Palomar (NASDAQ:PLMR) Issues Earnings Results

Palomar (NASDAQ:PLMR) posted its earnings results on Monday. The company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.20, Briefing.com reports. The firm had revenue of $148.50 million during the quarter, compared to analyst estimates of $134.72 million. Palomar had a net margin of 21.63% and a return on equity of 20.83%. During the same quarter in the prior year, the business posted $0.80 EPS.

Palomar Stock Performance

Shares of NASDAQ:PLMR traded up $6.95 on Wednesday, reaching $97.25. The company’s stock had a trading volume of 30,515 shares, compared to its average volume of 161,331. The company has a 50-day simple moving average of $95.33 and a 200 day simple moving average of $89.15. Palomar has a 52-week low of $54.50 and a 52-week high of $103.40. The company has a market cap of $2.43 billion, a P/E ratio of 21.45 and a beta of 0.34.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PLMR. Truist Financial increased their price target on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. lifted their price target on Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. Evercore ISI lifted their target price on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. Keefe, Bruyette & Woods raised their target price on shares of Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. Finally, Jefferies Financial Group boosted their price target on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $105.50.

Insider Activity

In other news, President Jon Christianson sold 3,805 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $103.04, for a total value of $392,067.20. Following the sale, the president now directly owns 51,926 shares in the company, valued at approximately $5,350,455.04. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Palomar news, President Jon Christianson sold 3,805 shares of the firm’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $103.04, for a total transaction of $392,067.20. Following the transaction, the president now directly owns 51,926 shares in the company, valued at $5,350,455.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Thomas A. Bradley bought 1,000 shares of the stock in a transaction on Friday, August 9th. The stock was purchased at an average price 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 approximately $422,420.08. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 35,770 shares of company stock valued at $3,461,986. 4.30% of the stock is currently owned by insiders.

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.