Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong Sells 2,237 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 2,237 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $104.50, for a total value of $233,766.50. Following the completion of the transaction, the chief executive officer now directly owns 67,011 shares in the company, valued at approximately $7,002,649.50. This trade represents a 3.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Wednesday, January 29th, Mac Armstrong sold 2,444 shares of Palomar stock. The stock was sold at an average price of $108.34, for a total value of $264,782.96.
• On Sunday, January 26th, Mac Armstrong sold 2,791 shares of Palomar stock. The stock was sold at an average price of $101.69, for a total value of $283,816.79.
• On Tuesday, January 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $109.76, for a total value of $768,320.00.
• 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 value of $344,637.58.
• On Wednesday, January 1st, Mac Armstrong sold 4,170 shares of Palomar stock. The shares were 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 value of $721,280.00.

Palomar Stock Down 0.3 %

NASDAQ:PLMR opened at $106.74 on Wednesday. Palomar Holdings, Inc. has a 52 week low of $57.55 and a 52 week high of $112.90. The stock has a market capitalization of $2.83 billion, a PE ratio of 25.35 and a beta of 0.38. The stock’s 50-day moving average price is $106.89 and its 200-day moving average price is $99.63.

Palomar (NASDAQ:PLMR) last posted its earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The firm had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $134.72 million. During the same period last year, the firm earned $0.80 EPS. Sell-side analysts expect that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

PLMR has been the topic of several research reports. Jefferies Financial Group upped their target price on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods increased their price target on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. increased their price target on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Piper Sandler increased their price target on Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $115.50.

Institutional Investors Weigh In On Palomar

A number of institutional investors have recently modified their holdings of the business. Dakota Wealth Management grew its position in shares of Palomar by 3.1% during the 4th quarter. Dakota Wealth Management now owns 3,070 shares of the company’s stock valued at $324,000 after acquiring an additional 92 shares during the period. State of Alaska Department of Revenue grew its position in shares of Palomar by 0.7% during the 4th quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company’s stock valued at $1,588,000 after acquiring an additional 100 shares during the period. Louisiana State Employees Retirement System grew its position in shares of Palomar by 0.8% during the 4th quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company’s stock valued at $1,352,000 after acquiring an additional 100 shares during the period. GAMMA Investing LLC lifted its stake in Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after buying an additional 125 shares in the last quarter. Finally, Covestor Ltd lifted its stake in Palomar by 20.2% in the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company’s stock valued at $102,000 after buying an additional 181 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.