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

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $95.49, for a total transaction of $668,430.00. Following the sale, the chief executive officer now owns 440,388 shares in the company, valued at approximately $42,052,650.12. The transaction was disclosed in a document filed with the SEC, which is available at this link.

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

• On Thursday, July 18th, Mac Armstrong sold 12,227 shares of Palomar stock. The stock was sold at an average price of $91.08, for a total transaction of $1,113,635.16.
• On Monday, July 15th, Mac Armstrong sold 12,773 shares of Palomar stock. The shares were sold at an average price of $88.19, for a total value of $1,126,450.87.

Palomar Price Performance

PLMR stock opened at $97.48 on Thursday. Palomar Holdings, Inc. has a one year low of $48.08 and a one year high of $100.29. The stock has a market cap of $2.44 billion, a PE ratio of 28.01 and a beta of 0.34. The firm has a 50 day simple moving average of $93.90 and a two-hundred day simple moving average of $86.08.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.16. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The company had revenue of $123.08 million during the quarter, compared to analyst estimates of $338.74 million. During the same quarter in the previous year, the company posted $0.72 EPS. Palomar’s revenue for the quarter was up 47.0% on a year-over-year basis. On average, research analysts expect that Palomar Holdings, Inc. will post 4.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PLMR has been the subject of several recent research reports. Keefe, Bruyette & Woods upped their price target on shares of Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. Evercore ISI increased their price objective on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. Truist Financial upped their target price on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Piper Sandler raised their price target on shares of Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. raised their price objective on Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. 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, Palomar has an average rating of “Moderate Buy” and a consensus price target of $101.33.

Institutional Trading of Palomar

Several institutional investors have recently bought and sold shares of PLMR. Arizona State Retirement System boosted its holdings in Palomar by 2.4% in the second quarter. Arizona State Retirement System now owns 6,961 shares of the company’s stock worth $565,000 after purchasing an additional 164 shares during the last quarter. CWM LLC increased its holdings in Palomar by 15.7% in the 2nd quarter. CWM LLC now owns 1,601 shares of the company’s stock worth $130,000 after acquiring an additional 217 shares in the last quarter. Covestor Ltd raised its position in shares of Palomar by 29.0% during the 1st quarter. Covestor Ltd now owns 1,183 shares of the company’s stock valued at $99,000 after purchasing an additional 266 shares during the period. Conestoga Capital Advisors LLC lifted its position in shares of Palomar by 1.0% in the first quarter. Conestoga Capital Advisors LLC now owns 27,407 shares of the company’s stock valued at $2,298,000 after acquiring an additional 270 shares in the last quarter. Finally, Texas Permanent School Fund Corp grew its holdings in Palomar by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 21,644 shares of the company’s stock valued at $1,814,000 after buying an additional 280 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

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.