Palomar (NASDAQ:PLMR) Price Target Raised to $170.00

Palomar (NASDAQ:PLMR) had its price target upped by Keefe, Bruyette & Woods from $164.00 to $170.00 in a research note published on Tuesday,Benzinga reports. They currently have an outperform rating on the stock.

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

Palomar Stock Down 1.8%

Shares of PLMR opened at $130.06 on Tuesday. Palomar has a 52-week low of $98.42 and a 52-week high of $175.85. The stock has a fifty day simple moving average of $117.41 and a two-hundred day simple moving average of $135.11. The company has a market capitalization of $3.45 billion, a PE ratio of 22.86 and a beta of 0.25.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Friday, December 16th. The company reported $0.07 earnings per share for the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The firm had revenue of $65.74 million for the quarter. As a group, equities analysts anticipate that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jonathan Knutzen sold 281 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $120.13, for a total value of $33,756.53. Following the sale, the insider directly owned 21,210 shares in the company, valued at approximately $2,547,957.30. This trade represents a 1.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $116.02, for a total value of $580,100.00. Following the completion of the transaction, the chief executive officer directly owned 372,388 shares in the company, valued at $43,204,455.76. This trade represents a 1.32% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 20,302 shares of company stock worth $2,414,141 over the last three months. Company insiders own 3.70% of the company’s stock.

Institutional Trading of Palomar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP raised its stake in Palomar by 1,970.0% during 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. Salomon & Ludwin LLC purchased a new position in shares of Palomar during the third quarter worth about $25,000. Richardson Financial Services Inc. increased its position in shares of Palomar by 210.0% during the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock worth $25,000 after purchasing an additional 147 shares in the last quarter. Maseco LLP purchased a new stake in shares of Palomar in the 2nd quarter valued at about $45,000. Finally, Nisa Investment Advisors LLC boosted its position in shares of Palomar by 185.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company’s stock valued at $43,000 after purchasing an additional 202 shares during the period. 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.