Palomar (NASDAQ:PLMR) Price Target Raised to $136.00

Palomar (NASDAQ:PLMR) had its price target hoisted by Keefe, Bruyette & Woods from $120.00 to $136.00 in a research report released on Friday,Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts also recently issued research reports about the stock. Jefferies Financial Group boosted their target price on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Truist Financial raised their price objective on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Piper Sandler upped their target price on Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. boosted their price objective on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $111.67.

Palomar Price Performance

Palomar stock opened at $110.45 on Friday. The firm has a 50 day simple moving average of $99.78 and a 200-day simple moving average of $92.81. The stock has a market cap of $2.92 billion, a price-to-earnings ratio of 26.24 and a beta of 0.36. Palomar has a 1-year low of $54.50 and a 1-year high of $112.10.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The business had revenue of $148.50 million during the quarter, compared to analyst estimates of $134.72 million. During the same period last year, the business posted $0.80 earnings per share. Equities analysts expect that Palomar will post 4.33 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO T Christopher Uchida sold 1,030 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $97.65, for a total transaction of $100,579.50. Following the transaction, the chief financial officer now owns 17,543 shares of the company’s stock, valued at $1,713,073.95. This represents a 5.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Jon Christianson sold 2,195 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $104.10, for a total value of $228,499.50. Following the completion of the sale, the president now directly owns 51,926 shares of the company’s stock, valued at approximately $5,405,496.60. This trade represents a 4.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,326 shares of company stock valued at $2,688,779. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

Hedge funds and other institutional investors have recently modified their holdings of the stock. Whittier Trust Co. of Nevada Inc. purchased a new position in Palomar in the 3rd quarter valued at approximately $25,000. GAMMA Investing LLC increased its position in shares of Palomar by 48.6% in the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after buying an additional 125 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of Palomar by 490.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after buying an additional 378 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Palomar in the 2nd quarter valued at about $49,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in Palomar during the 1st quarter valued at about $59,000. 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.