Palomar (NASDAQ:PLMR) Posts Quarterly Earnings Results, Beats Expectations By $0.45 EPS

Palomar (NASDAQ:PLMR) released its quarterly earnings data on Thursday. The company reported $2.01 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.45, Briefing.com reports. Palomar had a net margin of 22.71% and a return on equity of 20.35%. During the same period last year, the company earned $1.23 EPS.

Palomar Price Performance

Shares of NASDAQ:PLMR traded up $1.08 during midday trading on Thursday, reaching $117.79. 389,797 shares of the company’s stock were exchanged, compared to its average volume of 292,159. The stock has a market cap of $3.15 billion, a price-to-earnings ratio of 20.70 and a beta of 0.25. Palomar has a fifty-two week low of $94.45 and a fifty-two week high of $175.85. The firm’s 50 day simple moving average is $116.72 and its two-hundred day simple moving average is $135.76.

Insider Activity at Palomar

In related news, Director Richard H. Taketa acquired 500 shares of the firm’s stock in a transaction dated Monday, August 18th. The shares were purchased at an average cost of $121.14 per share, for a total transaction of $60,570.00. Following the acquisition, the director owned 44,226 shares in the company, valued at $5,357,537.64. The trade was a 1.14% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO T Christopher Uchida sold 782 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $120.13, for a total transaction of $93,941.66. Following the transaction, the chief financial officer directly owned 7,668 shares of the company’s stock, valued at $921,156.84. The trade was a 9.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 20,302 shares of company stock valued at $2,414,141 over the last quarter. 3.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC acquired a new stake in shares of Palomar in the first quarter valued at $66,000. United Services Automobile Association acquired a new position in Palomar during the 1st quarter worth about $223,000. Snowden Capital Advisors LLC boosted its holdings in Palomar by 35.3% during the 2nd quarter. Snowden Capital Advisors LLC now owns 2,045 shares of the company’s stock valued at $315,000 after acquiring an additional 533 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Palomar by 247.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,733 shares of the company’s stock valued at $422,000 after acquiring an additional 1,947 shares during the period. Finally, Brevan Howard Capital Management LP acquired a new position in Palomar in the 2nd quarter valued at about $435,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PLMR has been the topic of several analyst reports. JPMorgan Chase & Co. cut their price target on Palomar from $158.00 to $137.00 and set an “overweight” rating on the stock in a research report on Thursday, October 9th. Evercore ISI dropped their target price on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. Weiss Ratings reissued a “hold (c+)” rating on shares of Palomar in a report on Wednesday, October 8th. Keefe, Bruyette & Woods dropped their price objective on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a research note on Friday, August 8th. Finally, Piper Sandler decreased their target price on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a research note on Wednesday, August 6th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $156.67.

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.