Palomar (NASDAQ:PLMR) Releases Quarterly Earnings Results, Beats Estimates By $0.20 EPS

Palomar (NASDAQ:PLMR) posted its earnings results on Monday. The company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.20, Briefing.com reports. Palomar had a net margin of 21.55% and a return on equity of 21.62%. The company had revenue of $148.50 million during the quarter, compared to analyst estimates of $134.72 million. During the same period in the prior year, the business posted $0.80 earnings per share.

Palomar Trading Down 0.3 %

Palomar stock traded down $0.32 during trading on Thursday, reaching $95.88. The company had a trading volume of 21,809 shares, compared to its average volume of 162,061. The firm’s 50-day simple moving average is $95.30 and its 200 day simple moving average is $89.20. Palomar has a 52 week low of $54.50 and a 52 week high of $103.40. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of 22.85 and a beta of 0.34.

Analyst Ratings Changes

A number of equities analysts recently commented on PLMR shares. Truist Financial upped their target price on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Jefferies Financial Group upped their price objective on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. lifted their target price on shares of Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. Evercore ISI increased their price target 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. Finally, Piper Sandler lifted their price objective on Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Palomar has an average rating of “Moderate Buy” and an average price target of $105.50.

Insider Buying and Selling at Palomar

In other news, Director Thomas A. Bradley bought 1,000 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were bought at an average price of $89.42 per share, for a total transaction of $89,420.00. Following the purchase, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Thomas A. Bradley acquired 1,000 shares of Palomar 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 transaction, the director now directly owns 4,724 shares in the company, valued at approximately $422,420.08. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO T Christopher Uchida sold 1,750 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $99.00, for a total transaction of $173,250.00. Following the transaction, the chief financial officer now owns 20,594 shares of the company’s stock, valued at approximately $2,038,806. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 35,770 shares of company stock valued at $3,461,986. 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.