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

Palomar (NASDAQ:PLMR) announced its quarterly earnings data on Thursday. The company reported $1.09 earnings per share for the quarter, topping 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 was up 29.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.80 EPS.

Palomar Stock Up 3.7 %

Shares of PLMR traded up $2.85 during mid-day trading on Friday, reaching $80.82. 290,885 shares of the stock traded hands, compared to its average volume of 161,135. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of 25.90 and a beta of 0.24. The stock has a fifty day simple moving average of $78.87 and a 200 day simple moving average of $66.10. Palomar has a 12-month low of $46.09 and a 12-month high of $86.25.

Analyst Upgrades and Downgrades

PLMR has been the topic of several recent analyst reports. JPMorgan Chase & Co. lowered shares of Palomar from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $79.00 to $85.00 in a report on Monday, April 8th. Keefe, Bruyette & Woods raised their price target on shares of Palomar from $88.00 to $89.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Jefferies Financial Group upgraded shares of Palomar from a “hold” rating to a “buy” rating and raised their price target for the company from $78.00 to $88.00 in a report on Thursday, March 14th. Truist Financial raised their price target on shares of Palomar from $72.00 to $88.00 and gave the company a “buy” rating in a report on Friday, February 16th. Finally, Piper Sandler lifted their price objective on shares of Palomar from $80.00 to $89.00 and gave the company an “overweight” rating in a research note on Monday, April 1st. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Palomar presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.50.

Insider Activity

In other news, President Jon Christianson sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $82.09, for a total transaction of $820,900.00. Following the completion of the sale, the president now owns 59,761 shares of the company’s stock, valued at $4,905,780.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, President Jon Christianson sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $82.09, for a total transaction of $820,900.00. Following the completion of the sale, the president now owns 59,761 shares of the company’s stock, valued at $4,905,780.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas A. Bradley purchased 1,500 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were bought at an average cost of $74.30 per share, with a total value of $111,450.00. Following the transaction, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $111,450. The disclosure for this purchase can be found here. Insiders have sold 42,250 shares of company stock worth $3,305,655 over the last 90 days. Company insiders own 4.30% of the company’s stock.

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.