Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells 3,154 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,154 shares of Palomar stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $109.27, for a total transaction of $344,637.58. Following the transaction, the chief executive officer now owns 60,032 shares of the company’s stock, valued at $6,559,696.64. This represents a 4.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Wednesday, January 1st, Mac Armstrong sold 4,170 shares of Palomar stock. The shares were sold at an average price of $105.86, for a total value of $441,436.20.
• 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.

Palomar Stock Performance

PLMR opened at $109.60 on Wednesday. Palomar Holdings, Inc. has a fifty-two week low of $57.55 and a fifty-two week high of $112.90. The firm has a 50-day moving average of $106.68 and a 200 day moving average of $98.14. The firm has a market cap of $2.90 billion, a P/E ratio of 26.03 and a beta of 0.38.

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

Institutional Trading of Palomar

Several hedge funds have recently made changes to their positions in PLMR. Point72 Asset Management L.P. purchased a new stake in Palomar in the 3rd quarter worth about $10,994,000. Soros Fund Management LLC purchased a new position in shares of Palomar in the third quarter worth about $9,467,000. Westfield Capital Management Co. LP raised its position in shares of Palomar by 24.5% in the third quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company’s stock valued at $37,339,000 after purchasing an additional 77,552 shares during the period. Artemis Investment Management LLP lifted its stake in shares of Palomar by 18.7% during the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company’s stock valued at $48,052,000 after buying an additional 71,806 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Palomar by 15.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock worth $41,295,000 after buying an additional 66,478 shares during the period. 90.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on PLMR shares. Keefe, Bruyette & Woods lifted their target price on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Jefferies Financial Group lifted their price objective on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. increased their target price on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, Piper Sandler boosted their price target on shares of Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $115.50.

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.