Palomar (NASDAQ:PLMR) CEO Mac Armstrong Sells 3,500 Shares of Company Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of the company’s stock in a transaction that occurred on Wednesday, October 21st. The shares were sold at an average price of $138.31, for a total value of $484,085.00. Following the transaction, the chief executive officer directly owned 315,388 shares of the company’s stock, valued at $43,621,314.28. This trade represents a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, September 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $134.98, for a total value of $472,430.00.
• 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 value of $457,100.00.

Palomar Trading Up 3.9%

Shares of NASDAQ PLMR opened at $144.53 on Friday. Palomar Holdings, Inc. has a 12-month low of $100.81 and a 12-month high of $147.62. The company has a market cap of $3.80 billion, a price-to-earnings ratio of 17.33 and a beta of 0.35. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.30. The stock’s 50 day simple moving average is $132.13 and its 200 day simple moving average is $126.90.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data 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 return on equity of 23.28% and a net margin of 18.61%. The firm had revenue of $314.42 million during the quarter, compared to the consensus estimate of $621.52 million. During the same period in the prior year, the business earned $1.76 EPS. Equities research analysts expect that Palomar Holdings, Inc. will post 9.29 EPS for the current year.

Palomar Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $1.80 annualized dividend and a dividend yield of 1.2%. Palomar’s payout ratio is 24.19%.

Wall Street Analyst Weigh In

Several research firms have recently commented on PLMR. JPMorgan Chase & Co. lowered their price target on shares of Palomar from $167.00 to $156.00 and set an “overweight” rating for the company in a research report on Friday, October 9th. Keefe, Bruyette & Woods lifted their price objective on shares of Palomar from $166.00 to $167.00 and gave the company an “outperform” rating in a research report on Monday, August 10th. Piper Sandler lifted their price objective on shares of Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Evercore set a $152.00 target price on shares of Palomar in a research note on Friday, July 10th. Finally, Zacks Research upgraded shares of Palomar from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, September 30th. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to MarketBeat, Palomar has an average rating of “Buy” and an average price target of $160.00.

Institutional Trading of Palomar

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Palomar during the 2nd quarter worth $556,348,000. Jupiter Topco LLC bought a new position in shares of Palomar in the second quarter worth $132,166,000. Janus Henderson Group PLC grew its stake in shares of Palomar by 17.4% in the first quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock worth $111,664,000 after purchasing an additional 138,368 shares in the last quarter. Stephens Investment Management Group LLC increased its holdings in shares of Palomar by 3.0% during the first quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company’s stock valued at $85,432,000 after purchasing an additional 20,597 shares during the period. Finally, Freestone Grove Partners LP acquired a new position in shares of Palomar during the second quarter valued at $78,657,000. Institutional investors own 90.25% of the company’s stock.

Palomar Company Profile

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in markets that may be underserved by traditional insurers. The company focuses on risks that are complex, difficult to place or exposed to natural catastrophes, using specialized underwriting and risk-management capabilities.

Its offerings include residential and commercial earthquake insurance, inland marine coverage, specialty property insurance, casualty products, workers’ compensation and other tailored insurance solutions.