Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $441,436.20 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 4,170 shares of the business’s stock in a transaction on Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total transaction of $441,436.20. Following the transaction, the chief executive officer now owns 56,936 shares in the company, valued at $6,027,244.96. The trade was a 6.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 shares were sold at an average price of $103.04, for a total transaction 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 Price Performance

NASDAQ PLMR opened at $104.81 on Monday. The company has a fifty day moving average price of $103.86 and a 200-day moving average price of $96.06. Palomar Holdings, Inc. has a 1 year low of $54.81 and a 1 year high of $112.90. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of 24.90 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The business had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. During the same period in the prior year, the firm posted $0.80 EPS. On average, research analysts anticipate that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PLMR. JPMorgan Chase & Co. upped their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Jefferies Financial Group raised their price objective on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Piper Sandler boosted their target price on shares of Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $111.67.

Institutional Trading of Palomar

Institutional investors and hedge funds have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Palomar by 8.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,833 shares of the company’s stock valued at $636,000 after purchasing an additional 594 shares during the period. International Assets Investment Management LLC bought a new position in Palomar during the second quarter valued at about $49,000. Rhumbline Advisers increased its holdings in Palomar by 1.4% during the second quarter. Rhumbline Advisers now owns 68,490 shares of the company’s stock worth $5,558,000 after buying an additional 947 shares during the last quarter. Victory Capital Management Inc. raised its position in Palomar by 1,634.6% in the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock worth $14,419,000 after acquiring an additional 167,435 shares during the period. Finally, Arizona State Retirement System raised its position in Palomar by 2.4% in the second quarter. Arizona State Retirement System now owns 6,961 shares of the company’s stock worth $565,000 after acquiring an additional 164 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

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.