Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $344,637.58 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,154 shares of Palomar stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $109.27, for a total value of $344,637.58. Following the completion of the transaction, the chief executive officer now owns 60,032 shares of the company’s stock, valued at approximately $6,559,696.64. The trade was a 4.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• 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 value 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 Down 0.7 %

NASDAQ PLMR traded down $0.77 on Tuesday, reaching $109.60. The company had a trading volume of 134,092 shares, compared to its average volume of 129,782. Palomar Holdings, Inc. has a 52 week low of $57.55 and a 52 week high of $112.90. The stock’s 50 day moving average is $106.68 and its 200-day moving average is $98.14. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of 26.03 and a beta of 0.38.

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

Institutional Trading of Palomar

Large investors have recently made changes to their positions in the company. State of New Jersey Common Pension Fund D bought a new position in Palomar in the second quarter valued at approximately $1,790,000. Envestnet Asset Management Inc. lifted its holdings in shares of Palomar by 22.4% in the second quarter. Envestnet Asset Management Inc. now owns 30,870 shares of the company’s stock valued at $2,505,000 after purchasing an additional 5,646 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Palomar by 15.0% during the second quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock worth $41,295,000 after buying an additional 66,478 shares during the period. Hsbc Holdings PLC grew its holdings in shares of Palomar by 43.1% during the second quarter. Hsbc Holdings PLC now owns 12,889 shares of the company’s stock worth $1,044,000 after buying an additional 3,879 shares in the last quarter. Finally, Intech Investment Management LLC bought a new stake in Palomar in the 2nd quarter valued at approximately $351,000. Institutional investors own 90.25% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on PLMR shares. Piper Sandler increased their price target 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. JPMorgan Chase & Co. lifted their target price on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods boosted their target price on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Finally, Jefferies Financial Group lifted their price objective on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $115.50.

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.