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

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

Palomar Price Performance

Shares of Palomar stock traded down $0.84 during trading hours on Friday, hitting $124.20. 72,013 shares of the company’s stock traded hands, compared to its average volume of 154,526. The company has a fifty day simple moving average of $107.29 and a 200-day simple moving average of $100.68. The stock has a market capitalization of $3.29 billion, a price-to-earnings ratio of 29.56 and a beta of 0.38. Palomar has a 12-month low of $66.81 and a 12-month high of $128.38.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PLMR shares. Piper Sandler boosted their target price on shares of Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday. JMP Securities reissued a “market perform” rating on shares of Palomar in a report on Thursday. JPMorgan Chase & Co. raised their target price on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a 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 report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Palomar presently has an average rating of “Moderate Buy” and an average target price of $118.33.

Insider Activity at Palomar

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $103.04, for a total value of $721,280.00. Following the completion of the sale, the chief executive officer now directly owns 419,388 shares of the company’s stock, valued at $43,213,739.52. This trade represents a 1.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jonathan Knutzen sold 282 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $104.46, for a total value of $29,457.72. Following the transaction, the insider now directly owns 20,098 shares in the company, valued at $2,099,437.08. This represents a 1.38 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,933 shares of company stock worth $4,030,156. 4.30% of the stock is owned by company insiders.

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.