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

Palomar (NASDAQ:PLMR) released its earnings results on Wednesday. The company reported $1.37 earnings per share 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 Trading Down 1.2 %

PLMR stock traded down $1.33 during midday trading on Wednesday, hitting $108.99. The company had a trading volume of 215,334 shares, compared to its average volume of 140,589. The stock has a market cap of $2.88 billion, a price-to-earnings ratio of 25.89 and a beta of 0.38. The stock’s 50 day moving average price is $107.00 and its 200 day moving average price is $100.45. Palomar has a 52 week low of $59.08 and a 52 week high of $112.90.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PLMR. JPMorgan Chase & Co. boosted their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Piper Sandler boosted their price objective on Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Keefe, Bruyette & Woods boosted their price objective on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $115.50.

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 394 shares of the company’s stock in a transaction that occurred on Sunday, January 26th. The stock was sold at an average price of $101.69, for a total transaction of $40,065.86. Following the completion of the transaction, the chief financial officer now owns 16,943 shares in the company, valued at $1,722,933.67. This represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Jon Christianson sold 356 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $104.51, for a total value of $37,205.56. Following the transaction, the president now owns 57,259 shares of the company’s stock, valued at approximately $5,984,138.09. This represents a 0.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,933 shares of company stock worth $4,030,156 over the last quarter. 4.30% of the stock is owned by corporate insiders.

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.