Mac Armstrong Sells 2,791 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 2,791 shares of the company’s stock in a transaction on Sunday, January 26th. The stock was sold at an average price of $101.69, for a total transaction of $283,816.79. Following the completion of the transaction, the chief executive officer now directly owns 62,639 shares of the company’s stock, valued at approximately $6,369,759.91. The trade was a 4.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

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

• On Tuesday, January 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $109.76, for a total value of $768,320.00.
• On Wednesday, January 15th, Mac Armstrong sold 3,154 shares of Palomar stock. The shares were sold at an average price of $109.27, for a total value of $344,637.58.
• On Wednesday, January 1st, Mac Armstrong sold 4,170 shares of Palomar stock. The stock was sold at an average price of $105.86, for a total transaction 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 transaction of $721,280.00.

Palomar Stock Up 2.9 %

Shares of NASDAQ PLMR traded up $3.05 during mid-day trading on Tuesday, reaching $109.29. 82,976 shares of the company were exchanged, compared to its average volume of 138,240. Palomar Holdings, Inc. has a twelve month low of $57.55 and a twelve month high of $112.90. The stock has a market capitalization of $2.89 billion, a P/E ratio of 25.96 and a beta of 0.38. The company’s 50-day simple moving average is $106.96 and its 200-day simple moving average is $99.14.

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 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 firm had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. During the same period last year, the business posted $0.80 earnings per share. As a group, equities research analysts expect that Palomar Holdings, Inc. will post 4.33 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue lifted its holdings in shares of Palomar by 0.7% during the fourth quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company’s stock worth $1,588,000 after buying an additional 100 shares in the last quarter. Hunter Associates Investment Management LLC raised its stake in Palomar by 6.8% in the 4th quarter. Hunter Associates Investment Management LLC now owns 17,689 shares of the company’s stock worth $1,872,000 after purchasing an additional 1,120 shares in the last quarter. Moody Aldrich Partners LLC boosted its holdings in Palomar by 130.4% in the 4th quarter. Moody Aldrich Partners LLC now owns 62,322 shares of the company’s stock valued at $6,581,000 after purchasing an additional 35,270 shares during the period. KBC Group NV grew its position in shares of Palomar by 44.9% during the 4th quarter. KBC Group NV now owns 1,045 shares of the company’s stock worth $110,000 after purchasing an additional 324 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its holdings in shares of Palomar by 2.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 7,919 shares of the company’s stock worth $836,000 after purchasing an additional 200 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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