Palomar (NASDAQ:PLMR) Posts Earnings Results, Beats Estimates By $0.16 EPS

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

Palomar Trading Up 6.0 %

PLMR stock traded up $5.27 during trading on Tuesday, reaching $93.52. 131,301 shares of the stock were exchanged, compared to its average volume of 156,457. The firm’s 50 day moving average is $85.02 and its 200 day moving average is $78.89. The firm has a market cap of $2.33 billion, a P/E ratio of 26.95 and a beta of 0.31. Palomar has a twelve month low of $48.08 and a twelve month high of $95.50.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PLMR. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a research note on Monday, April 15th. Evercore ISI increased their price target on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a report on Tuesday. Keefe, Bruyette & Woods boosted 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. Piper Sandler reaffirmed an “overweight” rating and set a $99.00 target price (up previously from $90.00) on shares of Palomar in a research note on Wednesday, May 29th. Finally, Truist Financial lifted their target price on Palomar from $97.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Palomar has a consensus rating of “Moderate Buy” and an average target price of $95.50.

Insider Buying and Selling at Palomar

In other news, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $83.19, for a total transaction of $83,190.00. Following the transaction, the chief financial officer now directly owns 25,344 shares of the company’s stock, valued at $2,108,367.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $83.19, for a total transaction of $83,190.00. Following the completion of the transaction, the chief financial officer now directly owns 25,344 shares in the company, valued at $2,108,367.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Jon Christianson sold 2,000 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $91.35, for a total transaction of $182,700.00. Following the completion of the sale, the president now owns 51,761 shares in the company, valued at approximately $4,728,367.35. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,250 shares of company stock valued at $4,080,716. Company insiders own 4.30% of the company’s stock.

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.