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

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

Palomar Trading Down 1.2 %

Shares of PLMR opened at $108.99 on Thursday. The stock has a fifty day moving average price of $107.00 and a 200-day moving average price of $100.45. Palomar has a 12 month low of $59.08 and a 12 month high of $112.90. The firm has a market cap of $2.88 billion, a PE ratio of 25.89 and a beta of 0.38.

Analysts Set New Price Targets

A number of brokerages recently commented on PLMR. Keefe, Bruyette & Woods boosted their price objective 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. Piper Sandler boosted their price target on Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. raised their price objective on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Palomar currently has an average rating of “Moderate Buy” and a consensus price target of $115.50.

Insider Buying and Selling at Palomar

In other news, CFO T Christopher Uchida sold 1,030 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $110.85, for a total transaction of $114,175.50. Following the transaction, the chief financial officer now owns 15,994 shares in the company, valued at $1,772,934.90. This represents a 6.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $109.76, for a total transaction of $768,320.00. Following the completion of the transaction, the chief executive officer now directly owns 412,388 shares of the company’s stock, valued at approximately $45,263,706.88. This represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,933 shares of company stock worth $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.