Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells 3,185 Shares

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,185 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $98.21, for a total transaction of $312,798.85. Following the sale, the chief executive officer now owns 50,312 shares in the company, valued at $4,941,141.52. The trade was a 0.00 % decrease in their ownership of the stock. 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 Monday, September 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $95.49, for a total transaction of $668,430.00.
• On Thursday, July 18th, Mac Armstrong sold 12,227 shares of Palomar stock. The shares were sold at an average price of $91.08, for a total transaction of $1,113,635.16.

Palomar Stock Down 0.2 %

PLMR traded down $0.16 during trading on Wednesday, hitting $98.02. 128,385 shares of the stock were exchanged, compared to its average volume of 164,940. Palomar Holdings, Inc. has a 1-year low of $48.08 and a 1-year high of $103.40. The stock has a fifty day moving average price of $95.54 and a two-hundred day moving average price of $87.58. The firm has a market capitalization of $2.44 billion, a P/E ratio of 28.17 and a beta of 0.33.

Palomar (NASDAQ:PLMR) last announced its earnings results on Monday, August 5th. The company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.16. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The business had revenue of $123.08 million for the quarter, compared to analysts’ expectations of $338.74 million. During the same period in the previous year, the company posted $0.72 EPS. The company’s quarterly revenue was up 47.0% on a year-over-year basis. Analysts predict that Palomar Holdings, Inc. will post 4.37 EPS for the current year.

Institutional Investors Weigh In On Palomar

Institutional investors and hedge funds have recently made changes to their positions in the business. Virtu Financial LLC purchased a new position in shares of Palomar during the fourth quarter worth about $338,000. Vanguard Group Inc. grew its stake in shares of Palomar by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 2,363,067 shares of the company’s stock valued at $131,150,000 after purchasing an additional 85,329 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of Palomar in the fourth quarter valued at approximately $493,000. Atwood & Palmer Inc. increased its holdings in shares of Palomar by 66.7% in the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after purchasing an additional 300 shares during the period. Finally, Artemis Investment Management LLP purchased a new stake in shares of Palomar during the first quarter worth approximately $20,904,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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.