Palomar (NASDAQ:PLMR) Stock Price Up 8.8% Following Strong Earnings

Palomar Holdings, Inc. (NASDAQ:PLMR)’s stock price shot up 8.8% during trading on Friday following a better than expected earnings announcement. The company traded as high as $128.00 and last traded at $128.18. 155,432 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 291,286 shares. The stock had previously closed at $117.79.

The company reported $0.07 earnings per share (EPS) for the quarter. The firm had revenue of $65.74 million for the quarter. Palomar had a return on equity of 20.35% and a net margin of 22.71%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Piper Sandler reduced their price objective on Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 6th. JPMorgan Chase & Co. reduced their target price on shares of Palomar from $158.00 to $137.00 and set an “overweight” rating on the stock in a research note on Thursday, October 9th. Keefe, Bruyette & Woods decreased their target price on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Evercore ISI lowered their price target on Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a report on Wednesday, October 1st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Palomar currently has an average rating of “Moderate Buy” and a consensus target price of $156.67.

Insiders Place Their Bets

In related news, insider Jonathan Knutzen sold 281 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $120.13, for a total transaction of $33,756.53. Following the sale, the insider owned 21,210 shares of the company’s stock, valued at approximately $2,547,957.30. The trade was a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard H. Taketa acquired 500 shares of Palomar stock in a transaction that occurred on Monday, August 18th. The shares were purchased at an average cost of $121.14 per share, with a total value of $60,570.00. Following the completion of the acquisition, the director owned 44,226 shares of the company’s stock, valued at $5,357,537.64. The trade was a 1.14% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have sold 20,302 shares of company stock valued at $2,414,141. Corporate insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its stake in Palomar by 3.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 2,461 shares of the company’s stock valued at $363,000 after buying an additional 90 shares in the last quarter. California State Teachers Retirement System increased its position in Palomar by 0.4% during the 2nd quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock worth $3,734,000 after purchasing an additional 97 shares in the last quarter. Bank of Montreal Can lifted its holdings in Palomar by 1.7% in the 2nd quarter. Bank of Montreal Can now owns 5,766 shares of the company’s stock valued at $889,000 after purchasing an additional 98 shares in the last quarter. Hohimer Wealth Management LLC grew its holdings in shares of Palomar by 3.9% during the first quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company’s stock worth $359,000 after buying an additional 99 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Palomar by 14.4% in the second quarter. GAMMA Investing LLC now owns 833 shares of the company’s stock valued at $128,000 after buying an additional 105 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Stock Up 8.8%

The firm’s 50 day moving average is $116.72 and its 200-day moving average is $135.76. The firm has a market cap of $3.43 billion, a PE ratio of 22.52 and a beta of 0.25.

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.