Mac Armstrong Sells 2,444 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 2,444 shares of the company’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $108.34, for a total transaction of $264,782.96. Following the completion of the transaction, the chief executive officer now directly owns 64,982 shares in the company, valued at approximately $7,040,149.88. The trade was a 3.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

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

• On Sunday, January 26th, Mac Armstrong sold 2,791 shares of Palomar stock. The stock was sold at an average price of $101.69, for a total value of $283,816.79.
• 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 value 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 value of $721,280.00.

Palomar Trading Up 0.4 %

Palomar stock opened at $107.87 on Friday. The firm has a 50-day moving average of $106.94 and a 200-day moving average of $99.27. Palomar Holdings, Inc. has a 1-year low of $57.55 and a 1-year high of $112.90. The firm has a market cap of $2.86 billion, a P/E ratio of 25.62 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.20. The company had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $134.72 million. Palomar had a return on equity of 19.65% and a net margin of 21.55%. During the same period in the prior year, the firm earned $0.80 earnings per share. Research analysts forecast that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Palomar

Several large investors have recently made changes to their positions in the business. Whittier Trust Co. of Nevada Inc. bought a new stake in Palomar during the 3rd quarter valued at about $25,000. Blue Trust Inc. purchased a new stake in shares of Palomar during the 4th quarter valued at about $26,000. GAMMA Investing LLC increased its holdings in Palomar by 48.6% during the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after buying an additional 125 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in Palomar by 490.9% in the 3rd 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 period. Finally, Covestor Ltd raised its stake 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 buying an additional 181 shares during the period. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Piper Sandler increased their price target on shares of Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Keefe, Bruyette & Woods lifted their target price 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. Jefferies Financial Group upped their price target on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. lifted their price objective on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report 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 data from MarketBeat, Palomar has an average rating of “Moderate Buy” and a consensus target price of $115.50.

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.