Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $727,050.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $145.41, for a total transaction of $727,050.00. Following the completion of the sale, the chief executive officer now directly owns 397,388 shares in the company, valued at $57,784,189.08. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

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

• On Tuesday, April 15th, Mac Armstrong sold 3,202 shares of Palomar stock. The shares were sold at an average price of $153.04, for a total value of $490,034.08.
• On Friday, March 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $129.72, for a total value of $648,600.00.
• On Friday, January 31st, Mac Armstrong sold 2,237 shares of Palomar stock. The shares were sold at an average price of $104.50, for a total value of $233,766.50.
• On Wednesday, January 29th, Mac Armstrong sold 2,444 shares of Palomar stock. The stock was sold at an average price of $108.34, for a total transaction of $264,782.96.
• On Sunday, January 26th, Mac Armstrong sold 2,791 shares of Palomar stock. The shares were sold at an average price of $101.69, for a total value of $283,816.79.

Palomar Stock Performance

Shares of PLMR stock opened at $147.48 on Friday. Palomar Holdings, Inc. has a fifty-two week low of $77.17 and a fifty-two week high of $155.87. The company has a market capitalization of $3.94 billion, a P/E ratio of 32.92 and a beta of 0.46. The stock has a 50 day moving average price of $135.21 and a two-hundred day moving average price of $115.21.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. As a group, equities analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PLMR has been the topic of a number of recent analyst reports. Piper Sandler raised their target price on shares of Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Keefe, Bruyette & Woods reduced their target price on Palomar from $155.00 to $145.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. Jefferies Financial Group lifted their price target on Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a research note on Friday, April 11th. JPMorgan Chase & Co. raised Palomar from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Finally, Truist Financial increased their price target on shares of Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a research report on Tuesday, April 15th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $148.33.

Institutional Trading of Palomar

A number of institutional investors have recently modified their holdings of the company. American Century Companies Inc. increased its holdings in Palomar by 36.6% during the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company’s stock valued at $82,932,000 after purchasing an additional 210,523 shares during the period. Norges Bank bought a new stake in shares of Palomar in the 4th quarter worth approximately $20,637,000. Price T Rowe Associates Inc. MD increased its stake in shares of Palomar by 39.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company’s stock valued at $45,622,000 after buying an additional 122,057 shares during the period. Freestone Grove Partners LP bought a new position in shares of Palomar during the fourth quarter valued at approximately $11,774,000. Finally, GAMMA Investing LLC lifted its stake in Palomar by 27,543.8% in the first quarter. GAMMA Investing LLC now owns 99,794 shares of the company’s stock worth $13,680,000 after acquiring an additional 99,433 shares during the period. 90.25% of the stock is currently 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.