Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells 7,000 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $109.76, for a total value of $768,320.00. Following the transaction, the chief executive officer now owns 412,388 shares in the company, valued at $45,263,706.88. This trade represents a 1.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• 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 value of $441,436.20.
• On Monday, December 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $103.04, for a total transaction of $721,280.00.

Palomar Price Performance

Shares of NASDAQ PLMR opened at $102.71 on Friday. The business has a 50-day moving average of $107.00 and a two-hundred day moving average of $98.40. The company has a market capitalization of $2.72 billion, a price-to-earnings 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 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. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The firm had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. During the same quarter in the previous year, the business earned $0.80 earnings per share. As a group, equities research analysts expect that Palomar Holdings, Inc. will post 4.33 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PLMR. State Street Corp boosted its stake in Palomar by 3.0% in the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after acquiring an additional 32,151 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Palomar by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock valued at $56,822,000 after purchasing an additional 18,335 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Palomar by 15.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after purchasing an additional 66,478 shares during the period. Artemis Investment Management LLP grew 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 worth $48,052,000 after buying an additional 71,806 shares during the last quarter. Finally, Emerald Advisers LLC increased its position in Palomar by 1.9% during the third quarter. Emerald Advisers LLC now owns 449,973 shares of the company’s stock worth $42,599,000 after buying an additional 8,601 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on PLMR. Piper Sandler upped their target price on shares of Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods increased their price objective on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Jefferies Financial Group boosted their target price on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. increased their price target on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.