Palomar (NASDAQ:PLMR) Releases Quarterly Earnings Results, Beats Expectations By $0.28 EPS

Palomar (NASDAQ:PLMR) announced its earnings results on Thursday. The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.28, Briefing.com reports. The business had revenue of $108.39 million for the quarter, compared to analyst estimates of $322.10 million. Palomar had a net margin of 21.07% and a return on equity of 19.35%. The company’s revenue for the quarter was up 29.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.80 earnings per share.

Palomar Trading Up 3.7 %

PLMR stock traded up $2.85 during trading on Friday, reaching $80.82. 290,885 shares of the stock were exchanged, compared to its average volume of 161,135. The business has a 50 day moving average price of $78.87 and a 200-day moving average price of $66.10. Palomar has a 1 year low of $46.09 and a 1 year high of $86.25. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of 25.90 and a beta of 0.24.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $59.45, for a total value of $59,450.00. Following the sale, the chief financial officer now directly owns 31,344 shares of the company’s stock, valued at approximately $1,863,400.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $82.62, for a total value of $578,340.00. Following the sale, the chief executive officer now directly owns 475,388 shares of the company’s stock, valued at approximately $39,276,556.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $59.45, for a total transaction of $59,450.00. Following the completion of the sale, the chief financial officer now directly owns 31,344 shares in the company, valued at $1,863,400.80. The disclosure for this sale can be found here. Insiders have sold 42,250 shares of company stock valued at $3,305,655 over the last ninety days. Company insiders own 4.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on PLMR shares. JPMorgan Chase & Co. lowered shares of Palomar from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $79.00 to $85.00 in a research report on Monday, April 8th. Keefe, Bruyette & Woods boosted their price target on shares of Palomar from $88.00 to $89.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Piper Sandler boosted their price target on shares of Palomar from $80.00 to $89.00 and gave the stock an “overweight” rating in a research report on Monday, April 1st. JMP Securities restated a “market perform” rating on shares of Palomar in a research report on Monday, April 15th. Finally, Jefferies Financial Group upgraded shares of Palomar from a “hold” rating to a “buy” rating and boosted their price target for the stock from $78.00 to $88.00 in a research report on Thursday, March 14th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $87.50.

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.