Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $668,430.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $95.49, for a total value of $668,430.00. Following the completion of the sale, the chief executive officer now owns 440,388 shares in the company, valued at approximately $42,052,650.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Thursday, July 18th, Mac Armstrong sold 12,227 shares of Palomar stock. The shares were sold at an average price of $91.08, for a total transaction of $1,113,635.16.
• On Monday, July 15th, Mac Armstrong sold 12,773 shares of Palomar stock. The shares were sold at an average price of $88.19, for a total transaction of $1,126,450.87.

Palomar Stock Performance

Palomar stock opened at $95.27 on Friday. The stock has a market capitalization of $2.38 billion, a P/E ratio of 27.38 and a beta of 0.34. The company’s fifty day moving average price is $93.90 and its 200 day moving average price is $86.08. Palomar Holdings, Inc. has a 1 year low of $48.08 and a 1 year high of $100.29.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, August 5th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.16. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The business had revenue of $123.08 million during the quarter, compared to analysts’ expectations of $338.74 million. During the same quarter in the previous year, the company earned $0.72 earnings per share. The company’s quarterly revenue was up 47.0% on a year-over-year basis. Sell-side analysts predict that Palomar Holdings, Inc. will post 4.37 EPS for the current year.

Institutional Investors Weigh In On Palomar

Several large investors have recently bought and sold shares of PLMR. Arizona State Retirement System lifted its position in shares of Palomar by 2.4% in the second quarter. Arizona State Retirement System now owns 6,961 shares of the company’s stock valued at $565,000 after acquiring an additional 164 shares in the last quarter. CWM LLC raised its stake in Palomar by 15.7% in the 2nd quarter. CWM LLC now owns 1,601 shares of the company’s stock valued at $130,000 after purchasing an additional 217 shares during the last quarter. Covestor Ltd lifted its holdings in Palomar by 29.0% in the 1st quarter. Covestor Ltd now owns 1,183 shares of the company’s stock valued at $99,000 after purchasing an additional 266 shares in the last quarter. Conestoga Capital Advisors LLC lifted its holdings in Palomar by 1.0% in the 1st quarter. Conestoga Capital Advisors LLC now owns 27,407 shares of the company’s stock valued at $2,298,000 after purchasing an additional 270 shares in the last quarter. Finally, Texas Permanent School Fund Corp boosted its stake in Palomar by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 21,644 shares of the company’s stock worth $1,814,000 after purchasing an additional 280 shares during the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PLMR shares. Piper Sandler boosted their price objective on Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Evercore ISI boosted their price target on Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a report on Tuesday, August 6th. JPMorgan Chase & Co. raised their price objective on shares of Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. Truist Financial boosted their target price on shares of Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $101.33.

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.