Mac Armstrong Sells 3,500 Shares of Palomar (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $120.58, for a total value of $422,030.00. Following the transaction, the chief executive officer owned 339,888 shares in the company, valued at approximately $40,983,695.04. This trade represents a 1.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• On Thursday, February 12th, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $122.60, for a total value of $613,000.00.
• On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The shares were sold at an average price of $121.74, for a total value of $268,436.70.
• On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The stock was sold at an average price of $121.74, for a total value of $268,436.70.
• On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The shares were sold at an average price of $122.04, for a total transaction of $658,893.96.
• On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The shares were sold at an average price of $122.04, for a total transaction of $658,893.96.
• On Wednesday, January 28th, Mac Armstrong sold 11,484 shares of Palomar stock. The stock was sold at an average price of $119.88, for a total transaction of $1,376,701.92.
• On Wednesday, January 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $129.00, for a total transaction of $645,000.00.
• On Thursday, January 15th, Mac Armstrong sold 2,310 shares of Palomar stock. The shares were sold at an average price of $130.00, for a total transaction of $300,300.00.

Palomar Trading Down 0.1%

Shares of NASDAQ:PLMR traded down $0.16 on Wednesday, reaching $121.84. 216,880 shares of the company’s stock were exchanged, compared to its average volume of 263,785. Palomar Holdings, Inc. has a twelve month low of $107.75 and a twelve month high of $175.85. The company has a fifty day moving average of $124.60 and a 200-day moving average of $123.04. The company has a market capitalization of $3.25 billion, a price-to-earnings ratio of 16.97 and a beta of 0.46.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.06 by $0.18. The company had revenue of $253.36 million during the quarter, compared to the consensus estimate of $204.58 million. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The firm’s quarterly revenue was up 62.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.52 earnings per share. As a group, equities research analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Institutional Investors Weigh In On Palomar

A number of large investors have recently modified their holdings of the business. Royal Bank of Canada increased its stake in shares of Palomar by 49.1% in the 1st quarter. Royal Bank of Canada now owns 2,956 shares of the company’s stock valued at $406,000 after purchasing an additional 974 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Palomar by 5.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company’s stock worth $2,115,000 after buying an additional 791 shares during the last quarter. NewEdge Advisors LLC acquired a new stake in Palomar in the first quarter valued at about $66,000. United Services Automobile Association acquired a new stake in Palomar in the first quarter valued at about $223,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Palomar by 11.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,661 shares of the company’s stock valued at $9,960,000 after acquiring an additional 7,754 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Evercore began coverage on Palomar in a report on Monday, February 9th. They issued an “outperform” rating and a $150.00 price objective for the company. Keefe, Bruyette & Woods raised their price target on Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 6th. Wall Street Zen downgraded Palomar from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. JPMorgan Chase & Co. boosted their price target on Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Finally, Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th. Seven analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Palomar currently has an average rating of “Buy” and an average target price of $163.00.

About Palomar

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.