Palomar (NASDAQ:PLMR) Issues Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Palomar (NASDAQ:PLMR) issued its quarterly earnings results on Wednesday. The company reported $1.37 earnings per share for the quarter, topping the consensus estimate 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 Palomar stock traded down $1.33 during trading on Wednesday, hitting $108.99. 215,334 shares of the company’s stock traded hands, compared to its average volume of 140,589. Palomar has a 1 year low of $59.08 and a 1 year high of $112.90. The stock has a market capitalization of $2.88 billion, a P/E ratio of 25.89 and a beta of 0.38. The business has a 50-day simple moving average of $107.00 and a 200-day simple moving average of $100.45.

Insider Activity at Palomar

In other Palomar news, CFO T Christopher Uchida sold 1,030 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $110.85, for a total value of $114,175.50. Following the transaction, the chief financial officer now owns 15,994 shares of the company’s stock, valued at approximately $1,772,934.90. This represents a 6.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $103.04, for a total value of $721,280.00. Following the completion of the transaction, the chief executive officer now directly owns 419,388 shares in the company, valued at approximately $43,213,739.52. This represents a 1.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,933 shares of company stock valued at $4,030,156 over the last ninety days. Insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

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

Palomar Company Profile

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.