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

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $103.04, for a total transaction of $721,280.00. Following the completion of the transaction, the chief executive officer now owns 419,388 shares of the company’s stock, valued at approximately $43,213,739.52. This trade represents a 1.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Monday, October 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $96.28, for a total transaction of $673,960.00.
• On Tuesday, October 15th, Mac Armstrong sold 3,185 shares of Palomar stock. The shares were sold at an average price of $98.21, for a total value of $312,798.85.

Palomar Price Performance

Shares of PLMR opened at $105.18 on Friday. The stock has a 50-day moving average of $102.51 and a 200-day moving average of $94.99. Palomar Holdings, Inc. has a one year low of $54.50 and a one year high of $112.90. The company has a market cap of $2.78 billion, a PE ratio of 24.98 and a beta of 0.36.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The firm had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. During the same quarter in the previous year, the company posted $0.80 earnings per share. Analysts expect that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PLMR has been the subject of several recent research reports. Piper Sandler increased their price target on 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 boosted their price target on shares of Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. lifted their target price on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group increased their price target on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Palomar currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.67.

Institutional Trading of Palomar

A number of hedge funds and other institutional investors have recently bought and sold shares of PLMR. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Palomar in the third quarter valued at $25,000. GAMMA Investing LLC raised its holdings in shares of Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after acquiring an additional 125 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Palomar by 490.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after acquiring an additional 378 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Palomar during the 2nd quarter valued at about $49,000. Finally, Covestor Ltd increased its holdings in Palomar by 20.2% during the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after purchasing an additional 181 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

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.