Palomar (NASDAQ:PLMR) Announces Earnings Results

Palomar (NASDAQ:PLMR - Get Free Report) issued its earnings results on Monday. The company reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $1.03 by $0.20, Briefing.com reports. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The firm had revenue of $148.50 million for the quarter, compared to the consensus estimate of $134.72 million. During the same quarter last year, the business posted $0.80 EPS.

Palomar Stock Up 2.1 %

Shares of PLMR stock traded up $1.83 during trading hours on Tuesday, hitting $90.30. 239,262 shares of the company's stock traded hands, compared to its average volume of 161,893. The stock has a market cap of $2.26 billion, a PE ratio of 23.83 and a beta of 0.34. The stock's 50 day simple moving average is $95.33 and its 200 day simple moving average is $89.15. Palomar has a 12 month low of $54.50 and a 12 month high of $103.40.

Analysts Set New Price Targets

Several research firms recently weighed in on PLMR. Truist Financial raised their price objective on Palomar from $100.00 to $112.00 and gave the company a "buy" rating in a research note on Thursday, August 8th. Piper Sandler lifted their price target on shares of Palomar from $99.00 to $105.00 and gave the company an "overweight" rating in a report on Wednesday, August 7th. Jefferies Financial Group increased their price objective on shares of Palomar from $110.00 to $113.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. boosted their target price on shares of Palomar from $88.00 to $91.00 and gave the stock a "neutral" rating in a research note on Thursday, July 11th. Finally, Evercore ISI increased their price target on Palomar from $90.00 to $99.00 and gave the company an "in-line" rating in a research note on Tuesday, August 6th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $105.50.

Insider Buying and Selling

In related news, Director Thomas A. Bradley bought 1,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was acquired at an average cost of $89.42 per share, with a total value of $89,420.00. Following the transaction, the director now directly owns 4,724 shares in the company, valued at approximately $422,420.08. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Thomas A. Bradley bought 1,000 shares of Palomar stock in a transaction that occurred on Friday, August 9th. The shares were acquired at an average cost of $89.42 per share, for a total transaction of $89,420.00. Following the completion of the acquisition, the director now directly owns 4,724 shares of the company's stock, valued at approximately $422,420.08. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO T Christopher Uchida sold 1,030 shares of the firm's stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $97.65, for a total transaction of $100,579.50. Following the transaction, the chief financial officer now owns 17,543 shares of the company's stock, valued at approximately $1,713,073.95. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,770 shares of company stock valued at $3,461,986 over the last 90 days. 4.30% of the stock is owned by insiders.

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.