Insider Selling: Palomar (NASDAQ:PLMR) CEO Sells 5,000 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $122.86, for a total value of $614,300.00. Following the completion of the sale, the chief executive officer directly owned 358,388 shares in the company, valued at $44,031,549.68. This trade represents a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Tuesday, October 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $115.31, for a total transaction of $576,550.00.
• On Wednesday, October 15th, Mac Armstrong sold 3,218 shares of Palomar stock. The shares were sold at an average price of $116.10, for a total transaction of $373,609.80.
• On Monday, September 22nd, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $116.02, for a total transaction of $580,100.00.

Palomar Trading Down 0.4%

NASDAQ:PLMR traded down $0.54 on Monday, hitting $122.28. The company had a trading volume of 215,494 shares, compared to its average volume of 292,211. Palomar Holdings, Inc. has a 52 week low of $98.42 and a 52 week high of $175.85. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 21.55 and a beta of 0.25. The firm has a 50 day moving average of $118.11 and a two-hundred day moving average of $133.85.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. Palomar had a return on equity of 20.35% and a net margin of 22.71%.The company had revenue of $65.74 million during the quarter. As a group, equities analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Institutional Investors Weigh In On Palomar

Hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC raised its stake in shares of Palomar by 20.2% during the 1st quarter. CWM LLC now owns 1,522 shares of the company’s stock valued at $209,000 after purchasing an additional 256 shares during the period. Cetera Investment Advisers increased its position in shares of Palomar by 12.9% during the first quarter. Cetera Investment Advisers now owns 7,078 shares of the company’s stock valued at $970,000 after buying an additional 811 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Palomar by 3.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,102 shares of the company’s stock valued at $1,111,000 after acquiring an additional 270 shares during the period. Corton Capital Inc. purchased a new position in Palomar during the first quarter valued at approximately $246,000. Finally, Mackenzie Financial Corp bought a new stake in Palomar during the 1st quarter worth approximately $224,000. Institutional investors own 90.25% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Wall Street Zen raised Palomar from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. JPMorgan Chase & Co. boosted their target price on Palomar from $137.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, November 10th. Piper Sandler cut their price target on Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a report on Wednesday, August 6th. Evercore ISI decreased their price objective on Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a report on Wednesday, October 1st. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Palomar in a report on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.67.

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.