Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong Sells 7,000 Shares

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $103.04, for a total value of $721,280.00. Following the sale, the chief executive officer now directly owns 419,388 shares in the company, valued at approximately $43,213,739.52. This represents a 1.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Monday, October 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $96.28, for a total transaction of $673,960.00.
• On Tuesday, October 15th, Mac Armstrong sold 3,185 shares of Palomar stock. The shares were sold at an average price of $98.21, for a total transaction of $312,798.85.

Palomar Price Performance

PLMR stock traded up $0.17 during trading hours on Thursday, reaching $105.18. The stock had a trading volume of 81,969 shares, compared to its average volume of 162,994. The stock has a market capitalization of $2.78 billion, a PE ratio of 24.98 and a beta of 0.36. The stock has a 50-day simple moving average of $102.51 and a 200 day simple moving average of $94.99. Palomar Holdings, Inc. has a fifty-two week low of $54.50 and a fifty-two week high of $112.90.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.03 by $0.20. The firm had revenue of $148.50 million for the quarter, compared to the consensus estimate of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same period in the previous year, the company earned $0.80 earnings per share. On average, sell-side analysts forecast that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Piper Sandler increased their price objective on Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Keefe, Bruyette & Woods boosted their target price on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, Jefferies Financial Group raised their price target on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $111.67.

Hedge Funds Weigh In On Palomar

A number of large investors have recently made changes to their positions in PLMR. State Street Corp grew its holdings in Palomar by 3.0% in the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after buying an additional 32,151 shares in the last quarter. Geode Capital Management LLC raised its stake in Palomar by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock worth $56,822,000 after purchasing an additional 18,335 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Palomar by 15.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after purchasing an additional 66,478 shares during the period. Emerald Advisers LLC grew its position in Palomar by 1.9% during the third quarter. Emerald Advisers LLC now owns 449,973 shares of the company’s stock worth $42,599,000 after buying an additional 8,601 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its holdings in Palomar by 24.5% in the 3rd quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company’s stock valued at $37,339,000 after acquiring an additional 77,552 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

About Palomar

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.