Palomar (NASDAQ:PLMR) Posts Earnings Results, Beats Expectations By $0.45 EPS

Palomar (NASDAQ:PLMR) announced its quarterly earnings results on Thursday. The company reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.45, Briefing.com reports. The business had revenue of $244.66 million during the quarter, compared to analyst estimates of $207.98 million. Palomar had a return on equity of 20.35% and a net margin of 22.71%.During the same period in the previous year, the company earned $1.23 EPS.

Palomar Price Performance

Shares of PLMR opened at $128.06 on Friday. The company has a market capitalization of $3.43 billion, a PE ratio of 22.51 and a beta of 0.25. Palomar has a one year low of $95.24 and a one year high of $175.85. The company’s fifty day moving average price is $116.82 and its 200 day moving average price is $135.65.

Insider Buying and Selling

In related news, President Jon Christianson sold 521 shares of the business’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $120.13, for a total transaction of $62,587.73. Following the completion of the transaction, the president owned 59,036 shares of the company’s stock, valued at approximately $7,091,994.68. The trade was a 0.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard H. Taketa bought 500 shares of the stock in a transaction on Monday, August 18th. The stock was acquired at an average cost of $121.14 per share, for a total transaction of $60,570.00. Following the acquisition, the director directly owned 44,226 shares in the company, valued at approximately $5,357,537.64. The trade was a 1.14% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold a total of 20,302 shares of company stock valued at $2,414,141 in the last quarter. Insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Palomar

A number of institutional investors and hedge funds have recently bought and sold shares of PLMR. NewEdge Advisors LLC bought a new position in shares of Palomar during the 1st quarter worth approximately $66,000. United Services Automobile Association acquired a new position in Palomar during the first quarter worth $223,000. Snowden Capital Advisors LLC lifted its holdings in shares of Palomar by 35.3% during the second quarter. Snowden Capital Advisors LLC now owns 2,045 shares of the company’s stock valued at $315,000 after acquiring an additional 533 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Palomar by 247.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,733 shares of the company’s stock valued at $422,000 after purchasing an additional 1,947 shares in the last quarter. Finally, Brevan Howard Capital Management LP acquired a new stake in shares of Palomar in the 2nd quarter valued at $435,000. Institutional investors own 90.25% of the company’s stock.

Analyst Ratings Changes

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

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.