Palomar (NASDAQ:PLMR) CEO Mac Armstrong Sells 3,500 Shares

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $130.60, for a total transaction of $457,100.00. Following the completion of the sale, the chief executive officer directly owned 322,388 shares in the company, valued at $42,103,872.80. This represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, July 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The shares were sold at an average price of $137.26, for a total transaction of $480,410.00.
• 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.

Palomar Price Performance

Shares of NASDAQ:PLMR opened at $133.03 on Tuesday. The company’s fifty day moving average price is $131.16 and its 200-day moving average price is $124.00. The firm has a market capitalization of $3.50 billion, a price-to-earnings ratio of 17.88 and a beta of 0.40. Palomar Holdings, Inc. has a one year low of $100.81 and a one year high of $147.62. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.50 and a quick ratio of 0.50.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $2.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.19 by $0.17. Palomar had a net margin of 18.61% and a return on equity of 23.28%. The company had revenue of $314.42 million during the quarter, compared to the consensus estimate of $621.52 million. During the same period in the previous year, the firm posted $1.76 EPS. On average, equities research analysts anticipate that Palomar Holdings, Inc. will post 9.21 earnings per share for the current fiscal year.

Palomar Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $1.80 annualized dividend and a yield of 1.4%. Palomar’s payout ratio is 24.19%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Piper Sandler raised their price objective on Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Evercore set a $152.00 target price on Palomar in a research note on Friday, July 10th. JPMorgan Chase & Co. increased their price target on shares of Palomar from $150.00 to $167.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. Zacks Research downgraded shares of Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Finally, Weiss Ratings upgraded shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $162.75.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PLMR. Geneos Wealth Management Inc. purchased a new stake in Palomar during the 4th quarter valued at about $32,000. Kestra Advisory Services LLC purchased a new position in Palomar in the 4th quarter worth approximately $33,000. Rockefeller Capital Management L.P. increased its stake in Palomar by 81.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock worth $40,000 after purchasing an additional 132 shares during the period. Quantbot Technologies LP bought a new stake in Palomar in the second quarter valued at approximately $43,000. Finally, Frazier Financial Advisors LLC bought a new stake in Palomar in the second quarter valued at approximately $51,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

About Palomar

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.