Palomar (NASDAQ:PLMR) Announces Earnings Results

Palomar (NASDAQ:PLMR) issued its earnings results 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 firm had revenue of $123.08 million during the quarter, compared to the consensus estimate of $338.74 million. During the same quarter in the previous year, the firm earned $0.72 earnings per share. The business’s quarterly revenue was up 47.0% on a year-over-year basis.

Palomar Price Performance

NASDAQ PLMR traded up $1.95 on Wednesday, reaching $94.94. The company had a trading volume of 166,365 shares, compared to its average volume of 157,526. The firm has a market cap of $2.37 billion, a price-to-earnings ratio of 27.28 and a beta of 0.31. Palomar has a fifty-two week low of $48.08 and a fifty-two week high of $96.44. The business has a 50 day moving average of $85.25 and a two-hundred day moving average of $79.10.

Insiders Place Their Bets

In other news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $78.51, for a total value of $549,570.00. Following the completion of the sale, the chief executive officer now owns 454,388 shares of the company’s stock, valued at $35,674,001.88. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO T Christopher Uchida sold 1,000 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $80.32, for a total transaction of $80,320.00. Following the completion of the sale, the chief financial officer now directly owns 24,094 shares in the company, valued at $1,935,230.08. The transaction 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 Friday, June 21st. The shares were sold at an average price of $78.51, for a total transaction of $549,570.00. Following the completion of the transaction, the chief executive officer now owns 454,388 shares in the company, valued at approximately $35,674,001.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,000 shares of company stock valued at $4,245,216. 4.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on PLMR shares. Keefe, Bruyette & Woods upped their price objective on shares of Palomar from $93.00 to $96.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 29th. JPMorgan Chase & Co. upped their price target on shares of Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. JMP Securities reiterated a “market perform” rating on shares of Palomar in a research note on Monday, April 15th. Evercore ISI boosted their price objective on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research report on Tuesday. Finally, Truist Financial upped their target price on Palomar from $97.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average 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.