Palomar (NASDAQ:PLMR – Get Free Report) issued its earnings results on Wednesday. The company reported $3.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.45, FiscalAI reports. Palomar had a net margin of 18.61% and a return on equity of 23.28%. During the same period last year, the firm posted $2.01 EPS.
Palomar Trading Up 1.3%
NASDAQ PLMR traded up $1.83 on Wednesday, reaching $144.04. The company had a trading volume of 553,357 shares, compared to its average volume of 245,263. The stock’s 50 day moving average is $133.99 and its 200-day moving average is $126.62. The stock has a market cap of $3.79 billion, a price-to-earnings ratio of 17.71 and a beta of 0.28. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.30. Palomar has a 52 week low of $100.81 and a 52 week high of $147.62.
Analyst Upgrades and Downgrades
PLMR has been the subject of a number of recent research reports. JPMorgan Chase & Co. dropped their price target on shares of Palomar from $167.00 to $156.00 and set an “overweight” rating for the company in a research note on Friday, October 9th. Weiss Ratings lowered shares of Palomar from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday, October 30th. Evercore set a $152.00 price objective on shares of Palomar in a research note on Friday, July 10th. Piper Sandler raised their price objective on shares of Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a report on Monday, August 10th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $160.00.
View Our Latest Stock Report on PLMR
Insider Buying and Selling
In other Palomar news, CEO Mac Armstrong sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, October 21st. The stock was sold at an average price of $138.31, for a total transaction of $484,085.00. Following the transaction, the chief executive officer owned 315,388 shares in the company, valued at approximately $43,621,314.28. This trade represents a 1.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jonathan Knutzen sold 296 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total value of $37,814.00. Following the transaction, the insider owned 28,250 shares in the company, valued at approximately $3,608,937.50. This trade represents a 1.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 12,115 shares of company stock worth $1,619,923. Corporate insiders own 3.70% of the company’s stock.
Palomar Company Profile
Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in markets that may be underserved by traditional insurers. The company focuses on risks that are complex, difficult to place or exposed to natural catastrophes, using specialized underwriting and risk-management capabilities.
Its offerings include residential and commercial earthquake insurance, inland marine coverage, specialty property insurance, casualty products, workers’ compensation and other tailored insurance solutions.
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