Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $233,766.50 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 2,237 shares of Palomar stock in a transaction on Friday, January 31st. The shares were sold at an average price of $104.50, for a total value of $233,766.50. Following the completion of the sale, the chief executive officer now directly owns 67,011 shares of the company’s stock, valued at approximately $7,002,649.50. This represents a 3.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Wednesday, January 29th, Mac Armstrong sold 2,444 shares of Palomar stock. The shares were sold at an average price of $108.34, for a total value of $264,782.96.
• On Sunday, January 26th, Mac Armstrong sold 2,791 shares of Palomar stock. The stock was sold at an average price of $101.69, for a total transaction of $283,816.79.
• 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 transaction of $768,320.00.
• On Wednesday, January 15th, Mac Armstrong sold 3,154 shares of Palomar stock. The stock was sold at an average price of $109.27, for a total transaction of $344,637.58.
• On Wednesday, January 1st, Mac Armstrong sold 4,170 shares of Palomar stock. The shares were 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 value of $721,280.00.

Palomar Stock Performance

Palomar stock opened at $110.73 on Friday. The firm has a market capitalization of $2.93 billion, a PE ratio of 26.30 and a beta of 0.38. Palomar Holdings, Inc. has a one year low of $57.68 and a one year high of $112.90. The stock’s 50 day moving average price is $106.87 and its 200 day moving average price is $99.82.

Palomar (NASDAQ:PLMR) last posted its earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.20. The business had revenue of $148.50 million for 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 in the previous year, the company posted $0.80 earnings per share. On average, analysts forecast that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PLMR has been the subject of several research analyst reports. Piper Sandler upped their price target on Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods increased their target price 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. Finally, JPMorgan Chase & Co. lifted their price target on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Palomar presently has a consensus rating of “Moderate Buy” and a consensus target price of $115.50.

Institutional Investors Weigh In On Palomar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. purchased a new position in Palomar in the 3rd quarter valued at about $25,000. Blue Trust Inc. purchased a new position in Palomar in the fourth quarter valued at about $26,000. GAMMA Investing LLC grew its stake in Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after purchasing an additional 125 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Palomar by 490.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after purchasing an additional 378 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its position in shares of Palomar by 536.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock valued at $43,000 after purchasing an additional 349 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

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.