Insider Selling: Palomar (NASDAQ:PLMR) President Sells $957,388.50 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) President Jon Christianson sold 6,863 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $139.50, for a total transaction of $957,388.50. Following the sale, the president directly owned 66,478 shares of the company’s stock, valued at approximately $9,273,681. This trade represents a 9.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Jon Christianson also recently made the following trade(s):

• On Wednesday, April 15th, Jon Christianson sold 1,937 shares of Palomar stock. The stock was sold at an average price of $128.62, for a total value of $249,136.94.
• On Tuesday, April 7th, Jon Christianson sold 3,000 shares of Palomar stock. The shares were sold at an average price of $125.00, for a total transaction of $375,000.00.

Palomar Stock Up 1.5%

Shares of PLMR stock traded up $2.13 during mid-day trading on Monday, reaching $142.13. 397,877 shares of the company were exchanged, compared to its average volume of 266,905. The company has a market capitalization of $3.77 billion, a P/E ratio of 19.80 and a beta of 0.41. The business’s 50 day simple moving average is $115.64 and its 200 day simple moving average is $122.84. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.49 and a current ratio of 0.49. Palomar Holdings, Inc. has a fifty-two week low of $100.81 and a fifty-two week high of $148.53.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The business had revenue of $278.94 million during the quarter, compared to the consensus estimate of $557.79 million. During the same period in the previous year, the business earned $1.87 EPS. The business’s quarterly revenue was up 59.7% on a year-over-year basis. Research analysts predict that Palomar Holdings, Inc. will post 8.93 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PLMR. PVG Asset Management Corp increased its holdings in shares of Palomar by 526.4% during the 1st quarter. PVG Asset Management Corp now owns 10,147 shares of the company’s stock valued at $1,147,000 after acquiring an additional 8,527 shares during the last quarter. Parallel Advisors LLC grew its position in shares of Palomar by 638.3% in the first quarter. Parallel Advisors LLC now owns 443 shares of the company’s stock valued at $53,000 after purchasing an additional 383 shares during the last quarter. Bank of America Corp DE boosted its stake in Palomar by 1.2% during the 1st quarter. Bank of America Corp DE now owns 146,570 shares of the company’s stock valued at $17,515,000 after purchasing an additional 1,693 shares during the period. Janus Henderson Group PLC grew its holdings in Palomar by 17.4% in the 1st quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock valued at $111,664,000 after buying an additional 138,368 shares during the last quarter. Finally, Amundi boosted its holdings in Palomar by 34.9% in the 1st quarter. Amundi now owns 6,283 shares of the company’s stock valued at $751,000 after purchasing an additional 1,625 shares during the period. Institutional investors own 90.25% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PLMR. Zacks Research lowered shares of Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Keefe, Bruyette & Woods dropped their price target on Palomar from $186.00 to $159.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. JPMorgan Chase & Co. reduced their target price on Palomar from $160.00 to $150.00 and set an “overweight” rating for the company in a report on Tuesday, May 26th. Weiss Ratings upgraded shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Finally, Piper Sandler reduced their target price on Palomar from $151.00 to $132.00 and set an “overweight” rating for the company in a report on Monday, May 11th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $147.75.

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.