Palomar Price Target Increased to $136.00 by Keefe, Bruyette & Woods

Palomar Holdings, Inc. (NASDAQ:PLMR) has received a price target update from analysts at Keefe, Bruyette & Woods. The firm raised its price target for Palomar shares from $120.00 to $136.00, reflecting their confidence in the company's potential. This adjustment was made public in a research report released to clients on Friday. The new price target suggests that there is room for approximately 22.23% growth based on the company’s closing price prior to the announcement.

Recent Analyst Evaluations

A number of other research firms have also shared their assessments of Palomar recently. On November 7th, JPMorgan Chase & Co. increased their target price to $100.00 from a previous $93.00, giving the stock a "neutral" rating. Meanwhile, Piper Sandler adjusted their target from $105.00 to $110.00, rating the stock as "overweight" on November 8th. Truist Financial raised their price from $100.00 to $112.00, rating it as a "buy" on August 8th. Finally, Jefferies Financial Group lifted their target from $110.00 to $113.00 with a "buy" rating on October 9th. Currently, three analysts rate Palomar as a hold and four as a buy, resulting in an average rating of "Moderate Buy" and an average price target of $111.67, as reported by MarketBeat.com.

Palomar's Stock Performance

During trading on Friday, PLMR shares rose by $2.85, reaching $111.27. The trading volume was 19,638 shares, which is lower than the average volume of 162,055. Palomar currently boasts a market capitalization of $2.95 billion, a price-to-earnings ratio of 26.43, and a beta of 0.36. The stock has fluctuated between a fifty-two week low of $54.50 and a high of $112.10. Its 50-day simple moving average stands at $99.47, while the 200-day simple moving average is $92.63.

Recent Earnings Report

On November 4th, Palomar reported its quarterly earnings, declaring earnings per share (EPS) of $1.23, surpassing the consensus estimate of $1.03 by $0.20. The company achieved a return on equity of 19.65% and a net margin of 21.55%. Revenue for the quarter was $148.50 million, compared to analyst projections of $134.72 million. This marks an increase from the previous year, when the company reported an EPS of $0.80. Analysts project a EPS of 4.33 for this year.

Insider Transactions

In other news, President Jon Christianson sold 3,805 shares on October 4th, with an average selling price of $103.04, totaling $392,067.20. After this sale, he holds 51,926 shares valued at about $5,350,455.04, indicating a 6.83% decrease in his holdings. CEO Mac Armstrong also sold 7,000 shares on September 23rd, at an average of $95.49, amounting to $668,430.00, leaving him with 440,388 shares valued at $42,052,650.12, which is a 1.56% decrease. Over the last three months, company insiders have sold a total of 27,326 shares worth approximately $2,688,779, with insiders holding 4.30% of the stock.

Institutional Investors' Movements

Hedge funds and institutional investors have recently adjusted their stakes in Palomar. Notably, Whittier Trust Co. of Nevada Inc. established a new position worth roughly $25,000 in the third quarter. GAMMA Investing LLC increased their stake by 48.6%, now owning 382 shares worth $36,000. Farther Finance Advisors LLC raised their ownership by 490.9%, totaling 455 shares valued at $43,000. Other institutions, such as International Assets Investment Management LLC and DekaBank Deutsche Girozentrale, also made new investments in Palomar. Overall, institutional investors currently control about 90.25% of Palomar's shares.

Company Overview

Palomar Holdings, Inc. is a specialized insurance provider that offers property and casualty insurance solutions to both residential and commercial clients across the United States. Their product portfolio includes personal and commercial specialty property insurance, residential and commercial earthquake coverage, flood insurance, and other unique products.

Palomar, Stocks, Earnings