Palomar (NASDAQ:PLMR) Releases Earnings Results, Beats Expectations By $0.20 EPS

Palomar (NASDAQ:PLMR) issued its earnings results on Monday. The company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20, Briefing.com reports. The business had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 21.62%. During the same period in the prior year, the business earned $0.80 earnings per share.

Palomar Stock Down 1.0 %

NASDAQ PLMR traded down $1.00 on Thursday, reaching $95.20. The stock had a trading volume of 32,514 shares, compared to its average volume of 162,111. The stock has a fifty day moving average price of $95.30 and a two-hundred day moving average price of $89.20. Palomar has a 12-month low of $54.50 and a 12-month high of $103.40. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of 22.64 and a beta of 0.34.

Analyst Upgrades and Downgrades

A number of analysts have commented on PLMR shares. Piper Sandler increased their price objective on shares of Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Truist Financial boosted their price objective on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. raised their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday. Evercore ISI boosted their price target on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research report on Tuesday, August 6th. Finally, Jefferies Financial Group upped their price objective on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Palomar has an average rating of “Moderate Buy” and an average target price of $107.00.

Insider Transactions at Palomar

In related news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $96.28, for a total transaction of $673,960.00. Following the transaction, the chief executive officer now owns 433,388 shares of the company’s stock, valued at approximately $41,726,596.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 acquired at an average price of $89.42 per share, with a total value of $89,420.00. Following the completion of the transaction, the director now owns 4,724 shares of the company’s stock, valued at $422,420.08. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction on Monday, October 21st. The shares were sold at an average price of $96.28, for a total value of $673,960.00. Following the completion of the transaction, the chief executive officer now owns 433,388 shares of the company’s stock, valued at approximately $41,726,596.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,770 shares of company stock worth $3,461,986 over the last ninety days. Company insiders own 4.30% of the company’s stock.

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.