Piper Sandler Analysts Cut Earnings Estimates for Palomar Holdings Inc (NASDAQ:PLMR)

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Palomar Holdings Inc (NASDAQ:PLMR) – Analysts at Piper Sandler decreased their Q2 2020 earnings estimates for shares of Palomar in a report issued on Monday, June 29th. Piper Sandler analyst P. Newsome now expects that the company will earn $0.42 per share for the quarter, down from their previous estimate of $0.43. Piper Sandler currently has a “Overweight” rating and a $90.00 target price on the stock. Piper Sandler also issued estimates for Palomar’s FY2020 earnings at $2.00 EPS, Q1 2021 earnings at $0.53 EPS and FY2021 earnings at $2.45 EPS.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.11. The company had revenue of $38.02 million for the quarter, compared to analyst estimates of $35.72 million. Palomar had a net margin of 28.53% and a return on equity of 18.64%. During the same period in the prior year, the company posted $0.52 EPS.

PLMR has been the topic of a number of other reports. Keefe, Bruyette & Woods raised their target price on shares of Palomar from $69.00 to $95.00 and gave the stock an “outperform” rating in a research report on Monday. BidaskClub raised shares of Palomar from a “hold” rating to a “buy” rating in a research report on Saturday, March 21st. Zacks Investment Research upgraded shares of Palomar from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a research note on Wednesday, May 20th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Palomar from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Palomar currently has a consensus rating of “Buy” and an average price target of $67.71.

Shares of NASDAQ:PLMR opened at $85.76 on Wednesday. The firm has a market cap of $1.91 billion, a PE ratio of 55.69 and a beta of -0.12. The firm’s 50 day simple moving average is $73.36 and its 200-day simple moving average is $58.20. Palomar has a one year low of $23.47 and a one year high of $87.14.

In other Palomar news, CEO Mac Armstrong sold 12,500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $59.70, for a total value of $746,250.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jon Christianson sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $50.55, for a total transaction of $75,825.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,211,092 shares of company stock valued at $74,465,825. 7.70% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. US Bancorp DE raised its holdings in shares of Palomar by 61.0% in the first quarter. US Bancorp DE now owns 810 shares of the company’s stock worth $47,000 after buying an additional 307 shares during the last quarter. Salomon & Ludwin LLC purchased a new position in shares of Palomar in the first quarter worth $28,000. Ameritas Investment Partners Inc. raised its holdings in shares of Palomar by 48.8% in the first quarter. Ameritas Investment Partners Inc. now owns 1,601 shares of the company’s stock worth $93,000 after buying an additional 525 shares during the last quarter. Great West Life Assurance Co. Can purchased a new position in shares of Palomar in the fourth quarter worth $37,000. Finally, Legal & General Group Plc raised its holdings in shares of Palomar by 31.7% in the first quarter. Legal & General Group Plc now owns 3,970 shares of the company’s stock worth $231,000 after buying an additional 956 shares during the last quarter. 80.20% of the stock is owned by institutional investors and hedge funds.

Palomar Company Profile

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Further Reading: Total Return

Earnings History and Estimates for Palomar (NASDAQ:PLMR)

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