Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $549,570.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $78.51, for a total value of $549,570.00. Following the completion of the sale, the chief executive officer now directly owns 454,388 shares in the company, valued at $35,674,001.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Tuesday, May 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $82.84, for a total transaction of $579,880.00.
• On Monday, April 22nd, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $80.03, for a total transaction of $560,210.00.

Palomar Trading Down 2.0 %

Shares of PLMR opened at $78.03 on Thursday. The firm has a market cap of $1.94 billion, a P/E ratio of 22.42 and a beta of 0.32. The company’s 50-day moving average price is $82.30 and its 200 day moving average price is $73.22. Palomar Holdings, Inc. has a 12-month low of $48.08 and a 12-month high of $89.22.

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

Analyst Upgrades and Downgrades

PLMR has been the subject of several recent research reports. Keefe, Bruyette & Woods increased their price target on Palomar from $93.00 to $96.00 and gave the company an “outperform” rating in a report on Wednesday, May 29th. Truist Financial lifted their price target on Palomar from $97.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. JMP Securities reissued a “market perform” rating on shares of Palomar in a report on Monday, April 15th. Jefferies Financial Group upgraded shares of Palomar from a “hold” rating to a “buy” rating and raised their price objective for the stock from $78.00 to $88.00 in a research report on Thursday, March 14th. Finally, 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. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $92.83.

Institutional Investors Weigh In On Palomar

A number of institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in Palomar by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 195,862 shares of the company’s stock valued at $9,940,000 after acquiring an additional 6,903 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of Palomar by 17.7% in the third quarter. Deutsche Bank AG now owns 13,584 shares of the company’s stock valued at $689,000 after purchasing an additional 2,040 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Palomar by 13.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 6,107 shares of the company’s stock worth $310,000 after buying an additional 720 shares during the period. Hsbc Holdings PLC acquired a new stake in Palomar during the 3rd quarter worth approximately $357,000. Finally, Dark Forest Capital Management LP acquired a new position in shares of Palomar in the third quarter worth $273,000. 90.25% of the stock is owned by institutional investors and hedge funds.

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.