Palomar (NASDAQ:PLMR) CEO Mac Armstrong Sells 3,197 Shares

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,197 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $129.46, for a total value of $413,883.62. Following the completion of the sale, the chief executive officer directly owned 102,059 shares in the company, valued at approximately $13,212,558.14. The trade was a 3.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Monday, March 23rd, Mac Armstrong sold 3,500 shares of Palomar stock. The shares were sold at an average price of $120.58, for a total value of $422,030.00.
• On Thursday, February 12th, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $122.60, for a total value of $613,000.00.
• On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The shares were sold at an average price of $121.74, for a total value of $268,436.70.
• On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The shares were sold at an average price of $121.74, for a total value of $268,436.70.
• On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The shares were sold at an average price of $122.04, for a total value of $658,893.96.
• On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The shares were sold at an average price of $122.04, for a total value of $658,893.96.
• On Wednesday, January 28th, Mac Armstrong sold 11,484 shares of Palomar stock. The shares were sold at an average price of $119.88, for a total value of $1,376,701.92.
• On Wednesday, January 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $129.00, for a total value of $645,000.00.

Palomar Stock Performance

Shares of PLMR traded up $1.14 during trading hours on Friday, hitting $132.55. 185,538 shares of the stock were exchanged, compared to its average volume of 251,220. Palomar Holdings, Inc. has a 12-month low of $107.75 and a 12-month high of $175.85. The company has a market cap of $3.51 billion, a price-to-earnings ratio of 18.46 and a beta of 0.54. The stock’s 50-day moving average price is $123.98 and its two-hundred day moving average price is $123.80.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Wednesday, February 11th. The company reported $2.24 EPS for the quarter, topping the consensus estimate of $2.06 by $0.18. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The firm had revenue of $253.36 million during the quarter, compared to analysts’ expectations of $204.58 million. During the same period in the previous year, the business earned $1.52 earnings per share. The firm’s revenue for the quarter was up 62.7% on a year-over-year basis. On average, research analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Analyst Ratings Changes

PLMR has been the subject of several research reports. Keefe, Bruyette & Woods boosted their price target on Palomar from $183.00 to $186.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 7th. Weiss Ratings cut Palomar from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, April 7th. JPMorgan Chase & Co. boosted their price target on Palomar from $155.00 to $160.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Evercore initiated coverage on Palomar in a research report on Monday, February 9th. They set an “outperform” rating and a $150.00 price target for the company. Finally, Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a research report on Sunday, March 1st. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $161.75.

Hedge Funds Weigh In On Palomar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Diversified Trust Co boosted its stake in Palomar by 15.0% during the first quarter. Diversified Trust Co now owns 8,887 shares of the company’s stock worth $1,062,000 after buying an additional 1,156 shares during the last quarter. Rockefeller Capital Management L.P. boosted its stake in Palomar by 81.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock worth $40,000 after buying an additional 132 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in Palomar during the fourth quarter worth $215,000. Summit Global Investments boosted its stake in Palomar by 1.7% during the fourth quarter. Summit Global Investments now owns 4,646 shares of the company’s stock worth $626,000 after buying an additional 79 shares during the last quarter. Finally, Caitlin John LLC boosted its stake in Palomar by 23,887.5% during the fourth quarter. Caitlin John LLC now owns 1,919 shares of the company’s stock worth $259,000 after buying an additional 1,911 shares during the last quarter. Institutional investors and hedge funds 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.