Palomar (NASDAQ:PLMR) Issues Quarterly Earnings Results

Palomar (NASDAQ:PLMR) released its earnings results on Wednesday. The company reported $2.24 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.18, FiscalAI reports. Palomar had a net margin of 22.59% and a return on equity of 21.93%.

Palomar Trading Up 1.8%

Palomar stock traded up $2.39 during trading hours on Wednesday, reaching $131.64. 376,174 shares of the company were exchanged, compared to its average volume of 224,457. Palomar has a 12 month low of $107.75 and a 12 month high of $175.85. The stock has a 50-day moving average of $128.01 and a 200 day moving average of $123.14. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of 20.54 and a beta of 0.44.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PLMR shares. Evercore ISI assumed coverage on Palomar in a research note on Monday. They set an “outperform” rating and a $150.00 price objective on the stock. Weiss Ratings raised Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 14th. Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a research note on Saturday. JPMorgan Chase & Co. upped their target price on Palomar from $145.00 to $155.00 and gave the company an “overweight” rating in a report on Wednesday, January 7th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 6th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $158.14.

Insiders Place Their Bets

In other news, CEO Mac Armstrong sold 11,484 shares of the company’s stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total transaction of $1,376,701.92. Following the completion of the transaction, the chief executive officer owned 91,737 shares of the company’s stock, valued at approximately $10,997,431.56. This represents a 11.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 2,103 shares of the stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total transaction of $252,107.64. Following the completion of the sale, the chief financial officer owned 11,473 shares of the company’s stock, valued at approximately $1,375,383.24. The trade was a 15.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 58,998 shares of company stock valued at $7,255,669 in the last quarter. Insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Palomar

Large investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC bought a new stake in shares of Palomar in the 3rd quarter worth approximately $57,000. NewEdge Advisors LLC acquired a new position in shares of Palomar in the first quarter valued at $66,000. iSAM Funds UK Ltd acquired a new position in shares of Palomar in the third quarter valued at $81,000. Northwestern Mutual Wealth Management Co. lifted its position in Palomar by 4,061.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 749 shares of the company’s stock worth $101,000 after purchasing an additional 731 shares during the period. Finally, Vestcor Inc bought a new stake in Palomar in the 3rd quarter valued at $110,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Company Profile

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.