Mac Armstrong Sells 7,000 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $95.49, for a total value of $668,430.00. Following the transaction, the chief executive officer now directly owns 440,388 shares in the company, valued at $42,052,650.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Mac Armstrong also recently made the following trade(s):

• On Thursday, July 18th, Mac Armstrong sold 12,227 shares of Palomar stock. The stock was sold at an average price of $91.08, for a total transaction of $1,113,635.16.
• On Monday, July 15th, Mac Armstrong sold 12,773 shares of Palomar stock. The stock was sold at an average price of $88.19, for a total transaction of $1,126,450.87.

Palomar Stock Up 0.5 %

NASDAQ PLMR traded up $0.46 during trading on Tuesday, hitting $96.19. 169,687 shares of the stock traded hands, compared to its average volume of 165,726. The company has a market capitalization of $2.40 billion, a P/E ratio of 27.64 and a beta of 0.34. Palomar Holdings, Inc. has a 12-month low of $48.08 and a 12-month high of $100.29. The firm has a 50-day simple moving average of $93.78 and a 200-day simple moving average of $86.00.

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

Analyst Ratings Changes

PLMR has been the subject of several recent analyst reports. Keefe, Bruyette & Woods upped their target price on shares of Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. 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 boosted 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. JPMorgan Chase & Co. increased their price objective on shares of Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Thursday, July 11th. Finally, Evercore ISI boosted their target price on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a report on Tuesday, August 6th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Palomar has a consensus rating of “Moderate Buy” and an average target price of $101.33.

Institutional Trading of Palomar

A number of large investors have recently made changes to their positions in PLMR. Truist Financial Corp purchased a new position in Palomar in the second quarter worth about $461,000. Algert Global LLC boosted its holdings in shares of Palomar by 18.5% in the 2nd quarter. Algert Global LLC now owns 37,687 shares of the company’s stock worth $3,058,000 after purchasing an additional 5,896 shares during the period. Driehaus Capital Management LLC increased its position 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 valued at $24,362,000 after purchasing an additional 43,841 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Palomar by 0.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 60,123 shares of the company’s stock valued at $4,879,000 after purchasing an additional 426 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in Palomar by 17.7% during the 2nd quarter. AQR Capital Management LLC now owns 44,691 shares of the company’s stock valued at $3,627,000 after buying an additional 6,735 shares during the period. 90.25% of the stock is currently owned by institutional investors.

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.