Palomar (NASDAQ:PLMR) Releases Earnings Results, Beats Expectations By $0.13 EPS

Palomar (NASDAQ:PLMR - Get Free Report) posted its quarterly earnings results on Wednesday. The company reported $1.37 EPS for the quarter, topping analysts' consensus estimates of $1.24 by $0.13, Zacks reports. Palomar had a return on equity of 19.65% and a net margin of 21.55%.

Palomar Price Performance

NASDAQ:PLMR traded up $1.88 during mid-day trading on Friday, reaching $126.92. 292,145 shares of the company's stock traded hands, compared to its average volume of 121,840. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of 30.15 and a beta of 0.38. Palomar has a 12-month low of $66.81 and a 12-month high of $128.38. The company has a 50 day moving average price of $107.62 and a 200-day moving average price of $101.07.

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 1,030 shares of the company's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $110.85, for a total value of $114,175.50. Following the transaction, the chief financial officer now directly owns 15,994 shares of the company's stock, valued at approximately $1,772,934.90. This represents a 6.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Jon Christianson sold 819 shares of the business's stock in a transaction on Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total transaction of $86,699.34. Following the sale, the president now owns 55,126 shares of the company's stock, valued at approximately $5,835,638.36. This represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,933 shares of company stock valued at $4,030,156. 4.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PLMR shares. Truist Financial raised their price target on Palomar from $112.00 to $150.00 and gave the stock a "buy" rating in a report on Friday. JPMorgan Chase & Co. raised their price target on Palomar from $93.00 to $100.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods lifted their price objective on Palomar from $120.00 to $136.00 and gave the company an "outperform" rating in a research note on Friday, December 6th. JMP Securities reissued a "market perform" rating on shares of Palomar in a research note on Thursday. Finally, Piper Sandler lifted their price objective on Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Palomar has a consensus rating of "Moderate Buy" and a consensus target price of $124.67.

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.