Q3 2024 Earnings Forecast for Palomar Holdings, Inc. Issued By Zacks Research (NASDAQ:PLMR)

Palomar Holdings, Inc. (NASDAQ:PLMR) – Research analysts at Zacks Research reduced their Q3 2024 earnings per share (EPS) estimates for shares of Palomar in a report released on Tuesday, October 8th. Zacks Research analyst S. Sarkar now expects that the company will post earnings of $0.99 per share for the quarter, down from their previous 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 released its earnings results on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.16. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The company had revenue of $123.08 million for the quarter, compared to analysts’ expectations of $338.74 million. During the same quarter in the previous year, the firm posted $0.72 EPS. The firm’s quarterly revenue was up 47.0% on a year-over-year basis.

Other equities analysts have also recently issued research reports about the company. Piper Sandler boosted their target price on Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Truist Financial upped their price target on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Evercore ISI upped their price target on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a report on Tuesday, August 6th. JPMorgan Chase & Co. upped their price target on Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Finally, Keefe, Bruyette & Woods upped their price target on Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $105.50.

Palomar Trading Down 1.0 %

NASDAQ PLMR opened at $95.55 on Thursday. The business’s 50 day moving average is $95.00 and its two-hundred day moving average is $87.14. Palomar has a 12-month low of $48.08 and a 12-month high of $103.40. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of 27.46 and a beta of 0.33.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC purchased a new position in shares of Palomar during the 1st quarter worth $602,000. Picton Mahoney Asset Management lifted its stake in shares of Palomar by 1,940.6% during the 1st quarter. Picton Mahoney Asset Management now owns 39,690 shares of the company’s stock worth $3,329,000 after purchasing an additional 37,745 shares during the period. Quadrature Capital Ltd lifted its stake in shares of Palomar by 155.9% during the 1st quarter. Quadrature Capital Ltd now owns 22,773 shares of the company’s stock worth $1,906,000 after purchasing an additional 13,873 shares during the period. Driehaus Capital Management LLC lifted its stake in shares of Palomar by 17.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock worth $24,362,000 after purchasing an additional 43,841 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in shares of Palomar by 1,634.6% during the 2nd quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock worth $14,419,000 after purchasing an additional 167,435 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Insider Activity at Palomar

In related news, President Jon Christianson sold 3,805 shares of the company’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 value of $392,067.20. Following the sale, the president now owns 51,926 shares of the company’s stock, valued at approximately $5,350,455.04. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $95.49, for a total transaction of $668,430.00. Following the transaction, the chief executive officer now owns 440,388 shares of the company’s stock, valued at $42,052,650.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, President Jon Christianson sold 3,805 shares of the stock in a transaction on Friday, October 4th. The stock was sold at an average price of $103.04, for a total value of $392,067.20. Following the transaction, the president now directly owns 51,926 shares in the company, valued at approximately $5,350,455.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,305 shares of company stock valued at $4,856,333. 4.30% of the stock is owned by corporate insiders.

About Palomar

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.