Zacks Research Weighs in on Palomar Holdings, Inc.’s Q3 2024 Earnings (NASDAQ:PLMR)

Palomar Holdings, Inc. (NASDAQ:PLMR) – Investment analysts at Zacks Research dropped their Q3 2024 earnings per share (EPS) estimates for shares of Palomar in a research note issued to investors on Tuesday, October 8th. Zacks Research analyst S. Sarkar now expects that the company will post earnings per share of $0.99 for the quarter, down from their prior estimate of $1.01. The consensus estimate for Palomar’s current full-year earnings is $4.37 per share. Zacks Research also issued estimates for Palomar’s FY2024 earnings at $4.36 EPS, Q3 2025 earnings at $1.28 EPS, Q1 2026 earnings at $1.74 EPS, Q3 2026 earnings at $1.33 EPS and FY2026 earnings at $6.35 EPS.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.16. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The business had revenue of $123.08 million during the quarter, compared to analysts’ expectations of $338.74 million. During the same period last year, the business earned $0.72 earnings per share. The business’s revenue for the quarter was up 47.0% on a year-over-year basis.

Several other research analysts have also commented on the company. Evercore ISI raised their price target on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. Jefferies Financial Group raised their target price on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday. Keefe, Bruyette & Woods boosted their price target on shares of Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. Piper Sandler boosted their price target on shares of Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Finally, Truist Financial increased 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. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Palomar currently has an average rating of “Moderate Buy” and an average target price of $105.50.

Palomar Stock Performance

NASDAQ:PLMR opened at $92.39 on Thursday. The stock has a market capitalization of $2.30 billion, a P/E ratio of 26.55 and a beta of 0.33. Palomar has a fifty-two week low of $48.08 and a fifty-two week high of $103.40. The company has a 50 day moving average price of $95.13 and a 200 day moving average price of $87.24.

Insiders Place Their Bets

In other news, President Jon Christianson sold 3,805 shares of the firm’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $103.04, for a total value of $392,067.20. Following the sale, the president now directly owns 51,926 shares in the company, valued at approximately $5,350,455.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Mac Armstrong sold 12,773 shares of Palomar stock in a transaction on Monday, July 15th. The shares were sold at an average price of $88.19, for a total transaction of $1,126,450.87. Following the sale, the chief executive officer now directly owns 59,309 shares in the company, valued at $5,230,460.71. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Jon Christianson sold 3,805 shares of the firm’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $103.04, for a total transaction of $392,067.20. Following the transaction, the president now owns 51,926 shares in the company, valued at approximately $5,350,455.04. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,305 shares of company stock worth $4,856,333 in the last 90 days. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PLMR. GAMMA Investing LLC lifted its holdings in shares of Palomar by 48.6% during the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after purchasing an additional 125 shares during the period. International Assets Investment Management LLC purchased a new position in Palomar during the 2nd quarter worth $49,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Palomar in the 1st quarter worth $59,000. Advisors Asset Management Inc. boosted its holdings in shares of Palomar by 137.1% in the first quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock valued at $62,000 after acquiring an additional 425 shares in the last quarter. Finally, Atwood & Palmer Inc. increased its stake in shares of Palomar by 66.7% during the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock worth $63,000 after acquiring an additional 300 shares during the period. 90.25% of the stock is 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.