Zacks Research Has Bearish Forecast for Palomar Q4 Earnings

Palomar Holdings, Inc. (NASDAQ:PLMR) – Analysts at Zacks Research dropped their Q4 2024 earnings estimates for Palomar in a report issued on Thursday, November 14th. Zacks Research analyst S. Sarkar now expects that the company will post earnings of $1.23 per share for the quarter, down from their previous forecast of $1.26. The consensus estimate for Palomar’s current full-year earnings is $4.32 per share. Zacks Research also issued estimates for Palomar’s Q2 2025 earnings at $1.30 EPS and Q3 2025 earnings at $1.25 EPS.

Several other research firms have also weighed in on PLMR. Piper Sandler lifted their price objective on shares of Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Keefe, Bruyette & Woods upped their price objective on shares of Palomar from $117.00 to $120.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Evercore ISI raised their target price on Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research note on Tuesday, August 6th. Truist Financial boosted their target price on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. increased their price target on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $109.00.

Palomar Stock Performance

Shares of PLMR opened at $103.69 on Monday. The firm has a market cap of $2.74 billion, a PE ratio of 24.63 and a beta of 0.34. Palomar has a 52-week low of $54.50 and a 52-week high of $107.00. The business’s 50 day moving average price is $95.77 and its two-hundred day moving average price is $90.21.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The company had revenue of $148.50 million for the quarter, compared to the consensus estimate of $134.72 million. During the same period in the previous year, the business earned $0.80 EPS.

Institutional Investors Weigh In On Palomar

A number of institutional investors have recently added to or reduced their stakes in PLMR. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Palomar in the 3rd quarter worth approximately $25,000. GAMMA Investing LLC boosted its position in Palomar by 48.6% in 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 last quarter. Farther Finance Advisors LLC boosted its position in Palomar by 490.9% in the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after purchasing an additional 378 shares during the last quarter. International Assets Investment Management LLC bought a new position in Palomar in the 2nd quarter valued at $49,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of Palomar during the 1st quarter valued at $59,000. 90.25% of the stock is owned by institutional investors.

Insider Activity at Palomar

In other news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $95.49, for a total value of $668,430.00. Following the completion of the sale, the chief executive officer now owns 440,388 shares in the company, valued at $42,052,650.12. This represents a 1.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 1,750 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $99.00, for a total transaction of $173,250.00. Following the transaction, the chief financial officer now directly owns 20,594 shares in the company, valued at $2,038,806. The trade was a 7.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 39,076 shares of company stock valued at $3,806,029. 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.