Palomar (NASDAQ:PLMR) Announces Quarterly Earnings Results, Beats Estimates By $0.20 EPS

Palomar (NASDAQ:PLMR) posted its quarterly earnings results on Monday. The company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.20, Briefing.com reports. Palomar had a net margin of 21.55% and a return on equity of 21.62%. The business had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. During the same period last year, the company posted $0.80 earnings per share.

Palomar Stock Performance

NASDAQ PLMR traded down $0.32 during trading hours on Thursday, hitting $95.88. The company had a trading volume of 21,809 shares, compared to its average volume of 162,061. The firm has a 50 day simple moving average of $95.30 and a 200 day simple moving average of $89.20. Palomar has a 52 week low of $54.50 and a 52 week high of $103.40. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of 22.85 and a beta of 0.34.

Insider Transactions at Palomar

In related news, President Jon Christianson sold 10,000 shares of the business’s 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Palomar news, President Jon Christianson sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $94.40, for a total value of $944,000.00. Following the completion of the transaction, the president now owns 51,926 shares of the company’s stock, valued at $4,901,814.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas A. Bradley acquired 1,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were purchased at an average cost of $89.42 per share, for a total transaction of $89,420.00. Following the completion of the acquisition, the director now owns 4,724 shares in the company, valued at $422,420.08. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 35,770 shares of company stock valued at $3,461,986. 4.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PLMR has been the subject of a number of research analyst reports. Truist Financial boosted their target price on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Keefe, Bruyette & Woods boosted their price objective on Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Piper Sandler increased their target price on Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Evercore ISI boosted their price target on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research note on Tuesday, August 6th. Finally, JPMorgan Chase & Co. raised their price objective 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. 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, Palomar has an average rating of “Moderate Buy” and an average price target of $105.50.

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.