Palomar (NASDAQ:PLMR) Issues Earnings Results, Beats Estimates By $0.14 EPS

Palomar (NASDAQ:PLMR) issued its quarterly earnings data on Wednesday. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.17 by $0.14, FiscalAI reports. The firm had revenue of $278.94 million during the quarter, compared to the consensus estimate of $557.79 million. Palomar had a return on equity of 23.06% and a net margin of 20.11%.The firm’s revenue was up 59.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.87 EPS.

Palomar Trading Up 1.2%

PLMR traded up $1.32 on Friday, reaching $114.89. The company had a trading volume of 135,888 shares, compared to its average volume of 257,719. The company has a market capitalization of $3.05 billion, a P/E ratio of 16.00 and a beta of 0.49. The company has a fifty day moving average of $123.26 and a 200-day moving average of $124.67. Palomar has a one year low of $107.75 and a one year high of $175.85.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PLMR shares. Evercore started coverage on shares of Palomar in a research report on Monday, February 9th. They set an “outperform” rating and a $150.00 price target for the company. Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $183.00 to $186.00 and gave the company an “outperform” rating in a research note on Tuesday, April 7th. Weiss Ratings upgraded shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 22nd. Zacks Research upgraded shares of Palomar from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 16th. Finally, JPMorgan Chase & Co. boosted their price objective on Palomar from $155.00 to $160.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. Based on data from MarketBeat, Palomar presently has a consensus rating of “Buy” and a consensus target price of $161.75.

Insider Activity at Palomar

In other news, insider Jonathan Knutzen sold 281 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total value of $35,979.24. Following the completion of the transaction, the insider directly owned 27,579 shares in the company, valued at $3,531,215.16. This trade represents a 1.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO T Christopher Uchida sold 783 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total transaction of $100,255.32. Following the transaction, the chief financial officer owned 14,752 shares in the company, valued at $1,888,846.08. This represents a 5.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 21,720 shares of company stock valued at $2,733,817. 3.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PLMR. Janus Henderson Group PLC raised its position in Palomar by 250.1% in the fourth quarter. Janus Henderson Group PLC now owns 795,625 shares of the company’s stock worth $107,237,000 after acquiring an additional 568,360 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Palomar by 5.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 629,447 shares of the company’s stock worth $84,825,000 after purchasing an additional 33,397 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Palomar by 290.2% in the 2nd quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock worth $76,675,000 after purchasing an additional 369,697 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of Palomar by 7.6% in the 4th quarter. Federated Hermes Inc. now owns 328,415 shares of the company’s stock worth $44,257,000 after purchasing an additional 23,214 shares in the last quarter. Finally, Balyasny Asset Management L.P. boosted its holdings in Palomar by 290.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 308,734 shares of the company’s stock worth $41,605,000 after buying an additional 229,681 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

About Palomar

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.