Palomar (NASDAQ:PLMR) Given New $186.00 Price Target at Keefe, Bruyette & Woods

Palomar (NASDAQ:PLMR) had its price objective lifted by Keefe, Bruyette & Woods from $183.00 to $186.00 in a research report released on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Other equities analysts also recently issued research reports about the stock. Evercore initiated coverage on shares of Palomar in a research note on Monday, February 9th. They set an “outperform” rating and a $150.00 price objective on the stock. JPMorgan Chase & Co. upped their price objective on shares of Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 14th. Finally, Wall Street Zen downgraded Palomar from a “buy” rating to a “hold” rating in a research report on Sunday, March 1st. Seven investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $165.50.

Palomar Stock Up 2.7%

Shares of NASDAQ:PLMR opened at $125.10 on Tuesday. The company has a market capitalization of $3.34 billion, a P/E ratio of 17.42 and a beta of 0.54. The stock’s fifty day simple moving average is $123.06 and its 200-day simple moving average is $123.21. Palomar has a 52-week low of $107.75 and a 52-week high of $175.85.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $2.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.06 by $0.18. The business had revenue of $253.36 million for the quarter, compared to the consensus estimate of $204.58 million. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The company’s quarterly revenue was up 62.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.52 earnings per share. On average, sell-side analysts anticipate that Palomar will post 5.99 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Mac Armstrong sold 11,484 shares of the firm’s stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total value of $1,376,701.92. Following the transaction, the chief executive officer owned 91,737 shares of the company’s stock, valued at approximately $10,997,431.56. This trade represents a 11.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO T Christopher Uchida sold 2,103 shares of the firm’s stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total transaction of $252,107.64. Following the completion of the transaction, the chief financial officer directly owned 11,473 shares in the company, valued at approximately $1,375,383.24. This represents a 15.49% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 60,808 shares of company stock worth $7,439,365. Insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Palomar

Several hedge funds have recently modified their holdings of PLMR. Salomon & Ludwin LLC purchased a new stake in shares of Palomar during the 3rd quarter valued at about $25,000. Richardson Financial Services Inc. raised its holdings in shares of Palomar by 210.0% during the 3rd quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock valued at $25,000 after buying an additional 147 shares during the period. Geneos Wealth Management Inc. purchased a new stake in shares of Palomar during the 4th quarter valued at about $32,000. Kestra Advisory Services LLC purchased a new stake in shares of Palomar during the 4th quarter valued at about $33,000. Finally, Rockefeller Capital Management L.P. raised its holdings in shares of Palomar by 81.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock valued at $40,000 after buying an additional 132 shares during the period. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Palomar Company Profile

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.