Palomar (NASDAQ:PLMR) Posts Quarterly Earnings Results

Palomar (NASDAQ:PLMR) announced its quarterly earnings data on Monday. The company reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.26, Briefing.com reports. The firm had revenue of $174.63 million during the quarter, compared to analyst estimates of $161.97 million. Palomar had a net margin of 21.23% and a return on equity of 19.76%. During the same period in the previous year, the business posted $1.09 EPS.

Palomar Stock Performance

Shares of PLMR opened at $155.69 on Tuesday. The firm’s 50-day simple moving average is $138.47 and its two-hundred day simple moving average is $117.67. Palomar has a fifty-two week low of $77.28 and a fifty-two week high of $156.03. The stock has a market cap of $4.16 billion, a PE ratio of 34.75 and a beta of 0.51.

Insider Transactions at Palomar

In related news, CFO T Christopher Uchida sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $153.04, for a total value of $76,520.00. Following the completion of the transaction, the chief financial officer now directly owns 7,672 shares in the company, valued at $1,174,122.88. The trade was a 6.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Friday, March 21st. The shares were sold at an average price of $129.72, for a total value of $648,600.00. Following the sale, the chief executive officer now directly owns 402,388 shares in the company, valued at $52,197,771.36. This trade represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,254 shares of company stock valued at $2,443,484 in the last ninety days. 3.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on PLMR. Truist Financial lifted their price objective on Palomar from $150.00 to $178.00 and gave the stock a “buy” rating in a report on Tuesday, April 15th. Piper Sandler boosted their price objective on shares of Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Jefferies Financial Group increased their target price on shares of Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a report on Friday, April 11th. JPMorgan Chase & Co. raised Palomar from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $148.33.

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.