Palomar Holdings, Inc. to Post Q3 2024 Earnings of $0.99 Per Share, Zacks Research Forecasts (NASDAQ:PLMR)

Palomar Holdings, Inc. (NASDAQ:PLMRFree Report) – Stock analysts at Zacks Research reduced their Q3 2024 earnings per share estimates for shares of Palomar in a report issued 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 prior 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:PLMRGet Free Report) last released its quarterly earnings data on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.16. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The firm had revenue of $123.08 million during the quarter, compared to the consensus estimate of $338.74 million. During the same period in the previous year, the company posted $0.72 earnings per share. The firm’s quarterly revenue was up 47.0% on a year-over-year basis.

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

Get Our Latest Stock Analysis on Palomar

Palomar Stock Performance

NASDAQ PLMR opened at $96.17 on Thursday. The company has a market cap of $2.41 billion, a PE 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. Palomar has a 52-week low of $48.08 and a 52-week high of $103.40.

Hedge Funds Weigh In On Palomar

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Palomar by 1.7% during the first quarter. Vanguard Group Inc. now owns 2,403,520 shares of the company’s stock valued at $201,487,000 after acquiring an additional 40,453 shares during the last quarter. Champlain Investment Partners LLC boosted its holdings 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 last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Palomar by 15.0% in the second quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after purchasing an additional 66,478 shares during the last quarter. Artemis Investment Management LLP increased its stake in shares of Palomar by 12.9% in the 3rd quarter. Artemis Investment Management LLP now owns 383,276 shares of the company’s stock worth $36,285,000 after acquiring an additional 43,812 shares during the last quarter. Finally, Driehaus Capital Management LLC grew its holdings in shares of Palomar by 17.1% in the second quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock valued at $24,362,000 after purchasing an additional 43,841 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, President Jon Christianson sold 3,805 shares of the business’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $103.04, for a total transaction of $392,067.20. Following the sale, the president now directly owns 51,926 shares of the company’s stock, valued at $5,350,455.04. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Palomar news, Director Thomas A. Bradley acquired 1,000 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were purchased 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 directly owns 4,724 shares of the company’s stock, valued at $422,420.08. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Jon Christianson sold 3,805 shares of the company’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $103.04, for a total transaction of $392,067.20. Following the completion of the sale, the president now directly owns 51,926 shares in the company, valued at approximately $5,350,455.04. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,305 shares of company stock valued at $4,856,333. Insiders own 4.30% of the company’s stock.

Palomar Company Profile

(Get Free Report)

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.

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Earnings History and Estimates for Palomar (NASDAQ:PLMR)

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