Palomar (NASDAQ:PLMR) Posts Quarterly Earnings Results, Beats Expectations By $0.28 EPS

Palomar (NASDAQ:PLMR) issued its quarterly earnings data on Thursday. The company reported $1.09 EPS for the quarter, beating the consensus estimate of $0.81 by $0.28, Briefing.com reports. Palomar had a return on equity of 20.70% and a net margin of 21.78%. The firm had revenue of $108.39 million during the quarter, compared to analyst estimates of $322.10 million. During the same quarter in the prior year, the business posted $0.80 EPS. The business’s revenue for the quarter was up 29.1% compared to the same quarter last year.

Palomar Trading Up 3.7 %

PLMR traded up $2.85 during midday trading on Friday, hitting $80.82. 290,890 shares of the company were exchanged, compared to its average volume of 154,223. Palomar has a 1-year low of $46.09 and a 1-year high of $86.25. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of 23.22 and a beta of 0.24. The company’s 50 day simple moving average is $78.87 and its 200 day simple moving average is $66.10.

Analyst Upgrades and Downgrades

PLMR has been the subject of several analyst reports. Piper Sandler increased their price objective on Palomar from $80.00 to $89.00 and gave the company an “overweight” rating in a report on Monday, April 1st. Jefferies Financial Group raised Palomar from a “hold” rating to a “buy” rating and upped their target price for the company from $78.00 to $88.00 in a research report on Thursday, March 14th. Keefe, Bruyette & Woods upped their target price on Palomar from $88.00 to $89.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. JMP Securities reissued a “market perform” rating on shares of Palomar in a research report on Monday, April 15th. Finally, Truist Financial upped their target price on Palomar from $72.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, February 16th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $87.50.

Insider Activity

In other news, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $80.03, for a total transaction of $560,210.00. Following the sale, the chief executive officer now directly owns 468,388 shares in the company, valued at approximately $37,485,091.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $80.03, for a total transaction of $560,210.00. Following the sale, the chief executive officer now directly owns 468,388 shares in the company, valued at approximately $37,485,091.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $76.30, for a total value of $76,300.00. Following the sale, the chief financial officer now owns 25,344 shares in the company, valued at $1,933,747.20. The disclosure for this sale can be found here. Insiders have sold 42,250 shares of company stock worth $3,305,655 in the last ninety 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.