Palomar (NASDAQ:PLMR) Releases Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Palomar (NASDAQ:PLMR) issued its quarterly earnings results on Wednesday. The company reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.13, Zacks reports. Palomar had a return on equity of 19.65% and a net margin of 21.55%.

Palomar Price Performance

Shares of PLMR traded down $1.33 during trading hours on Wednesday, hitting $108.99. The company’s stock had a trading volume of 215,111 shares, compared to its average volume of 138,322. The business has a 50 day simple moving average of $107.00 and a two-hundred day simple moving average of $100.45. The company has a market cap of $2.88 billion, a price-to-earnings ratio of 25.89 and a beta of 0.38. Palomar has a 52-week low of $59.08 and a 52-week high of $112.90.

Insider Activity at Palomar

In other news, President Jon Christianson sold 819 shares of the company’s stock in a transaction on Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total value of $86,699.34. Following the transaction, the president now owns 55,126 shares of the company’s stock, valued at approximately $5,835,638.36. This represents a 1.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Angela L. Grant sold 1,505 shares of the stock in a transaction on Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total value of $159,319.30. Following the completion of the sale, the insider now owns 2,534 shares in the company, valued at $268,249.24. This trade represents a 37.26 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,933 shares of company stock worth $4,030,156. Corporate insiders own 4.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PLMR shares. Keefe, Bruyette & Woods boosted their price target on shares of Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. JPMorgan Chase & Co. lifted their price objective on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Piper Sandler increased their target price on shares of Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $115.50.

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.