Palomar (NASDAQ:PLMR) Posts Quarterly Earnings Results, Beats Expectations By $0.20 EPS

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

Palomar Stock Performance

Palomar stock opened at $90.30 on Wednesday. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of 21.45 and a beta of 0.34. The company’s 50 day simple moving average is $95.33 and its 200-day simple moving average is $89.15. Palomar has a 1 year low of $54.50 and a 1 year high of $103.40.

Wall Street Analyst Weigh In

PLMR has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price target on Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. Evercore ISI increased their price target on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research note on Tuesday, August 6th. Truist Financial raised their price target on shares of Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Finally, Piper Sandler upped their price objective on Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Palomar has an average rating of “Moderate Buy” and an average price target of $105.50.

Insider Activity at Palomar

In related news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $96.28, for a total value of $673,960.00. Following the sale, the chief executive officer now owns 433,388 shares in the company, valued at approximately $41,726,596.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Palomar news, CFO T Christopher Uchida sold 1,750 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $99.00, for a total value of $173,250.00. Following the completion of the transaction, the chief financial officer now owns 20,594 shares of the company’s stock, valued at $2,038,806. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $96.28, for a total transaction of $673,960.00. Following the completion of the transaction, the chief executive officer now owns 433,388 shares of the company’s stock, valued at approximately $41,726,596.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,770 shares of company stock worth $3,461,986. Insiders own 4.30% of the company’s stock.

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.