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 company’s stock in a transaction on Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total transaction of $441,436.20. Following the sale, the chief executive officer now directly owns 56,936 shares of the company’s stock, valued at $6,027,244.96. The trade was a 6.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• 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 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 transaction 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 Stock Performance

Shares of NASDAQ PLMR traded up $0.43 during mid-day trading on Friday, reaching $104.81. 74,754 shares of the company’s stock were exchanged, compared to its average volume of 92,577. The company’s 50-day moving average is $103.86 and its 200-day moving average is $95.96. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of 24.90 and a beta of 0.36. Palomar Holdings, Inc. has a 52-week low of $54.81 and a 52-week high of $112.90.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. The business had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same period last year, the business earned $0.80 earnings per share. As a group, equities analysts predict that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Institutional Trading of Palomar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLMR. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Palomar during the third quarter worth $25,000. GAMMA Investing LLC lifted its stake in Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after acquiring an additional 125 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Palomar by 490.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after acquiring an additional 378 shares during the period. International Assets Investment Management LLC acquired a new position in Palomar in the 2nd quarter valued at about $49,000. Finally, Covestor Ltd increased its stake in Palomar by 20.2% during the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after purchasing an additional 181 shares during the period. 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.