Palomar (NASDAQ:PLMR) Announces Earnings Results, Beats Estimates By $0.13 EPS

Palomar (NASDAQ:PLMR) posted its earnings results on Wednesday. The company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.13, Zacks reports. Palomar had a return on equity of 19.65% and a net margin of 21.55%.

Palomar Stock Performance

Shares of Palomar stock traded down $0.84 during midday trading on Friday, hitting $124.20. The company had a trading volume of 72,013 shares, compared to its average volume of 154,526. The stock has a market capitalization of $3.29 billion, a P/E ratio of 29.56 and a beta of 0.38. The company has a 50 day moving average of $107.29 and a 200 day moving average of $100.68. Palomar has a 52-week low of $66.81 and a 52-week high of $128.38.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Piper Sandler increased their price objective on Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday. Keefe, Bruyette & Woods increased their target price on shares of Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a report on Thursday. Finally, JPMorgan Chase & Co. boosted their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $118.33.

Insider Activity at Palomar

In other Palomar news, CFO T Christopher Uchida sold 394 shares of the business’s stock in a transaction dated Sunday, January 26th. The stock was sold at an average price of $101.69, for a total transaction of $40,065.86. Following the completion of the sale, the chief financial officer now directly owns 16,943 shares in the company, valued at $1,722,933.67. The trade was a 2.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jonathan Knutzen sold 282 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $104.46, for a total transaction of $29,457.72. Following the sale, the insider now owns 20,098 shares in the company, valued at $2,099,437.08. This represents a 1.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,933 shares of company stock valued at $4,030,156. 4.30% of the stock is owned by insiders.

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.