Palomar (NASDAQ:PLMR) Stock Price Up 8.8% Following Better-Than-Expected Earnings

Palomar Holdings, Inc. (NASDAQ:PLMR)’s share price was up 8.8% on Friday following a better than expected earnings announcement. The company traded as high as $128.00 and last traded at $128.18. Approximately 155,432 shares changed hands during trading, a decline of 47% from the average daily volume of 291,286 shares. The stock had previously closed at $117.79.

The company reported $0.07 earnings per share for the quarter. The firm had revenue of $65.74 million during the quarter. Palomar had a return on equity of 20.35% and a net margin of 22.71%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Evercore ISI dropped their price target on shares of Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st. JPMorgan Chase & Co. reduced their price target on Palomar from $158.00 to $137.00 and set an “overweight” rating for the company in a research report on Thursday, October 9th. Keefe, Bruyette & Woods cut their price target on Palomar from $204.00 to $172.00 and set an “outperform” rating for the company in a research note on Friday, August 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. Finally, Piper Sandler lowered their target price on Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a research report on Wednesday, August 6th. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $156.67.

Insider Buying and Selling

In related news, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $116.02, for a total transaction of $580,100.00. Following the completion of the sale, the chief executive officer owned 372,388 shares in the company, valued at $43,204,455.76. This trade represents a 1.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Jon Christianson sold 521 shares of Palomar stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $120.13, for a total transaction of $62,587.73. Following the sale, the president directly owned 59,036 shares of the company’s stock, valued at $7,091,994.68. This represents a 0.87% 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 worth $2,414,141 over the last ninety days. 3.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Palomar

Large investors have recently modified their holdings of the business. Allworth Financial LP boosted its stake in Palomar by 1,970.0% in the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock worth $32,000 after purchasing an additional 197 shares in the last quarter. Salomon & Ludwin LLC acquired a new position in Palomar during the 3rd quarter valued at approximately $25,000. Richardson Financial Services Inc. raised its holdings in shares of Palomar by 210.0% in the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock worth $25,000 after buying an additional 147 shares during the last quarter. Maseco LLP purchased a new stake in shares of Palomar during the second quarter valued at $45,000. Finally, Nisa Investment Advisors LLC increased its position in shares of Palomar by 185.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company’s stock valued at $43,000 after acquiring an additional 202 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Trading Up 8.8%

The firm has a 50-day moving average of $116.72 and a 200-day moving average of $135.76. The stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of 22.52 and a beta of 0.25.

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.