Palomar (NASDAQ:PLMR) Issues Earnings Results

Palomar (NASDAQ:PLMR - Get Free Report) issued its quarterly earnings data on Monday. The company reported $1.87 earnings per share for the quarter, beating analysts' consensus estimates of $1.61 by $0.26, Briefing.com reports. The firm had revenue of $174.63 million during the quarter, compared to analyst estimates of $161.97 million. Palomar had a return on equity of 19.76% and a net margin of 21.23%. During the same quarter last year, the firm earned $1.09 EPS.

Palomar Trading Up 2.1 %

NASDAQ PLMR traded up $3.28 during trading on Thursday, hitting $160.10. 370,639 shares of the company traded hands, compared to its average volume of 195,120. The business has a fifty day simple moving average of $139.71 and a 200 day simple moving average of $118.21. Palomar has a 12 month low of $77.28 and a 12 month high of $163.78. The company has a market capitalization of $4.28 billion, a P/E ratio of 35.74 and a beta of 0.51.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $129.72, for a total transaction of $648,600.00. Following the sale, the chief executive officer now directly owns 402,388 shares of the company's stock, valued at approximately $52,197,771.36. The trade was a 1.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO T Christopher Uchida sold 552 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $123.26, for a total value of $68,039.52. Following the completion of the transaction, the chief financial officer now directly owns 15,683 shares of the company's stock, valued at approximately $1,933,086.58. The trade was a 3.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,254 shares of company stock worth $2,443,484 in the last quarter. 3.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PLMR has been the subject of several recent research reports. Piper Sandler upped their price target on shares of Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, February 14th. JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods cut their price target on Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. Truist Financial increased their price objective on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a report on Tuesday, April 15th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Palomar presently has an average rating of "Moderate Buy" and a consensus price target of $148.33.

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.