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

Palomar (NASDAQ:PLMR) issued its quarterly earnings data on Monday. The company reported $1.25 EPS for the quarter, topping 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 the consensus estimate of $338.74 million. During the same quarter last year, the business posted $0.72 EPS. The firm’s revenue was up 47.0% compared to the same quarter last year.

Palomar Trading Up 1.8 %

NASDAQ PLMR traded up $1.68 on Wednesday, hitting $94.67. 54,779 shares of the company were exchanged, compared to its average volume of 156,748. Palomar has a 12 month low of $48.08 and a 12 month high of $96.44. The company has a market cap of $2.36 billion, a PE ratio of 26.72 and a beta of 0.31. The stock has a fifty day moving average of $85.25 and a 200-day moving average of $79.10.

Insider Transactions at Palomar

In other news, President Jon Christianson sold 2,000 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $81.21, for a total value of $162,420.00. Following the completion of the sale, the president now directly owns 53,761 shares in the company, valued at approximately $4,365,930.81. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CFO T Christopher Uchida sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $83.19, for a total value of $83,190.00. Following the completion of the transaction, the chief financial officer now directly owns 25,344 shares of the company’s stock, valued at approximately $2,108,367.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Jon Christianson sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $81.21, for a total transaction of $162,420.00. Following the completion of the transaction, the president now directly owns 53,761 shares of the company’s stock, valued at $4,365,930.81. The disclosure for this sale can be found here. Insiders have sold 47,250 shares of company stock valued at $4,080,716 in the last 90 days. 4.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PLMR has been the topic of several recent analyst reports. Keefe, Bruyette & Woods boosted their price target on Palomar from $93.00 to $96.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 29th. Evercore ISI upped their target price on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a report on Tuesday. Truist Financial increased their price target on Palomar from $97.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, May 29th. Piper Sandler upped their price target on shares of Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, JMP Securities reissued a “market perform” rating on shares of Palomar in a report on Monday, April 15th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Palomar has a consensus rating of “Moderate Buy” and a consensus price target of $96.50.

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.