Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) President Sells $162,420.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) President Jon Christianson sold 2,000 shares of Palomar stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $81.21, for a total transaction of $162,420.00. Following the sale, the president now directly owns 53,761 shares in the company, valued at approximately $4,365,930.81. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Jon Christianson also recently made the following trade(s):

• On Wednesday, April 17th, Jon Christianson sold 2,000 shares of Palomar stock. The stock was sold at an average price of $76.30, for a total transaction of $152,600.00.

Palomar Stock Performance

Shares of NASDAQ PLMR opened at $78.03 on Thursday. The company has a market cap of $1.94 billion, a PE ratio of 22.42 and a beta of 0.32. The firm’s 50 day moving average price is $82.30 and its 200-day moving average price is $73.22. Palomar Holdings, Inc. has a 52-week low of $48.08 and a 52-week high of $89.22.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Thursday, May 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.28. The business had revenue of $108.39 million for the quarter, compared to analysts’ expectations of $322.10 million. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The firm’s quarterly revenue was up 29.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.80 EPS. On average, analysts forecast that Palomar Holdings, Inc. will post 4.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PLMR. Jefferies Financial Group raised Palomar from a “hold” rating to a “buy” rating and increased their target price for the stock from $78.00 to $88.00 in a research report on Thursday, March 14th. Piper Sandler reiterated an “overweight” rating and issued a $99.00 price objective (up previously from $90.00) on shares of Palomar in a report on Wednesday, May 29th. Evercore ISI boosted their target price on shares of Palomar from $88.00 to $89.00 and gave the company an “in-line” rating in a report on Wednesday, May 29th. Keefe, Bruyette & Woods lifted their price target on shares of Palomar from $93.00 to $96.00 and gave the company an “outperform” rating in a research report on Wednesday, May 29th. Finally, JMP Securities reiterated a “market perform” rating on shares of Palomar in a report on Monday, April 15th. Three 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 a consensus rating of “Moderate Buy” and an average price target of $92.83.

Hedge Funds Weigh In On Palomar

Several hedge funds and other institutional investors have recently bought and sold shares of PLMR. Signaturefd LLC lifted its position in Palomar by 59.4% during the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock valued at $33,000 after purchasing an additional 221 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in shares of Palomar in the 1st quarter worth $59,000. Advisors Asset Management Inc. grew its holdings in shares of Palomar by 137.1% in the first quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock worth $62,000 after acquiring an additional 425 shares during the period. Atwood & Palmer Inc. increased its position in Palomar by 66.7% during the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after acquiring an additional 300 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in Palomar by 29.0% in the first quarter. Covestor Ltd now owns 1,183 shares of the company’s stock valued at $99,000 after acquiring an additional 266 shares during the period. Institutional investors 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.