Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells 5,000 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 5,000 shares of the stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $129.72, for a total transaction of $648,600.00. Following the completion of the sale, the chief executive officer now owns 402,388 shares in the company, valued at $52,197,771.36. This represents a 1.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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

• On Friday, January 31st, Mac Armstrong sold 2,237 shares of Palomar stock. The stock was sold at an average price of $104.50, for a total transaction of $233,766.50.
• On Wednesday, January 29th, Mac Armstrong sold 2,444 shares of Palomar stock. The stock was sold at an average price of $108.34, for a total transaction 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 stock was 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 stock was 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 value of $721,280.00.

Palomar Price Performance

NASDAQ PLMR traded down $1.40 during trading hours on Friday, hitting $129.32. The company had a trading volume of 396,894 shares, compared to its average volume of 161,793. Palomar Holdings, Inc. has a fifty-two week low of $74.09 and a fifty-two week high of $136.90. The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of 28.87 and a beta of 0.33. The firm’s 50 day moving average is $117.49 and its 200 day moving average is $106.45.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. On average, equities analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Analysts Set New Price Targets

PLMR has been the topic of a number of research reports. JMP Securities restated a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Piper Sandler lifted their price target on shares of Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Truist Financial boosted their price objective on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Palomar from $152.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $127.83.

Institutional Trading of Palomar

Several large investors have recently modified their holdings of PLMR. Natixis Advisors LLC acquired a new stake in shares of Palomar during the third quarter valued at about $1,007,000. Thrivent Financial for Lutherans grew its stake in shares of Palomar by 58.7% during the third quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock valued at $3,109,000 after acquiring an additional 12,147 shares in the last quarter. Quest Partners LLC grew its stake in shares of Palomar by 1,122.5% during the third quarter. Quest Partners LLC now owns 4,181 shares of the company’s stock valued at $396,000 after acquiring an additional 3,839 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Palomar during the third quarter valued at about $371,000. Finally, Moran Wealth Management LLC acquired a new stake in shares of Palomar during the third quarter valued at about $547,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.