Jon Christianson Sells 10,000 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) President Jon Christianson sold 10,000 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $94.40, for a total value of $944,000.00. Following the transaction, the president now owns 51,926 shares in the company, valued at $4,901,814.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Jon Christianson also recently made the following trade(s):

• On Wednesday, July 17th, Jon Christianson sold 2,000 shares of Palomar stock. The stock was sold at an average price of $91.35, for a total transaction of $182,700.00.
• On Thursday, June 20th, Jon Christianson sold 2,000 shares of Palomar stock. The shares were sold at an average price of $81.21, for a total transaction of $162,420.00.

Palomar Stock Performance

Shares of PLMR opened at $92.88 on Wednesday. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of 26.69 and a beta of 0.34. The stock’s fifty day moving average is $91.53 and its 200-day moving average is $84.55. Palomar Holdings, Inc. has a one year low of $48.08 and a one year high of $100.29.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Monday, August 5th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.16. The company had revenue of $123.08 million for the quarter, compared to the consensus estimate of $338.74 million. Palomar had a net margin of 21.63% and a return on equity of 20.83%. Palomar’s revenue was up 47.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.72 EPS. Analysts forecast that Palomar Holdings, Inc. will post 4.37 EPS for the current fiscal year.

Institutional Investors Weigh In On Palomar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Truist Financial Corp acquired a new position in shares of Palomar during the 2nd quarter valued at $461,000. Algert Global LLC boosted its stake in Palomar by 18.5% during the second quarter. Algert Global LLC now owns 37,687 shares of the company’s stock valued at $3,058,000 after buying an additional 5,896 shares in the last quarter. Driehaus Capital Management LLC boosted its stake in Palomar by 17.1% during the second quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock valued at $24,362,000 after buying an additional 43,841 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Palomar by 0.7% during the second quarter. The Manufacturers Life Insurance Company now owns 60,123 shares of the company’s stock worth $4,879,000 after acquiring an additional 426 shares during the period. Finally, AQR Capital Management LLC raised its position in Palomar by 17.7% in the second quarter. AQR Capital Management LLC now owns 44,691 shares of the company’s stock worth $3,627,000 after acquiring an additional 6,735 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

Wall Street Analyst Weigh In

PLMR has been the subject of a number of research reports. Keefe, Bruyette & Woods lifted their target price on Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Evercore ISI boosted their price objective on Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research report on Tuesday, August 6th. Piper Sandler increased 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 raised their target price on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Thursday, July 11th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Palomar currently has an average rating of “Moderate Buy” and an average target price of $101.33.

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.