Palomar (NASDAQ:PLMR) Announces Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Palomar (NASDAQ:PLMR) issued its earnings results on Wednesday. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.17 by $0.14, FiscalAI reports. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The business had revenue of $278.94 million during the quarter, compared to the consensus estimate of $557.79 million. During the same period last year, the business posted $1.87 EPS. Palomar’s revenue was up 59.7% on a year-over-year basis.

Palomar Price Performance

NASDAQ:PLMR traded down $0.98 during mid-day trading on Wednesday, reaching $110.75. The stock had a trading volume of 633,306 shares, compared to its average volume of 242,998. The stock has a 50-day simple moving average of $123.41 and a two-hundred day simple moving average of $124.68. The stock has a market capitalization of $2.94 billion, a PE ratio of 15.42 and a beta of 0.49. Palomar has a 12 month low of $107.75 and a 12 month high of $175.85.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PLMR. Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. Keefe, Bruyette & Woods raised their target price on shares of Palomar from $183.00 to $186.00 and gave the stock an “outperform” rating in a report on Tuesday, April 7th. Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 22nd. Evercore began coverage on shares of Palomar in a report on Monday, February 9th. They set an “outperform” rating and a $150.00 target price on the stock. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $161.75.

Insider Activity

In related news, insider Jonathan Knutzen sold 281 shares of Palomar stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total value of $35,979.24. Following the transaction, the insider directly owned 27,579 shares of the company’s stock, valued at $3,531,215.16. This trade represents a 1.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO T Christopher Uchida sold 783 shares of Palomar stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total transaction of $100,255.32. Following the completion of the transaction, the chief financial officer directly owned 14,752 shares in the company, valued at $1,888,846.08. This trade represents a 5.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 21,720 shares of company stock valued at $2,733,817. 3.70% of the stock is owned by insiders.

Institutional Trading of Palomar

A number of hedge funds have recently added to or reduced their stakes in PLMR. Royal Bank of Canada boosted its position in Palomar by 49.1% in the first quarter. Royal Bank of Canada now owns 2,956 shares of the company’s stock valued at $406,000 after buying an additional 974 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Palomar by 5.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company’s stock valued at $2,115,000 after buying an additional 791 shares in the last quarter. NewEdge Advisors LLC acquired a new stake in Palomar in the first quarter valued at approximately $66,000. United Services Automobile Association acquired a new stake in Palomar in the first quarter valued at approximately $223,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Palomar by 11.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,661 shares of the company’s stock valued at $9,960,000 after buying an additional 7,754 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

About Palomar

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.