Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $673,960.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $96.28, for a total transaction of $673,960.00. Following the completion of the transaction, the chief executive officer now owns 433,388 shares of the company’s stock, valued at approximately $41,726,596.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

• 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 transaction of $312,798.85.
• On Monday, September 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $95.49, for a total value of $668,430.00.

Palomar Price Performance

Shares of PLMR stock opened at $94.57 on Friday. The company has a market capitalization of $2.37 billion, a P/E ratio of 24.95 and a beta of 0.33. The company’s 50-day simple moving average is $96.19 and its two-hundred day simple moving average is $88.20. Palomar Holdings, Inc. has a one year low of $48.65 and a one year high of $103.40.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Monday, August 5th. The company reported $1.25 earnings per share (EPS) 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 return on equity of 20.83% and a net margin of 21.63%. Palomar’s revenue was up 47.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.72 earnings per share. On average, research analysts expect that Palomar Holdings, Inc. will post 4.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PLMR shares. Evercore ISI increased their target price on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. Piper Sandler upped their target price on shares of Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Jefferies Financial Group lifted their price target on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Truist Financial increased their price objective on shares of Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. raised their price objective on Palomar from $88.00 to $91.00 and gave the company 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 given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $105.50.

Hedge Funds Weigh In On Palomar

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Palomar by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 2,403,520 shares of the company’s stock worth $201,487,000 after acquiring an additional 40,453 shares in the last quarter. Champlain Investment Partners LLC lifted its position in shares of Palomar by 5.5% in the 1st quarter. Champlain Investment Partners LLC now owns 1,340,795 shares of the company’s stock worth $112,399,000 after purchasing an additional 69,615 shares during the period. Dimensional Fund Advisors LP boosted its stake 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 purchasing an additional 66,478 shares in the last quarter. Artemis Investment Management LLP increased its holdings in Palomar by 12.9% during the third quarter. Artemis Investment Management LLP now owns 383,276 shares of the company’s stock valued at $36,285,000 after buying an additional 43,812 shares during the period. Finally, Driehaus Capital Management LLC raised its stake in Palomar by 17.1% in the second quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock worth $24,362,000 after buying an additional 43,841 shares in the last quarter. Hedge funds and other 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.