Palomar (NASDAQ:PLMR) Issues Earnings Results

Palomar (NASDAQ:PLMR) announced its quarterly earnings results on Monday. The company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.20, Briefing.com reports. The firm had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. Palomar had a net margin of 21.63% and a return on equity of 20.83%. During the same period in the prior year, the company posted $0.80 EPS.

Palomar Stock Up 0.1 %

Shares of NASDAQ PLMR opened at $88.47 on Tuesday. The firm has a market cap of $2.21 billion, a PE ratio of 23.34 and a beta of 0.34. The company’s fifty day simple moving average is $95.47 and its 200 day simple moving average is $89.07. Palomar has a 12-month low of $54.50 and a 12-month high of $103.40.

Insider Buying and Selling at Palomar

In related news, Director Thomas A. Bradley acquired 1,000 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were bought at an average price of $89.42 per share, with a total value of $89,420.00. Following the transaction, the director now directly owns 4,724 shares of the company’s stock, valued at $422,420.08. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Thomas A. Bradley bought 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were bought at an average cost of $89.42 per share, for a total transaction of $89,420.00. Following the acquisition, the director now directly owns 4,724 shares in the company, valued at approximately $422,420.08. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $95.49, for a total transaction of $668,430.00. Following the sale, the chief executive officer now owns 440,388 shares of the company’s stock, valued at $42,052,650.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,770 shares of company stock valued at $3,461,986. Corporate insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on PLMR shares. Piper Sandler increased their price objective on Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Keefe, Bruyette & Woods raised their price objective on Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Jefferies Financial Group lifted their price objective on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. increased their target price on shares of Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Finally, Truist Financial boosted their price target on shares of Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $105.50.

Palomar Company Profile

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.