Palomar Holdings, Inc. (NASDAQ:PLMR) President Sells $51,786.52 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) President Jon Christianson sold 478 shares of the company’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $108.34, for a total value of $51,786.52. Following the completion of the transaction, the president now owns 56,619 shares in the company, valued at $6,134,102.46. This represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Jon Christianson also recently made the following trade(s):

• On Sunday, January 26th, Jon Christianson sold 371 shares of Palomar stock. The stock was sold at an average price of $101.69, for a total value of $37,726.99.
• On Wednesday, January 1st, Jon Christianson sold 819 shares of Palomar stock. The stock was sold at an average price of $105.86, for a total value of $86,699.34.
• On Monday, November 11th, Jon Christianson sold 2,195 shares of Palomar stock. The stock was sold at an average price of $104.10, for a total value of $228,499.50.

Palomar Stock Performance

PLMR stock traded up $0.43 during trading on Friday, hitting $107.87. 129,015 shares of the company traded hands, compared to its average volume of 133,406. The firm has a market capitalization of $2.86 billion, a PE ratio of 25.62 and a beta of 0.38. Palomar Holdings, Inc. has a 1 year low of $57.55 and a 1 year high of $112.90. The company has a 50-day moving average of $106.94 and a 200-day moving average of $99.27.

Palomar (NASDAQ:PLMR) last issued its earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.20. The company had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. Palomar had a return on equity of 19.65% and a net margin of 21.55%. During the same period in the prior year, the business posted $0.80 EPS. Sell-side analysts expect that Palomar Holdings, Inc. will post 4.33 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PLMR. JPMorgan Chase & Co. upped their price objective on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods upped their price objective on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Jefferies Financial Group upped their price objective on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Piper Sandler upped their price objective on 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 issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $115.50.

Institutional Investors Weigh In On Palomar

Several institutional investors have recently bought and sold shares of PLMR. Envestnet Asset Management Inc. boosted its holdings in Palomar by 22.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 30,870 shares of the company’s stock valued at $2,505,000 after acquiring an additional 5,646 shares during the period. AQR Capital Management LLC raised its position in Palomar by 17.7% during the 2nd quarter. AQR Capital Management LLC now owns 44,691 shares of the company’s stock valued at $3,627,000 after purchasing an additional 6,735 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Palomar by 0.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 60,123 shares of the company’s stock valued at $4,879,000 after purchasing an additional 426 shares during the last quarter. Truist Financial Corp bought a new position in Palomar during the 2nd quarter valued at approximately $461,000. Finally, Handelsbanken Fonder AB raised its position in Palomar by 0.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 239,267 shares of the company’s stock valued at $22,651,000 after purchasing an additional 1,000 shares during the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

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.