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

Palomar (NASDAQ:PLMR) issued its quarterly earnings results on Wednesday. The company reported $3.01 earnings per share for the quarter, beating analysts’ consensus estimates of $2.56 by $0.45, FiscalAI reports. The business had revenue of $386.59 million during the quarter, compared to the consensus estimate of $754.28 million. Palomar had a return on equity of 23.28% and a net margin of 18.61%. During the same period in the previous year, the business earned $2.01 EPS.

Palomar Stock Performance

PLMR traded up $9.38 during trading on Thursday, reaching $153.42. 534,981 shares of the company were exchanged, compared to its average volume of 261,600. The stock has a market cap of $4.04 billion, a P/E ratio of 20.56 and a beta of 0.28. The firm has a 50 day moving average of $133.99 and a 200 day 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. Palomar has a 52 week low of $100.81 and a 52 week high of $162.08.

Palomar Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Tuesday, November 17th will be given a dividend of $0.45 per share. The ex-dividend date is Tuesday, November 17th. This represents a $1.80 dividend on an annualized basis and a yield of 1.2%. Palomar’s payout ratio is currently 24.19%.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 3,500 shares of the firm’s stock in a transaction on Wednesday, October 21st. The stock was sold at an average price of $138.31, for a total value of $484,085.00. Following the sale, the chief executive officer directly owned 315,388 shares in the company, valued at approximately $43,621,314.28. This trade represents a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 528 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $127.75, for a total transaction of $67,452.00. Following the transaction, the president directly owned 66,970 shares of the company’s stock, valued at approximately $8,555,417.50. This trade represents a 0.78% decrease in their position. 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 12,115 shares of company stock valued at $1,619,923 over the last three months. Corporate insiders own 3.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Zacks Research downgraded shares of Palomar from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 29th. Weiss Ratings cut shares of Palomar from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday, October 30th. JPMorgan Chase & Co. reduced their price target on shares of Palomar from $167.00 to $156.00 and set an “overweight” rating on the stock in a research report on Friday, October 9th. Keefe, Bruyette & Woods raised their price target on shares of Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a research report on Monday, August 10th. Finally, Piper Sandler lifted their price target on shares of Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $160.00.

About Palomar

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.