Mac Armstrong Sells 12,000 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 12,000 shares of the firm’s stock in a transaction dated Thursday, September 16th. The stock was sold at an average price of $85.35, for a total value of $1,024,200.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Shares of NASDAQ:PLMR opened at $84.54 on Wednesday. The business has a 50-day moving average price of $83.94 and a 200 day moving average price of $76.33. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of 206.20 and a beta of -0.28. Palomar Holdings, Inc. has a 12-month low of $61.01 and a 12-month high of $115.40.

Palomar (NASDAQ:PLMR) last announced its earnings results on Wednesday, August 4th. The company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. Palomar had a return on equity of 4.20% and a net margin of 5.95%. The company had revenue of $57.72 million during the quarter, compared to analysts’ expectations of $53.72 million. During the same period last year, the business posted $0.52 EPS. Palomar’s revenue for the quarter was up 33.8% on a year-over-year basis. On average, sell-side analysts expect that Palomar Holdings, Inc. will post 2.42 EPS for the current year.

Separately, Piper Sandler raised their price objective on Palomar from $70.00 to $78.00 and gave the stock a “neutral” rating in a research report on Friday, July 9th.

A number of institutional investors have recently made changes to their positions in the stock. Mutual of America Capital Management LLC boosted its holdings in Palomar by 6.7% during the 2nd quarter. Mutual of America Capital Management LLC now owns 3,093 shares of the company’s stock valued at $233,000 after acquiring an additional 195 shares during the period. Ameritas Investment Partners Inc. boosted its holdings in Palomar by 13.0% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,927 shares of the company’s stock valued at $145,000 after acquiring an additional 222 shares during the period. State of Alaska Department of Revenue boosted its holdings in Palomar by 2.4% during the 2nd quarter. State of Alaska Department of Revenue now owns 15,043 shares of the company’s stock valued at $1,135,000 after acquiring an additional 351 shares during the period. Swiss National Bank boosted its holdings in Palomar by 1.2% during the 1st quarter. Swiss National Bank now owns 40,800 shares of the company’s stock valued at $2,735,000 after acquiring an additional 500 shares during the period. Finally, Envestnet Asset Management Inc. boosted its holdings in Palomar by 5.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 10,352 shares of the company’s stock valued at $694,000 after acquiring an additional 557 shares during the period. Institutional investors own 89.82% of the company’s stock.

Palomar Company Profile

Palomar Holdings, Inc operates as an insurance holding company. The firm focuses on the residential and commercial earthquake markets in earthquake-exposed states such as California, Oregon, Washington and states with exposure to the New Madrid Seismic Zone. It offers property and casualty insurance.

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