Palomar (NASDAQ:PLMR) CEO Sells $480,410.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of the stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $137.26, for a total value of $480,410.00. Following the transaction, the chief executive officer owned 325,888 shares in the company, valued at $44,731,386.88. The trade was a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, June 22nd, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $112.96, for a total transaction of $395,360.00.
• On Thursday, May 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The shares were sold at an average price of $114.39, for a total transaction of $400,365.00.

Palomar Stock Up 3.6%

Shares of Palomar stock traded up $5.12 during trading on Tuesday, reaching $145.92. 52,400 shares of the company traded hands, compared to its average volume of 270,693. The firm has a market capitalization of $3.87 billion, a PE ratio of 20.25 and a beta of 0.41. Palomar Holdings, Inc. has a 1-year low of $100.81 and a 1-year high of $147.62. The company has a 50 day moving average price of $122.34 and a 200-day moving average price of $123.21. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.17 by $0.14. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The business had revenue of $278.94 million during the quarter, compared to analysts’ expectations of $557.79 million. During the same period last year, the company posted $1.87 earnings per share. The business’s quarterly revenue was up 59.7% on a year-over-year basis. As a group, equities research analysts expect that Palomar Holdings, Inc. will post 8.9 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on PLMR. Keefe, Bruyette & Woods upped their price target on Palomar from $162.00 to $166.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. Zacks Research downgraded Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Piper Sandler increased their target price on Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Weiss Ratings raised shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Finally, Evercore set a $152.00 price target on shares of Palomar in a research note on Friday, July 10th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $162.50.

Hedge Funds Weigh In On Palomar

Hedge funds have recently added to or reduced their stakes in the stock. Summit Global Investments increased its holdings in Palomar by 1.7% during the 4th quarter. Summit Global Investments now owns 4,646 shares of the company’s stock worth $626,000 after purchasing an additional 79 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Palomar by 3.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company’s stock valued at $333,000 after buying an additional 82 shares during the last quarter. Quadrant Capital Group LLC boosted its position in shares of Palomar by 2.0% during the fourth quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company’s stock valued at $602,000 after buying an additional 88 shares during the last quarter. California State Teachers Retirement System grew its holdings in Palomar by 0.4% during the second quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock worth $3,734,000 after buying an additional 97 shares in the last quarter. Finally, Covestor Ltd grew its holdings in Palomar by 11.7% during the fourth quarter. Covestor Ltd now owns 1,254 shares of the company’s stock worth $169,000 after buying an additional 131 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Company Profile

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.