Palomar (NASDAQ:PLMR) Announces Earnings Results

Palomar (NASDAQ:PLMR) posted its quarterly earnings data on Monday. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.16, Briefing.com reports. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The company had revenue of $123.08 million for the quarter, compared to the consensus estimate of $338.74 million. During the same quarter in the previous year, the firm posted $0.72 EPS. The business’s revenue was up 47.0% compared to the same quarter last year.

Palomar Stock Performance

PLMR traded up $1.95 during midday trading on Wednesday, hitting $94.94. The company had a trading volume of 166,365 shares, compared to its average volume of 157,515. Palomar has a twelve month low of $48.08 and a twelve month high of $96.44. The firm’s 50-day simple moving average is $85.25 and its 200-day simple moving average is $79.10. The company has a market capitalization of $2.37 billion, a PE ratio of 26.72 and a beta of 0.31.

Wall Street Analysts Forecast Growth

PLMR has been the topic of several recent research reports. Truist Financial lifted their price objective on Palomar from $97.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a report on Monday, April 15th. 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 research note on Tuesday. Piper Sandler increased their target price on Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. upped their price target on Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $96.50.

Insider Activity

In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $83.19, for a total transaction of $83,190.00. Following the transaction, the chief financial officer now owns 25,344 shares of the company’s stock, valued at approximately $2,108,367.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $82.84, for a total transaction of $579,880.00. Following the completion of the sale, the chief executive officer now owns 461,388 shares in the company, valued at approximately $38,221,381.92. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $83.19, for a total transaction of $83,190.00. Following the sale, the chief financial officer now owns 25,344 shares of the company’s stock, valued at approximately $2,108,367.36. The disclosure for this sale can be found here. Insiders have sold 47,250 shares of company stock valued at $4,080,716 over the last three months. 4.30% of the stock is owned by insiders.

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.