Mac Armstrong Sells 4,170 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 4,170 shares of the firm’s stock in a transaction dated Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total transaction of $441,436.20. Following the completion of the sale, the chief executive officer now directly owns 56,936 shares of the company’s stock, valued at approximately $6,027,244.96. The trade was a 6.82 % 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, December 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $103.04, for a total value of $721,280.00.
• On Monday, October 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $96.28, for a total value of $673,960.00.
• On Tuesday, October 15th, Mac Armstrong sold 3,185 shares of Palomar stock. The stock was sold at an average price of $98.21, for a total value of $312,798.85.

Palomar Stock Up 0.4 %

Shares of PLMR stock opened at $104.81 on Friday. The company’s 50 day moving average is $103.86 and its 200 day moving average is $95.96. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of 24.90 and a beta of 0.36. Palomar Holdings, Inc. has a 52-week low of $54.81 and a 52-week high of $112.90.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping 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 firm had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. During the same period in the prior year, the business posted $0.80 EPS. Analysts anticipate that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Keefe, Bruyette & Woods raised their price target on shares of Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Piper Sandler lifted their price target 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. Jefferies Financial Group boosted their price target on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. raised their price objective on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $111.67.

Institutional Investors Weigh In On Palomar

Several institutional investors have recently bought and sold shares of PLMR. Victory Capital Management Inc. boosted its position in shares of Palomar by 1,634.6% in 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 in the last quarter. Point72 Asset Management L.P. purchased a new stake in Palomar in the third quarter valued at about $10,994,000. Soros Fund Management LLC acquired a new stake in Palomar in the third quarter worth about $9,467,000. Westfield Capital Management Co. LP grew its stake in shares of Palomar by 24.5% during the third quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company’s stock worth $37,339,000 after acquiring an additional 77,552 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Palomar by 15.0% during the second quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after acquiring an additional 66,478 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.