Palomar (NASDAQ:PLMR) Announces Quarterly Earnings Results

Palomar (NASDAQ:PLMR) issued its quarterly earnings results on Monday. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.16, Briefing.com reports. The company had revenue of $123.08 million for the quarter, compared to the consensus estimate of $338.74 million. Palomar had a return on equity of 19.94% and a net margin of 21.78%. Palomar’s revenue was up 47.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.72 EPS.

Palomar Trading Up 1.8 %

Shares of PLMR traded up $1.68 during midday trading on Wednesday, reaching $94.67. 54,779 shares of the company were exchanged, compared to its average volume of 156,748. The company has a market cap of $2.36 billion, a price-to-earnings ratio of 26.72 and a beta of 0.31. The stock has a 50-day moving average price of $85.25 and a 200-day moving average price of $79.10. Palomar has a 1-year low of $48.08 and a 1-year high of $96.44.

Insiders Place Their Bets

In related news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $82.84, for a total value of $579,880.00. Following the completion of the transaction, the chief executive officer now directly owns 461,388 shares in the company, valued at $38,221,381.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $82.84, for a total value of $579,880.00. Following the sale, the chief executive officer now owns 461,388 shares of the company’s stock, valued at approximately $38,221,381.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Jon Christianson sold 2,000 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $91.35, for a total transaction of $182,700.00. Following the transaction, the president now directly owns 51,761 shares of the company’s stock, valued at $4,728,367.35. The disclosure for this sale can be found here. Insiders have sold 47,250 shares of company stock worth $4,080,716 in the last quarter. 4.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PLMR has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their price target on shares of Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. Truist Financial increased their price objective on Palomar from $97.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, May 29th. JMP Securities reissued a “market perform” rating on shares of Palomar in a report on Monday, April 15th. Evercore ISI boosted their price target on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods raised their price objective on Palomar from $93.00 to $96.00 and gave the company an “outperform” rating in a research note on Wednesday, May 29th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $96.50.

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.