Palomar Holdings, Inc. to Post Q1 2024 Earnings of $0.83 Per Share, Zacks Research Forecasts (NASDAQ:PLMR)

Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) - Analysts at Zacks Research raised their Q1 2024 EPS estimates for Palomar in a note issued to investors on Wednesday, April 10th. Zacks Research analyst T. De now anticipates that the company will post earnings of $0.83 per share for the quarter, up from their previous estimate of $0.82. The consensus estimate for Palomar's current full-year earnings is $3.82 per share. Zacks Research also issued estimates for Palomar's Q2 2024 earnings at $0.84 EPS, Q3 2024 earnings at $0.80 EPS, Q2 2025 earnings at $0.97 EPS, Q3 2025 earnings at $0.81 EPS, Q1 2026 earnings at $1.33 EPS and FY2026 earnings at $5.51 EPS.

A number of other research analysts also recently issued reports on the stock. Jefferies Financial Group upgraded shares of Palomar from a "hold" rating to a "buy" rating and boosted their target price for the company from $78.00 to $88.00 in a research report on Thursday, March 14th. Evercore ISI boosted their target price on shares of Palomar from $68.00 to $86.00 and gave the company an "in-line" rating in a research report on Thursday. Truist Financial boosted their target price on shares of Palomar from $72.00 to $88.00 and gave the company a "buy" rating in a research report on Friday, February 16th. Piper Sandler boosted their target price on shares of Palomar from $80.00 to $89.00 and gave the company an "overweight" rating in a research report on Monday, April 1st. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $88.00 to $89.00 and gave the company an "outperform" rating in a research report on Wednesday. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Palomar currently has an average rating of "Moderate Buy" and a consensus target price of $87.50.

Palomar Stock Performance

NASDAQ PLMR traded down $1.13 on Friday, reaching $74.41. 142,612 shares of the company's stock traded hands, compared to its average volume of 158,411. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 24.21 and a beta of 0.21. The stock has a 50 day moving average price of $74.87 and a 200-day moving average price of $62.98. Palomar has a fifty-two week low of $46.09 and a fifty-two week high of $86.25.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings data on Wednesday, February 14th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.85 by $0.09. Palomar had a net margin of 21.07% and a return on equity of 19.35%. The business had revenue of $102.35 million during the quarter, compared to the consensus estimate of $95.07 million.

Hedge Funds Weigh In On Palomar

Several institutional investors and hedge funds have recently bought and sold shares of PLMR. Alliancebernstein L.P. boosted its holdings in Palomar by 2,612.5% in the 3rd quarter. Alliancebernstein L.P. now owns 799,369 shares of the company's stock valued at $66,923,000 after purchasing an additional 769,899 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Palomar in the 4th quarter worth approximately $16,058,000. Atlas Capital Advisors LLC lifted its holdings in shares of Palomar by 614.2% in the 4th quarter. Atlas Capital Advisors LLC now owns 366,284 shares of the company's stock worth $16,541,000 after acquiring an additional 315,000 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Palomar by 52.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 748,928 shares of the company's stock worth $41,342,000 after acquiring an additional 256,378 shares during the last quarter. Finally, Millennium Management LLC acquired a new position in shares of Palomar in the 4th quarter worth approximately $9,260,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Palomar

In other news, President Jon Christianson sold 423 shares of the business's stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $60.13, for a total transaction of $25,434.99. Following the completion of the sale, the president now owns 70,612 shares of the company's stock, valued at $4,245,899.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, President Jon Christianson sold 423 shares of the company's stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $60.13, for a total transaction of $25,434.99. Following the completion of the sale, the president now owns 70,612 shares of the company's stock, valued at approximately $4,245,899.56. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Thomas A. Bradley acquired 1,500 shares of the company's stock in a transaction that occurred on Tuesday, March 5th. The shares were acquired at an average cost of $74.30 per share, with a total value of $111,450.00. Following the purchase, the director now owns 1,500 shares in the company, valued at approximately $111,450. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 37,509 shares of company stock valued at $2,830,557. Corporate insiders own 4.40% of the company's stock.

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.