Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells 2,791 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 2,791 shares of the business’s stock in a transaction dated Sunday, January 26th. The stock was sold at an average price of $101.69, for a total value of $283,816.79. Following the transaction, the chief executive officer now directly owns 62,639 shares of the company’s stock, valued at $6,369,759.91. This represents a 4.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• 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 transaction 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 transaction of $441,436.20.
• On Monday, December 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $103.04, for a total transaction of $721,280.00.

Palomar Trading Down 1.1 %

NASDAQ PLMR opened at $107.44 on Friday. The firm has a market cap of $2.84 billion, a price-to-earnings ratio of 25.52 and a beta of 0.38. Palomar Holdings, Inc. has a 1-year low of $57.55 and a 1-year high of $112.90. The company has a 50 day moving average of $106.96 and a 200-day moving average of $99.21.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.20. The firm had revenue of $148.50 million during the quarter, compared to the consensus estimate 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 company posted $0.80 EPS. On average, analysts forecast that Palomar Holdings, Inc. will post 4.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PLMR. JPMorgan Chase & Co. lifted their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Piper Sandler boosted their price objective on Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Jefferies Financial Group raised their target price 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 boosted their price target on shares of Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Palomar presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.50.

Institutional Investors Weigh In On Palomar

Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its stake in shares of Palomar by 3.0% in the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after acquiring an additional 32,151 shares during the last quarter. Geode Capital Management LLC raised 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 worth $56,822,000 after purchasing an additional 18,335 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Palomar by 9.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company’s stock worth $12,133,000 after buying an additional 11,140 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in Palomar by 58.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock valued at $3,109,000 after buying an additional 12,147 shares during the last quarter. Finally, HighTower Advisors LLC bought a new stake in shares of Palomar during the third quarter worth $1,711,000. Institutional investors own 90.25% of the company’s stock.

Palomar Company Profile

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.