Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $1,113,635.16 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 12,227 shares of the stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $91.08, for a total value of $1,113,635.16. Following the transaction, the chief executive officer now owns 47,082 shares of the company’s stock, valued at $4,288,228.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• 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.
• On Friday, June 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $78.51, for a total transaction of $549,570.00.
• On Tuesday, May 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $82.84, for a total transaction of $579,880.00.
• On Monday, April 22nd, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $80.03, for a total transaction of $560,210.00.

Palomar Stock Performance

Shares of PLMR stock opened at $88.79 on Monday. The stock has a 50 day moving average price of $83.53 and a 200 day moving average price of $76.51. Palomar Holdings, Inc. has a 52-week low of $48.08 and a 52-week high of $93.51. The firm has a market capitalization of $2.21 billion, a P/E ratio of 25.51 and a beta of 0.31.

Palomar (NASDAQ:PLMR) last released its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.28. The business had revenue of $108.39 million for the quarter, compared to analyst estimates of $322.10 million. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The business’s revenue was up 29.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.80 earnings per share. As a group, sell-side analysts forecast that Palomar Holdings, Inc. will post 4.2 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Evercore ISI upped their price objective on Palomar from $88.00 to $89.00 and gave the company an “in-line” rating in a research report on Wednesday, May 29th. Keefe, Bruyette & Woods increased their price target on Palomar from $93.00 to $96.00 and gave the company an “outperform” rating in a report on Wednesday, May 29th. Piper Sandler reaffirmed an “overweight” rating and set a $99.00 price objective (up from $90.00) on shares of Palomar in a research note on Wednesday, May 29th. JPMorgan Chase & Co. boosted their price objective on shares of Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Finally, Truist Financial raised their target price on shares of Palomar from $97.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $93.83.

Institutional Investors Weigh In On Palomar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its stake in Palomar by 14.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company’s stock worth $23,407,000 after acquiring an additional 52,659 shares in the last quarter. Dynamic Technology Lab Private Ltd raised its stake in shares of Palomar by 174.7% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,117 shares of the company’s stock valued at $1,061,000 after acquiring an additional 12,157 shares in the last quarter. Picton Mahoney Asset Management boosted its holdings in shares of Palomar by 1,940.6% in the first quarter. Picton Mahoney Asset Management now owns 39,690 shares of the company’s stock valued at $3,329,000 after purchasing an additional 37,745 shares during the period. Westfield Capital Management Co. LP grew its stake in Palomar by 6.3% in the fourth quarter. Westfield Capital Management Co. LP now owns 460,545 shares of the company’s stock worth $25,560,000 after purchasing an additional 27,199 shares in the last quarter. Finally, International Assets Investment Management LLC increased its holdings in Palomar by 375,455.6% during the 4th quarter. International Assets Investment Management LLC now owns 33,800 shares of the company’s stock worth $1,876,000 after purchasing an additional 33,791 shares during the period. Institutional investors own 90.25% of the company’s stock.

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.