Palomar (NASDAQ:PLMR) Posts Earnings Results, Beats Expectations By $0.28 EPS

Palomar (NASDAQ:PLMR) posted its quarterly earnings data on Thursday. The company reported $1.09 EPS for the quarter, beating the consensus estimate of $0.81 by $0.28, Briefing.com reports. Palomar had a net margin of 21.07% and a return on equity of 19.35%. The business had revenue of $108.39 million for the quarter, compared to analysts’ expectations of $322.10 million. During the same period in the previous year, the firm posted $0.80 EPS. The firm’s revenue was up 29.1% compared to the same quarter last year.

Palomar Stock Performance

Palomar stock traded up $2.85 during midday trading on Friday, reaching $80.82. 290,885 shares of the company’s stock were exchanged, compared to its average volume of 161,135. The stock’s 50-day simple moving average is $78.87 and its 200 day simple moving average is $66.10. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of 25.90 and a beta of 0.24. Palomar has a 52 week low of $46.09 and a 52 week high of $86.25.

Insider Buying and Selling at Palomar

In other news, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $82.09, for a total transaction of $820,900.00. Following the completion of the transaction, the president now directly owns 59,761 shares in the company, valued at approximately $4,905,780.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO T Christopher Uchida sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $59.45, for a total value of $59,450.00. Following the completion of the transaction, the chief financial officer now directly owns 31,344 shares in the company, valued at approximately $1,863,400.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President Jon Christianson sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $82.09, for a total transaction of $820,900.00. Following the transaction, the president now owns 59,761 shares of the company’s stock, valued at $4,905,780.49. The disclosure for this sale can be found here. Insiders have sold 42,250 shares of company stock worth $3,305,655 over the last 90 days. Company insiders own 4.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PLMR shares. Jefferies Financial Group raised Palomar from a “hold” rating to a “buy” rating and upped their price objective for the stock from $78.00 to $88.00 in a research report on Thursday, March 14th. JMP Securities restated a “market perform” rating on shares of Palomar in a report on Monday, April 15th. JPMorgan Chase & Co. cut shares of Palomar from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $79.00 to $85.00 in a research report on Monday, April 8th. Evercore ISI raised their price objective on Palomar from $68.00 to $86.00 and gave the company an “in-line” rating in a report on Thursday, April 11th. Finally, Keefe, Bruyette & Woods upped their target price on Palomar from $88.00 to $89.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $87.50.

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.