Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong Sells 7,000 Shares

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $96.28, for a total transaction of $673,960.00. Following the sale, the chief executive officer now directly owns 433,388 shares of the company’s stock, valued at approximately $41,726,596.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

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

• On Tuesday, October 15th, Mac Armstrong sold 3,185 shares of Palomar stock. The stock was sold at an average price of $98.21, for a total transaction of $312,798.85.
• On Monday, September 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $95.49, for a total transaction of $668,430.00.

Palomar Trading Up 0.4 %

PLMR opened at $94.57 on Friday. Palomar Holdings, Inc. has a 12-month low of $48.65 and a 12-month high of $103.40. The firm has a 50 day moving average of $96.19 and a two-hundred day moving average of $88.20. The firm has a market capitalization of $2.37 billion, a PE ratio of 24.95 and a beta of 0.33.

Palomar (NASDAQ:PLMR) last issued its earnings results on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.16. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The firm had revenue of $123.08 million during the quarter, compared to analysts’ expectations of $338.74 million. During the same quarter last year, the company posted $0.72 earnings per share. The firm’s revenue was up 47.0% compared to the same quarter last year. As a group, analysts predict that Palomar Holdings, Inc. will post 4.35 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PLMR. Jefferies Financial Group increased their price objective on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. increased their price target on Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. Keefe, Bruyette & Woods boosted their price target on Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. Piper Sandler increased their price objective on shares of Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Finally, Truist Financial lifted their target price on shares of Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $105.50.

Hedge Funds Weigh In On Palomar

Several institutional investors and hedge funds have recently modified their holdings of PLMR. Artemis Investment Management LLP purchased a new position in Palomar during the first quarter valued at approximately $20,904,000. Victory Capital Management Inc. lifted its stake in shares of Palomar by 1,634.6% in the 2nd quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock valued at $14,419,000 after purchasing an additional 167,435 shares during the period. F M Investments LLC purchased a new stake in Palomar during the second quarter worth $11,946,000. Allspring Global Investments Holdings LLC grew its position in Palomar by 214.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company’s stock valued at $13,445,000 after buying an additional 112,996 shares during the period. Finally, Atlas Capital Advisors LLC increased its holdings in Palomar by 167.7% in the second quarter. Atlas Capital Advisors LLC now owns 137,284 shares of the company’s stock valued at $11,141,000 after buying an additional 86,000 shares in the last quarter. Institutional investors and hedge funds 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.