Palomar Holdings, Inc. Forecasted to Post FY2024 Earnings of $4.38 Per Share (NASDAQ:PLMR)

Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) - Research analysts at Zacks Research lifted their FY2024 EPS estimates for shares of Palomar in a note issued to investors on Monday, August 19th. Zacks Research analyst S. Sarkar now anticipates that the company will earn $4.38 per share for the year, up from their previous forecast of $3.99. The consensus estimate for Palomar's current full-year earnings is $4.31 per share. Zacks Research also issued estimates for Palomar's Q4 2024 earnings at $1.26 EPS, Q1 2025 earnings at $1.28 EPS, Q3 2025 earnings at $1.33 EPS, Q4 2025 earnings at $1.31 EPS, FY2025 earnings at $5.22 EPS, Q1 2026 earnings at $1.53 EPS, Q2 2026 earnings at $1.48 EPS and FY2026 earnings at $6.13 EPS.

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

Palomar Stock Up 3.3 %

Shares of NASDAQ PLMR traded up $3.07 during trading on Thursday, reaching $97.39. The company had a trading volume of 172,806 shares, compared to its average volume of 167,582. The stock has a market cap of $2.44 billion, a PE ratio of 27.99 and a beta of 0.31. Palomar has a 12-month low of $48.08 and a 12-month high of $97.40. The business's 50-day moving average is $87.19 and its 200 day moving average is $81.55.

Palomar (NASDAQ:PLMR - Get Free Report) last released its 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. The company had revenue of $123.08 million during the quarter, compared to analysts' expectations of $338.74 million. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The firm's revenue for the quarter was up 47.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.72 EPS.

Hedge Funds Weigh In On Palomar

A number of institutional investors have recently modified their holdings of the stock. Truist Financial Corp bought a new position in Palomar during the 2nd quarter worth about $461,000. Algert Global LLC boosted its stake in shares of Palomar by 18.5% during the second quarter. Algert Global LLC now owns 37,687 shares of the company's stock valued at $3,058,000 after purchasing an additional 5,896 shares in the last quarter. Driehaus Capital Management LLC increased its holdings in Palomar by 17.1% during the second quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company's stock valued at $24,362,000 after buying an additional 43,841 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Palomar by 0.7% during the second quarter. The Manufacturers Life Insurance Company now owns 60,123 shares of the company's stock valued at $4,879,000 after buying an additional 426 shares during the period. Finally, AQR Capital Management LLC raised its stake in Palomar by 17.7% in the second quarter. AQR Capital Management LLC now owns 44,691 shares of the company's stock worth $3,627,000 after buying an additional 6,735 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $78.51, for a total value of $549,570.00. Following the sale, the chief executive officer now owns 454,388 shares of the company's stock, valued at approximately $35,674,001.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Palomar news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction on Friday, June 21st. The shares were sold at an average price of $78.51, for a total value of $549,570.00. Following the completion of the transaction, the chief executive officer now directly owns 454,388 shares of the company's stock, valued at approximately $35,674,001.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Jon Christianson sold 2,000 shares of the company's stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $81.21, for a total transaction of $162,420.00. Following the sale, the president now owns 53,761 shares in the company, valued at $4,365,930.81. The disclosure for this sale can be found here. Insiders sold a total of 39,750 shares of company stock worth $3,470,896 over the last 90 days. Corporate insiders own 4.30% 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.