Palomar (NASDAQ:PLMR) Posts Quarterly Earnings Results, Beats Estimates By $0.28 EPS

Palomar (NASDAQ:PLMR) issued its earnings results on Thursday. The company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.28, Briefing.com reports. Palomar had a return on equity of 19.35% and a net margin of 21.07%. The business had revenue of $108.39 million for the quarter, compared to analyst estimates of $322.10 million. During the same period last year, the company posted $0.80 EPS. The business’s quarterly revenue was up 29.1% on a year-over-year basis.

Palomar Stock Performance

Shares of NASDAQ PLMR traded up $2.85 during midday trading on Friday, reaching $80.82. 290,885 shares of the company’s stock were exchanged, compared to its average volume of 161,135. Palomar has a 52-week low of $46.09 and a 52-week high of $86.25. The stock has a market capitalization of $2.01 billion, a PE ratio of 25.90 and a beta of 0.24. The business’s fifty day moving average price is $78.87 and its two-hundred day moving average price is $66.10.

Analysts Set New Price Targets

Several research analysts have commented on the company. Truist Financial raised their price objective on Palomar from $72.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, February 16th. JPMorgan Chase & Co. lowered Palomar from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $79.00 to $85.00 in a research report on Monday, April 8th. Keefe, Bruyette & Woods raised their price objective on Palomar from $88.00 to $89.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. JMP Securities reissued a “market perform” rating on shares of Palomar in a research report on Monday, April 15th. Finally, Jefferies Financial Group raised Palomar from a “hold” rating to a “buy” rating and lifted their target price for the stock from $78.00 to $88.00 in a research report on Thursday, March 14th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $87.50.

Insider Transactions at Palomar

In related news, CFO T Christopher Uchida sold 1,000 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $59.45, for a total value of $59,450.00. Following the completion of the sale, the chief financial officer now directly owns 31,344 shares of the company’s stock, valued at $1,863,400.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO T Christopher Uchida sold 1,000 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $59.45, for a total value of $59,450.00. Following the completion of the sale, the chief financial officer now directly owns 31,344 shares of the company’s stock, valued at $1,863,400.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Thomas A. Bradley acquired 1,500 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was purchased at an average cost of $74.30 per share, with a total value of $111,450.00. Following the completion of the acquisition, the director now owns 1,500 shares of the company’s stock, valued at $111,450. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 42,250 shares of company stock valued at $3,305,655. 4.30% of the stock is currently owned by insiders.

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.