Palomar (NASDAQ:PLMR) Releases Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Palomar (NASDAQ:PLMR) issued its earnings results on Wednesday. The company reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 NASDAQ:PLMR traded down $1.33 during midday trading on Wednesday, reaching $108.99. The company’s stock had a trading volume of 215,111 shares, compared to its average volume of 138,322. Palomar has a fifty-two week low of $59.08 and a fifty-two week high of $112.90. The firm has a 50 day moving average price of $107.00 and a two-hundred day moving average price of $100.45. The firm has a market capitalization of $2.88 billion, a price-to-earnings ratio of 25.89 and a beta of 0.38.

Analyst Ratings Changes

PLMR has been the subject of several recent research reports. JPMorgan Chase & Co. upped their price objective on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods raised their target price on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Finally, Piper Sandler upped their price target on Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Palomar currently has an average rating of “Moderate Buy” and an average price target of $115.50.

Insider Buying and Selling

In related news, CEO Mac Armstrong sold 2,791 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 value of $283,816.79. Following the completion of the sale, the chief executive officer now directly owns 62,639 shares of the company’s stock, valued at $6,369,759.91. The trade was a 4.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO T Christopher Uchida sold 390 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $104.47, for a total value of $40,743.30. Following the completion of the transaction, the chief financial officer now owns 18,509 shares in the company, valued at approximately $1,933,635.23. The trade was a 2.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,933 shares of company stock valued at $4,030,156 over the last 90 days. Company insiders own 4.30% of the company’s stock.

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.