Palomar (NASDAQ:PLMR) Releases Quarterly Earnings Results

Palomar (NASDAQ:PLMR) announced its quarterly earnings results on Thursday. The company reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.45, Briefing.com reports. Palomar had a return on equity of 20.35% and a net margin of 22.71%.During the same period in the prior year, the company earned $1.23 earnings per share.

Palomar Trading Up 0.9%

Shares of PLMR traded up $1.08 during mid-day trading on Thursday, reaching $117.79. The company’s stock had a trading volume of 389,797 shares, compared to its average volume of 292,159. Palomar has a 1-year low of $94.45 and a 1-year high of $175.85. The stock has a market cap of $3.15 billion, a P/E ratio of 20.70 and a beta of 0.25. The business has a 50-day simple moving average of $116.72 and a two-hundred day simple moving average of $135.76.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Evercore ISI lowered their price target on Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a report on Wednesday, October 1st. JPMorgan Chase & Co. decreased their price objective on Palomar from $158.00 to $137.00 and set an “overweight” rating for the company in a report on Thursday, October 9th. Piper Sandler decreased their price objective on Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a report on Wednesday, August 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Palomar in a report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods decreased their price objective on Palomar from $204.00 to $172.00 and set an “outperform” rating for the company in a report on Friday, August 8th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Palomar has an average rating of “Moderate Buy” and an average target price of $156.67.

Insider Buying and Selling

In related news, President Jon Christianson sold 521 shares of Palomar stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $120.13, for a total transaction of $62,587.73. Following the completion of the sale, the president directly owned 59,036 shares of the company’s stock, valued at approximately $7,091,994.68. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction that occurred on Tuesday, October 21st. The stock was sold at an average price of $115.31, for a total value of $576,550.00. Following the sale, the chief executive officer directly owned 367,388 shares of the company’s stock, valued at approximately $42,363,510.28. The trade was a 1.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 20,302 shares of company stock valued at $2,414,141. Insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Palomar

Hedge funds and other institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC bought a new position in shares of Palomar in the 1st quarter valued at $66,000. United Services Automobile Association bought a new stake in Palomar during the 1st quarter worth $223,000. Snowden Capital Advisors LLC grew its position in Palomar by 35.3% during the 2nd quarter. Snowden Capital Advisors LLC now owns 2,045 shares of the company’s stock worth $315,000 after acquiring an additional 533 shares during the last quarter. Tower Research Capital LLC TRC grew its position in Palomar by 247.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,733 shares of the company’s stock worth $422,000 after acquiring an additional 1,947 shares during the last quarter. Finally, Brevan Howard Capital Management LP bought a new stake in Palomar during the 2nd quarter worth $435,000. Institutional investors own 90.25% 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.