Palomar (NASDAQ:PLMR) Issues Earnings Results

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

Palomar Stock Up 7.7 %

Shares of NASDAQ PLMR traded up $6.95 during midday trading on Wednesday, hitting $97.25. The company had a trading volume of 30,515 shares, compared to its average volume of 161,331. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of 21.45 and a beta of 0.34. Palomar has a twelve month low of $54.50 and a twelve month high of $103.40. The business has a 50-day simple moving average of $95.33 and a two-hundred day simple moving average of $89.15.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In related news, Director Thomas A. Bradley purchased 1,000 shares of Palomar stock in a transaction dated Friday, August 9th. The stock was bought at an average cost of $89.42 per share, for a total transaction of $89,420.00. Following the transaction, the director now owns 4,724 shares in the company, valued at approximately $422,420.08. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $95.49, for a total value of $668,430.00. Following the completion of the transaction, the chief executive officer now owns 440,388 shares of the company’s stock, valued at $42,052,650.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Thomas A. Bradley bought 1,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now owns 4,724 shares of the company’s stock, valued at $422,420.08. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 35,770 shares of company stock worth $3,461,986. 4.30% of the stock is owned by company 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.