Palomar (NASDAQ:PLMR) Posts Earnings Results, Beats Expectations By $0.45 EPS

Palomar (NASDAQ:PLMR) posted its earnings results on Wednesday. The company reported $3.01 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $0.45, FiscalAI reports. Palomar had a return on equity of 23.28% and a net margin of 18.61%. During the same quarter in the previous year, the company earned $2.01 EPS.

Palomar Trading Up 1.3%

Shares of Palomar stock traded up $1.83 during mid-day trading on Wednesday, hitting $144.04. 553,357 shares of the stock were exchanged, compared to its average volume of 245,263. Palomar has a twelve month low of $100.81 and a twelve month high of $147.62. The stock has a market capitalization of $3.79 billion, a price-to-earnings ratio of 17.71 and a beta of 0.28. The company has a 50-day simple moving average of $133.99 and a 200 day simple moving average of $126.62. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.30.

Insider Activity

In other news, President Jon Christianson sold 528 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total transaction of $67,452.00. Following the completion of the sale, the president directly owned 66,970 shares in the company, valued at $8,555,417.50. This represents a 0.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jonathan Knutzen sold 296 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total value of $37,814.00. Following the completion of the transaction, the insider owned 28,250 shares in the company, valued at approximately $3,608,937.50. This trade represents a 1.04% 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 12,115 shares of company stock valued at $1,619,923 over the last quarter. Insiders own 3.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Weiss Ratings downgraded Palomar from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday, October 30th. Piper Sandler lifted their price target on Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. dropped their price objective on Palomar from $167.00 to $156.00 and set an “overweight” rating on the stock in a report on Friday, October 9th. Evercore set a $152.00 price objective on Palomar in a report on Friday, July 10th. Finally, Zacks Research cut Palomar from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 29th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $160.00.

Palomar Company Profile

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in markets that may be underserved by traditional insurers. The company focuses on risks that are complex, difficult to place or exposed to natural catastrophes, using specialized underwriting and risk-management capabilities.

Its offerings include residential and commercial earthquake insurance, inland marine coverage, specialty property insurance, casualty products, workers’ compensation and other tailored insurance solutions.