Palomar (NASDAQ:PLMR) Releases Earnings Results, Beats Estimates By $0.13 EPS

Palomar (NASDAQ:PLMR) released its quarterly earnings data on Wednesday. The company reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.13, Zacks reports. Palomar had a return on equity of 19.65% and a net margin of 21.55%.

Palomar Stock Performance

Shares of Palomar stock opened at $108.99 on Thursday. Palomar has a 52-week low of $59.08 and a 52-week high of $112.90. The company has a 50-day simple moving average of $107.00 and a two-hundred day simple moving average of $100.45. The stock has a market capitalization of $2.88 billion, a PE ratio of 25.89 and a beta of 0.38.

Insider Activity

In related news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $103.04, for a total value of $721,280.00. Following the sale, the chief executive officer now directly owns 419,388 shares of the company’s stock, valued at $43,213,739.52. This represents a 1.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Angela L. Grant sold 1,505 shares of Palomar stock in a transaction on Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total value of $159,319.30. Following the sale, the insider now owns 2,534 shares of the company’s stock, valued at approximately $268,249.24. This trade represents a 37.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,933 shares of company stock valued at $4,030,156 in the last ninety days. Insiders own 4.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PLMR shares. Piper Sandler lifted their price objective on Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. JPMorgan Chase & Co. lifted their price target on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods upped their price target on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $115.50.

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.