Palomar Holdings, Inc. Forecasted to Earn Q3 2024 Earnings of $1.01 Per Share (NASDAQ:PLMR)

Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) - Research analysts at Zacks Research raised their Q3 2024 EPS estimates for shares of Palomar in a research note issued to investors on Monday, August 19th. Zacks Research analyst S. Sarkar now anticipates that the company will post earnings per share of $1.01 for the quarter, up from their prior estimate of $0.98. The consensus estimate for Palomar's current full-year earnings is $4.29 per share. Zacks Research also issued estimates for Palomar's Q2 2025 earnings at $1.30 EPS.

Several other research firms also recently commented on PLMR. JPMorgan Chase & Co. lifted their price objective on Palomar from $88.00 to $91.00 and gave the stock a "neutral" rating in a report on Thursday, July 11th. Truist Financial boosted their price objective on shares of Palomar from $100.00 to $112.00 and gave the company a "buy" rating in a report on Thursday, August 8th. Evercore ISI increased their price objective on shares of Palomar from $90.00 to $99.00 and gave the company an "in-line" rating in a research report on Tuesday, August 6th. Keefe, Bruyette & Woods raised their price target on Palomar from $96.00 to $113.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 13th. Finally, Piper Sandler upped their price target on shares of Palomar from $99.00 to $105.00 and gave the company an "overweight" rating in a research report on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $101.33.

Palomar Stock Performance

Shares of PLMR stock traded up $0.38 during mid-day trading on Wednesday, hitting $94.32. The company's stock had a trading volume of 104,884 shares, compared to its average volume of 167,550. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of 26.99 and a beta of 0.31. Palomar has a 52-week low of $48.08 and a 52-week high of $96.44. The business has a 50-day moving average price of $86.74 and a 200 day moving average price of $81.35.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Monday, August 5th. The company reported $1.25 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.16. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The firm had revenue of $123.08 million for the quarter, compared to analysts' expectations of $338.74 million. During the same quarter in the prior year, the company posted $0.72 earnings per share. The business's revenue for the quarter was up 47.0% on a year-over-year basis.

Hedge Funds Weigh In On Palomar

Hedge funds and other institutional investors have recently modified their holdings of the stock. Artemis Investment Management LLP purchased a new stake in Palomar in the 1st quarter worth $20,904,000. Norges Bank purchased a new stake in shares of Palomar in the fourth quarter worth about $9,726,000. Victory Capital Management Inc. lifted its position in shares of Palomar by 1,634.6% in the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company's stock worth $14,419,000 after buying an additional 167,435 shares in the last quarter. F M Investments LLC bought a new position in Palomar during the second quarter valued at approximately $11,946,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in Palomar by 214.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company's stock valued at $13,445,000 after buying an additional 112,996 shares in the last quarter. Institutional investors own 90.25% of the company's stock.

Insiders Place Their Bets

In other news, Director Thomas A. Bradley bought 1,000 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were bought at an average price of $89.42 per share, for a total transaction of $89,420.00. Following the purchase, the director now owns 4,724 shares in the company, valued at $422,420.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO T Christopher Uchida sold 1,750 shares of the business's stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $94.00, for a total value of $164,500.00. Following the transaction, the chief financial officer now directly owns 22,344 shares of the company's stock, valued at approximately $2,100,336. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Thomas A. Bradley acquired 1,000 shares of the business's stock in a transaction on Friday, August 9th. The shares were bought at an average cost of $89.42 per share, with a total value of $89,420.00. Following the completion of the acquisition, the director now owns 4,724 shares in the company, valued at $422,420.08. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 39,750 shares of company stock worth $3,470,896. 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.