Q3 2024 Earnings Forecast for Palomar Holdings, Inc. Issued By Zacks Research (NASDAQ:PLMR)

Palomar Holdings, Inc. (NASDAQ:PLMR) – Stock analysts at Zacks Research lowered their Q3 2024 earnings per share (EPS) estimates for Palomar in a research note issued to investors on Tuesday, October 8th. Zacks Research analyst S. Sarkar now anticipates that the company will post earnings per share of $0.99 for the quarter, down from their previous estimate of $1.01. The consensus estimate for Palomar’s current full-year earnings is $4.37 per share. Zacks Research also issued estimates for Palomar’s FY2024 earnings at $4.36 EPS, Q3 2025 earnings at $1.28 EPS, Q1 2026 earnings at $1.74 EPS, Q3 2026 earnings at $1.33 EPS and FY2026 earnings at $6.35 EPS.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.16. 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 20.83% and a net margin of 21.63%. 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.

Other equities research analysts have also issued reports about the stock. Piper Sandler raised their price objective on shares of Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Keefe, Bruyette & Woods upped their price objective on Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Jefferies Financial Group increased their price objective on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday. Truist Financial increased their price target on shares of Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, 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 report on Tuesday, August 6th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $105.50.

Palomar Stock Up 4.1 %

Shares of NASDAQ:PLMR opened at $96.17 on Thursday. Palomar has a fifty-two week low of $48.08 and a fifty-two week high of $103.40. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of 25.37 and a beta of 0.33. The firm’s 50 day moving average price is $95.13 and its 200 day moving average price is $87.24.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Palomar by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 2,403,520 shares of the company’s stock worth $201,487,000 after purchasing an additional 40,453 shares during the period. Champlain Investment Partners LLC grew its stake in shares of Palomar by 5.5% during the 1st quarter. Champlain Investment Partners LLC now owns 1,340,795 shares of the company’s stock worth $112,399,000 after purchasing an additional 69,615 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Palomar by 15.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock worth $41,295,000 after purchasing an additional 66,478 shares during the period. Artemis Investment Management LLP boosted its holdings in Palomar by 12.9% during the third quarter. Artemis Investment Management LLP now owns 383,276 shares of the company’s stock worth $36,285,000 after buying an additional 43,812 shares in the last quarter. Finally, Driehaus Capital Management LLC grew its position in Palomar by 17.1% during the second quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock worth $24,362,000 after buying an additional 43,841 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Palomar

In other Palomar news, Director Thomas A. Bradley bought 1,000 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was acquired at an average price of $89.42 per share, for a total transaction of $89,420.00. Following the completion of the purchase, the director now owns 4,724 shares of the company’s stock, valued at approximately $422,420.08. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Thomas A. Bradley purchased 1,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average cost of $89.42 per share, with a total value of $89,420.00. Following the completion of the acquisition, the director now directly owns 4,724 shares in the company, valued at $422,420.08. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Mac Armstrong sold 12,773 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $88.19, for a total transaction of $1,126,450.87. Following the completion of the transaction, the chief executive officer now directly owns 59,309 shares in the company, valued at $5,230,460.71. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,305 shares of company stock worth $4,856,333 in the last 90 days. 4.30% of the stock is owned by insiders.

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.