Palomar (NASDAQ:PLMR) Price Target Raised to $120.00

Palomar (NASDAQ:PLMR) had its price objective increased by Keefe, Bruyette & Woods from $117.00 to $120.00 in a research report report published on Friday morning,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the stock.

PLMR has been the topic of a number of other reports. Truist Financial raised their price target on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Evercore ISI lifted their target price on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a report on Tuesday, August 6th. JPMorgan Chase & Co. lifted their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Jefferies Financial Group lifted their target price on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Piper Sandler lifted their price target on Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $109.00.

Palomar Price Performance

PLMR stock opened at $101.58 on Friday. The company has a market cap of $2.69 billion, a P/E ratio of 25.19 and a beta of 0.34. Palomar has a 1 year low of $54.50 and a 1 year high of $107.00. The stock’s fifty day moving average price is $95.26 and its 200-day moving average price is $89.49.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The firm had revenue of $148.50 million for the quarter, compared to the consensus estimate of $134.72 million. During the same period last year, the business posted $0.80 EPS. As a group, analysts expect that Palomar will post 4.35 earnings per share for the current year.

Insider Transactions at Palomar

In related news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $96.28, for a total transaction of $673,960.00. Following the completion of the transaction, the chief executive officer now owns 433,388 shares in the company, valued at $41,726,596.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, President Jon Christianson sold 10,000 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $94.40, for a total transaction of $944,000.00. Following the completion of the transaction, the president now owns 51,926 shares of the company’s stock, valued at approximately $4,901,814.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $96.28, for a total transaction of $673,960.00. Following the transaction, the chief executive officer now directly owns 433,388 shares of the company’s stock, valued at $41,726,596.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,770 shares of company stock valued at $3,461,986 in the last ninety days. 4.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Palomar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC acquired a new stake in shares of Palomar in the 1st quarter valued at $602,000. Texas Permanent School Fund Corp raised its holdings in shares of Palomar by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 21,644 shares of the company’s stock valued at $1,814,000 after purchasing an additional 280 shares in the last quarter. Quantbot Technologies LP raised its stake in Palomar by 1,149.0% during the 1st quarter. Quantbot Technologies LP now owns 10,429 shares of the company’s stock worth $874,000 after acquiring an additional 9,594 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Palomar during the 1st quarter worth $122,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in Palomar during the 1st quarter worth $235,000. Hedge funds and other institutional investors 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.