Palomar (NASDAQ:PLMR) Posts Quarterly Earnings Results, Beats Estimates By $0.45 EPS

Palomar (NASDAQ:PLMR) announced its quarterly earnings results on Thursday. The company reported $2.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.45, Briefing.com reports. The firm had revenue of $244.66 million for the quarter, compared to the consensus estimate of $207.98 million. Palomar had a return on equity of 20.35% and a net margin of 22.71%.During the same period in the prior year, the company posted $1.23 earnings per share.

Palomar Trading Up 8.5%

Shares of NASDAQ PLMR traded up $9.97 during trading on Friday, reaching $127.76. 264,708 shares of the company traded hands, compared to its average volume of 291,841. The firm’s fifty day simple moving average is $116.72 and its 200 day simple moving average is $135.76. Palomar has a 12-month low of $95.24 and a 12-month high of $175.85. The stock has a market cap of $3.42 billion, a P/E ratio of 22.47 and a beta of 0.25.

Analysts Set New Price Targets

PLMR has been the subject of a number of research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. Evercore ISI dropped their price objective on shares of Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Keefe, Bruyette & Woods cut their price objective on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. JPMorgan Chase & Co. reduced their target price on Palomar from $158.00 to $137.00 and set an “overweight” rating on the stock in a research note on Thursday, October 9th. Finally, Piper Sandler decreased their target price on Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a research report on Wednesday, August 6th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $156.67.

Insider Buying and Selling

In other Palomar news, CFO T Christopher Uchida sold 500 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $121.59, for a total value of $60,795.00. Following the completion of the sale, the chief financial officer owned 7,168 shares in the company, valued at approximately $871,557.12. This represents a 6.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard H. Taketa bought 500 shares of Palomar stock in a transaction on Monday, August 18th. The shares were purchased at an average cost of $121.14 per share, for a total transaction of $60,570.00. Following the completion of the purchase, the director directly owned 44,226 shares of the company’s stock, valued at $5,357,537.64. This trade represents a 1.14% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold 20,302 shares of company stock worth $2,414,141 in the last 90 days. 3.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Palomar

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Alliancebernstein L.P. grew its stake in Palomar by 290.2% during the 2nd quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock worth $76,675,000 after purchasing an additional 369,697 shares in the last quarter. Orion Porfolio Solutions LLC increased its holdings in Palomar by 2,753.2% in the second quarter. Orion Porfolio Solutions LLC now owns 180,491 shares of the company’s stock valued at $27,841,000 after buying an additional 174,165 shares in the last quarter. Ameriprise Financial Inc. raised its position in Palomar by 65.7% during the second quarter. Ameriprise Financial Inc. now owns 196,624 shares of the company’s stock worth $30,324,000 after acquiring an additional 77,992 shares during the last quarter. Man Group plc acquired a new position in Palomar in the 2nd quarter valued at about $6,614,000. Finally, Jane Street Group LLC acquired a new stake in Palomar in the 1st quarter worth about $4,723,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

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.