Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong Sells 2,791 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 2,791 shares of the business’s stock in a transaction dated Sunday, January 26th. The shares were sold at an average price of $101.69, for a total value of $283,816.79. Following the completion of the transaction, the chief executive officer now directly owns 62,639 shares of the company’s stock, valued at approximately $6,369,759.91. The trade was a 4.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

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

• On Tuesday, January 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $109.76, for a total value 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 shares were 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 transaction of $721,280.00.

Palomar Stock Up 2.9 %

Shares of Palomar stock opened at $109.29 on Wednesday. The stock has a market cap of $2.89 billion, a P/E ratio of 25.96 and a beta of 0.38. Palomar Holdings, Inc. has a 12-month low of $57.55 and a 12-month high of $112.90. The business’s 50 day moving average is $106.96 and its 200-day moving average is $99.14.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The firm had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. During the same quarter last year, the company posted $0.80 earnings per share. On average, sell-side analysts expect that Palomar Holdings, Inc. will post 4.33 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Keefe, Bruyette & Woods lifted their price target on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Jefferies Financial Group lifted their target price on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. upped their price target on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Piper Sandler lifted their price objective on shares of Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Three 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.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $115.50.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 Asset Management L.P. acquired a new stake in Palomar during the 3rd quarter valued at $10,994,000. Soros Fund Management LLC bought a new position in shares of Palomar in the third quarter valued at about $9,467,000. Westfield Capital Management Co. LP lifted its stake in shares of Palomar by 24.5% during the 3rd quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company’s stock worth $37,339,000 after buying an additional 77,552 shares during the last quarter. Artemis Investment Management LLP boosted its holdings in shares of Palomar by 18.7% during the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company’s stock worth $48,052,000 after buying an additional 71,806 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Palomar by 15.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after buying an additional 66,478 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors.

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.