:PLMR) last posted its earnings results on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.08. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The business had revenue of $496.29 million for the quarter, compared to analyst estimates of $173.86 million. During the same period last year, the business posted $1.25 EPS. Palomar’s revenue was up 47.6% compared to the same quarter last year. As a group, analysts anticipate that Palomar will post 5.99 EPS for the current fiscal year.

Insider Buying and Selling at Palomar

In other news, CFO T Christopher Uchida sold 500 shares of Palomar stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $143.10, for a total transaction of $71,550.00. Following the sale, the chief financial officer directly owned 6,920 shares in the company, valued at approximately $990,252. The trade was a 6.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $140.10, for a total transaction of $700,500.00. Following the sale, the chief executive officer owned 382,388 shares in the company, valued at approximately $53,572,558.80. This trade represents a 1.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,294 shares of company stock valued at $3,208,102 in the last 90 days. Insiders own 3.70% of the company’s stock.

Institutional Trading of Palomar

Several institutional investors have recently made changes to their positions in PLMR. LPL Financial LLC boosted its position in shares of Palomar by 6.7% during the 4th quarter. LPL Financial LLC now owns 3,082 shares of the company’s stock valued at $325,000 after acquiring an additional 194 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Palomar by 37.8% during the 4th quarter. JPMorgan Chase & Co. now owns 176,561 shares of the company’s stock valued at $18,643,000 after purchasing an additional 48,396 shares during the last quarter. Orion Portfolio Solutions LLC bought a new position in Palomar during the 4th quarter valued at about $246,000. Alliancebernstein L.P. lifted its holdings in Palomar by 15.1% during the 4th quarter. Alliancebernstein L.P. now owns 30,157 shares of the company’s stock valued at $3,184,000 after purchasing an additional 3,955 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Palomar by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 618,840 shares of the company’s stock valued at $65,358,000 after purchasing an additional 18,748 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

About Palomar

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.