Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $768,320.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $109.76, for a total value of $768,320.00. Following the sale, the chief executive officer now directly owns 412,388 shares in the company, valued at $45,263,706.88. This trade represents a 1.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• 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 value 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 transaction of $441,436.20.
• On Monday, December 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $103.04, for a total value of $721,280.00.

Palomar Stock Up 0.8 %

Shares of PLMR opened at $103.49 on Friday. The business has a fifty day moving average of $106.96 and a 200 day moving average of $98.57. The company has a market cap of $2.74 billion, a PE ratio of 24.58 and a beta of 0.38. Palomar Holdings, Inc. has a 52-week low of $57.55 and a 52-week high of $112.90.

Palomar (NASDAQ:PLMR) last released its quarterly 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 firm had revenue of $148.50 million during 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 earned $0.80 EPS. As a group, research analysts anticipate that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on PLMR shares. Jefferies Financial Group raised their price target on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Piper Sandler raised their target price on shares of Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods boosted their price target 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 objective on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $115.50.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PLMR. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Palomar during the 3rd quarter worth approximately $25,000. GAMMA Investing LLC increased its stake in Palomar by 48.6% in the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after purchasing an additional 125 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Palomar by 490.9% during the third 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. KBC Group NV boosted its stake in shares of Palomar by 44.9% during the fourth quarter. KBC Group NV now owns 1,045 shares of the company’s stock valued at $110,000 after purchasing an additional 324 shares during the period. Finally, Covestor Ltd grew its holdings in shares of Palomar by 20.2% in the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after purchasing an additional 181 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

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.