Palomar (NASDAQ:PLMR) Announces Quarterly Earnings Results, Beats Estimates By $0.17 EPS

Palomar (NASDAQ:PLMR) issued its quarterly earnings results on Tuesday. The company reported $2.36 earnings per share for the quarter, beating analysts’ consensus estimates of $2.19 by $0.17, FiscalAI reports. The company had revenue of $314.42 million during the quarter, compared to the consensus estimate of $621.52 million. Palomar had a net margin of 20.11% and a return on equity of 22.62%.

Palomar Price Performance

NASDAQ:PLMR traded down $0.40 on Tuesday, reaching $136.11. The stock had a trading volume of 171,135 shares, compared to its average volume of 270,371. Palomar has a 1-year low of $100.81 and a 1-year high of $147.62. The stock has a fifty day moving average price of $124.76 and a 200-day moving average price of $123.54. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $3.61 billion, a P/E ratio of 18.96 and a beta of 0.40.

Insider Transactions at Palomar

In other Palomar news, COO Rodolphe Herve sold 1,207 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $135.35, for a total transaction of $163,367.45. Following the completion of the sale, the chief operating officer directly owned 3,548 shares of the company’s stock, valued at approximately $480,221.80. The trade was a 25.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Timothy Carter sold 480 shares of the business’s stock in a transaction that occurred on Sunday, June 28th. The stock was sold at an average price of $124.29, for a total transaction of $59,659.20. Following the sale, the insider directly owned 1,670 shares of the company’s stock, valued at approximately $207,564.30. This trade represents a 22.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 22,050 shares of company stock worth $2,875,050 in the last quarter. 3.70% of the stock is owned by corporate insiders.

Institutional Trading of Palomar

Hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada boosted its position in shares of Palomar by 49.1% in the first quarter. Royal Bank of Canada now owns 2,956 shares of the company’s stock valued at $406,000 after acquiring an additional 974 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Palomar by 5.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company’s stock valued at $2,115,000 after acquiring an additional 791 shares during the last quarter. NewEdge Advisors LLC acquired a new position in Palomar during the first quarter valued at approximately $66,000. United Services Automobile Association acquired a new position in Palomar during the first quarter valued at approximately $223,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Palomar by 11.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,661 shares of the company’s stock worth $9,960,000 after buying an additional 7,754 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Palomar from $162.00 to $166.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Evercore set a $152.00 price target on Palomar in a report on Friday, July 10th. Piper Sandler raised their price objective on Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Weiss Ratings raised shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Finally, JPMorgan Chase & Co. upped their price target on Palomar from $150.00 to $167.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.50.

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.