Insider Selling: Palomar (NASDAQ:PLMR) CEO Sells $472,430.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of Palomar stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $134.98, for a total value of $472,430.00. Following the sale, the chief executive officer owned 318,888 shares of the company’s stock, valued at approximately $43,043,502.24. This trade represents a 1.09% decrease in their position. The sale was disclosed in a legal 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 Friday, August 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $130.60, for a total transaction of $457,100.00.
• 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.

Palomar Trading Down 1.2%

Shares of Palomar stock opened at $125.63 on Friday. 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 Holdings, Inc. has a 1 year low of $100.81 and a 1 year high of $147.62. The firm has a market cap of $3.31 billion, a PE ratio of 16.89 and a beta of 0.39. The company has a 50 day simple moving average of $133.46 and a two-hundred day simple moving average of $125.22.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $2.36 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 firm had revenue of $314.42 million for the quarter, compared to analyst estimates of $621.52 million. During the same quarter in the prior year, the firm earned $1.76 EPS. Analysts expect that Palomar Holdings, Inc. will post 9.31 earnings per share for the current fiscal year.

Palomar Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Wednesday, August 19th. Palomar’s dividend payout ratio is currently 24.19%.

Institutional Investors Weigh In On Palomar

Several institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of Palomar in the second quarter valued at about $556,348,000. Jupiter Topco LLC bought a new position in shares of Palomar during the second quarter valued at about $132,166,000. Freestone Grove Partners LP purchased a new stake in shares of Palomar during the second quarter worth about $78,657,000. Bank of New York Mellon Corp purchased a new stake in shares of Palomar during the second quarter worth about $30,966,000. Finally, Empowered Funds LLC bought a new stake in shares of Palomar in the second quarter worth about $24,691,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PLMR shares. Keefe, Bruyette & Woods upped their price objective on Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a report on Monday, August 10th. JPMorgan Chase & Co. boosted their target price on Palomar from $150.00 to $167.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Piper Sandler upped their target price on Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Evercore set a $152.00 price target on shares of Palomar in a research report on Friday, July 10th. Finally, Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, September 3rd. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Palomar currently has an average rating of “Moderate Buy” and an average price target of $162.75.

Palomar Company Profile

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in the United States. The company focuses on markets that are often underserved by traditional insurers, using specialized underwriting expertise and data-driven risk analysis to develop coverage for complex or niche exposures.

Palomar’s products include residential and commercial earthquake insurance, specialty property coverage, inland marine insurance, casualty insurance, crop insurance and other specialty insurance solutions.