Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $768,320.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $109.76, for a total transaction of $768,320.00. Following the sale, the chief executive officer now directly owns 412,388 shares in the company, valued at approximately $45,263,706.88. The trade was a 1.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Wednesday, January 15th, Mac Armstrong sold 3,154 shares of Palomar stock. The stock was sold at an average price of $109.27, for a total transaction of $344,637.58.
• On Wednesday, January 1st, Mac Armstrong sold 4,170 shares of Palomar stock. The stock was sold at an average price of $105.86, for a total value of $441,436.20.
• On Monday, December 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $103.04, for a total transaction of $721,280.00.

Palomar Price Performance

Shares of PLMR traded down $1.76 during midday trading on Wednesday, reaching $107.84. 96,477 shares of the stock were exchanged, compared to its average volume of 127,660. The company has a market capitalization of $2.85 billion, a price-to-earnings ratio of 25.62 and a beta of 0.38. Palomar Holdings, Inc. has a twelve month low of $57.55 and a twelve month high of $112.90. The business’s 50-day moving average price is $106.86 and its 200 day moving average price is $98.33.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. The company had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. Palomar had a return on equity of 19.65% and a net margin of 21.55%. During the same quarter in the previous year, the business earned $0.80 earnings per share. As a group, equities research analysts expect that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Institutional Trading of Palomar

A number of large investors have recently bought and sold shares of the business. State Street Corp increased its stake in Palomar by 3.0% in the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after purchasing an additional 32,151 shares during the period. Geode Capital Management LLC increased its position in Palomar by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock valued at $56,822,000 after acquiring an additional 18,335 shares during the period. Dimensional Fund Advisors LP raised its stake in Palomar by 15.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after acquiring an additional 66,478 shares during the last quarter. Artemis Investment Management LLP lifted its position in Palomar by 18.7% during the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company’s stock worth $48,052,000 after acquiring an additional 71,806 shares during the period. Finally, Emerald Advisers LLC grew its stake in shares of Palomar by 1.9% in the 3rd quarter. Emerald Advisers LLC now owns 449,973 shares of the company’s stock valued at $42,599,000 after purchasing an additional 8,601 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Wall Street Analyst Weigh In

PLMR has been the topic of a number of analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Piper Sandler raised their price target on Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Jefferies Financial Group upped their price objective on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods raised their target price on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Three research 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, Palomar presently has a consensus rating of “Moderate Buy” and an average target price of $115.50.

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.