Palomar (NASDAQ:PLMR) Releases Earnings Results, Beats Expectations By $0.14 EPS

Palomar (NASDAQ:PLMR) posted its quarterly earnings data on Wednesday. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.17 by $0.14, FiscalAI reports. The business had revenue of $278.94 million during the quarter, compared to analysts’ expectations of $557.79 million. Palomar had a net margin of 20.11% and a return on equity of 23.06%. The business’s revenue was up 59.7% on a year-over-year basis. During the same period last year, the firm posted $1.87 earnings per share.

Palomar Trading Up 2.3%

Palomar stock traded up $2.63 on Friday, reaching $116.20. 48,029 shares of the stock were exchanged, compared to its average volume of 256,633. The stock has a market cap of $3.08 billion, a PE ratio of 16.19 and a beta of 0.49. The firm has a fifty day moving average price of $123.26 and a two-hundred day moving average price of $124.67. Palomar has a twelve month low of $107.75 and a twelve month high of $175.85.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PLMR shares. Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a report on Sunday, March 1st. Evercore assumed coverage on Palomar in a report on Monday, February 9th. They issued an “outperform” rating and a $150.00 price target on the stock. Keefe, Bruyette & Woods raised their price objective on Palomar from $183.00 to $186.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 7th. JPMorgan Chase & Co. increased their price target on Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Finally, Weiss Ratings upgraded shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $161.75.

Insider Activity at Palomar

In other Palomar news, CFO T Christopher Uchida sold 783 shares of Palomar stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total transaction of $100,255.32. Following the sale, the chief financial officer owned 14,752 shares in the company, valued at $1,888,846.08. The trade was a 5.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jonathan Knutzen sold 281 shares of Palomar stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total transaction of $35,979.24. Following the sale, the insider owned 27,579 shares in the company, valued at approximately $3,531,215.16. This trade represents a 1.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 21,720 shares of company stock worth $2,733,817. 3.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Kestra Advisory Services LLC acquired a new stake in shares of Palomar during the fourth quarter worth $33,000. Advisory Services Network LLC bought a new position in Palomar in the third quarter valued at approximately $57,000. NewEdge Advisors LLC bought a new stake in Palomar in the 1st quarter valued at $66,000. iSAM Funds UK Ltd bought a new stake in shares of Palomar in the third quarter valued at about $81,000. Finally, Smartleaf Asset Management LLC boosted its position in Palomar by 25.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 672 shares of the company’s stock worth $91,000 after acquiring an additional 137 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors.

Palomar Company Profile

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.