Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong Sells 3,154 Shares

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,154 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $109.27, for a total transaction of $344,637.58. Following the sale, the chief executive officer now owns 60,032 shares of the company’s stock, valued at $6,559,696.64. This represents a 4.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 transaction of $768,320.00.
• 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 value 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 Price Performance

NASDAQ:PLMR opened at $102.71 on Friday. The firm’s 50-day moving average price is $107.00 and its 200-day moving average price is $98.40. The company has a market capitalization of $2.72 billion, a PE ratio of 24.40 and a beta of 0.38. Palomar Holdings, Inc. has a 1-year low of $57.55 and a 1-year high of $112.90.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The business had revenue of $148.50 million for the quarter, compared to analyst estimates of $134.72 million. During the same quarter in the previous year, the firm posted $0.80 earnings per share. Equities analysts anticipate that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. purchased a new stake in shares of Palomar in the third quarter worth $10,994,000. Soros Fund Management LLC purchased a new stake in Palomar during the 3rd quarter valued at about $9,467,000. Westfield Capital Management Co. LP grew its position in Palomar by 24.5% during the 3rd quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company’s stock valued at $37,339,000 after purchasing an additional 77,552 shares during the last quarter. Artemis Investment Management LLP increased its stake in Palomar by 18.7% during the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company’s stock valued at $48,052,000 after purchasing an additional 71,806 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Palomar by 15.0% in the second quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock worth $41,295,000 after buying an additional 66,478 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on PLMR. Jefferies Financial Group boosted their target price on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Piper Sandler boosted their price objective 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 raised 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. Finally, JPMorgan Chase & Co. boosted their price target on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Palomar presently has an average rating of “Moderate Buy” and a consensus target price of $115.50.

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.