Palomar (NASDAQ:PLMR) Issues Earnings Results, Beats Estimates By $0.08 EPS

Key Points

• Palomar reported quarterly earnings of $1.57 per share, missing analysts' expectations of $1.68 by $0.11, with a net margin of 21.99% and a return on equity of 20.56%.
• Several analysts have upgraded their ratings for Palomar, with price targets ranging from $150 to $178, and the company currently holds an average rating of "Moderate Buy".
• Insider trading included significant stock sales by CFO T Christopher Uchida and CEO Mac Armstrong, indicating a combined decrease in ownership of their company stock by over 8%.

Palomar (NASDAQ:PLMR - Get Free Report) posted its quarterly earnings results on Monday. The company reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.08, Briefing.com reports. Palomar had a return on equity of 20.35% and a net margin of 22.71%. The business had revenue of $496.29 million for the quarter, compared to analyst estimates of $173.86 million. During the same period last year, the company earned $1.25 EPS. The firm's revenue was up 47.6% on a year-over-year basis.

Palomar Price Performance

PLMR traded down $0.86 during trading on Friday, reaching $122.03. The company had a trading volume of 96,573 shares, compared to its average volume of 293,061. Palomar has a 12 month low of $85.00 and a 12 month high of $175.85. The business's fifty day moving average price is $147.21 and its 200 day moving average price is $139.51. The company has a market cap of $3.27 billion, a P/E ratio of 21.48 and a beta of 0.44.

Insider Activity at Palomar

In other Palomar news, COO Rodolphe Herve sold 1,130 shares of Palomar stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $130.10, for a total value of $147,013.00. Following the transaction, the chief operating officer owned 807 shares of the company's stock, valued at approximately $104,990.70. The trade was a 58.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $161.96, for a total transaction of $809,800.00. Following the completion of the sale, the chief executive officer directly owned 392,388 shares in the company, valued at approximately $63,551,160.48. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 21,294 shares of company stock worth $3,208,102. Corporate insiders own 3.70% of the company's stock.

Institutional Trading of Palomar

A number of institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC bought a new stake in Palomar during the first quarter worth $66,000. United Services Automobile Association acquired a new stake in Palomar during the first quarter worth about $223,000. Royal Bank of Canada grew its stake in Palomar by 49.1% during the first quarter. Royal Bank of Canada now owns 2,956 shares of the company's stock worth $406,000 after buying an additional 974 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Palomar by 5.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company's stock worth $2,115,000 after buying an additional 791 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in shares of Palomar in the first quarter worth about $4,723,000. Institutional investors own 90.25% of the company's stock.

Wall Street Analysts Forecast Growth

PLMR has been the topic of several recent research reports. Evercore ISI raised their price target on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods decreased their price objective on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a report on Friday. Jefferies Financial Group boosted their price objective on shares of Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a report on Friday, April 11th. Piper Sandler decreased their price objective on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a report on Wednesday. Finally, Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $164.50.

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.