Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $312,798.85 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,185 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $98.21, for a total transaction of $312,798.85. Following the sale, the chief executive officer now directly owns 50,312 shares of the company’s stock, valued at approximately $4,941,141.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Monday, September 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $95.49, for a total value of $668,430.00.
• 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 value of $1,113,635.16.

Palomar Stock Down 0.2 %

NASDAQ PLMR traded down $0.16 on Wednesday, reaching $98.02. The stock had a trading volume of 128,385 shares, compared to its average volume of 164,940. The stock has a fifty day moving average price of $95.54 and a two-hundred day moving average price of $87.58. Palomar Holdings, Inc. has a 12-month low of $48.08 and a 12-month high of $103.40. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of 28.17 and a beta of 0.33.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.16. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The firm had revenue of $123.08 million for the quarter, compared to the consensus estimate of $338.74 million. During the same quarter in the previous year, the business earned $0.72 EPS. The company’s quarterly revenue was up 47.0% compared to the same quarter last year. Sell-side analysts forecast that Palomar Holdings, Inc. will post 4.37 earnings per share for the current fiscal year.

Institutional Trading of Palomar

Several hedge funds have recently made changes to their positions in the business. Artemis Investment Management LLP purchased a new stake in Palomar during the 1st quarter worth approximately $20,904,000. Victory Capital Management Inc. grew its stake in shares of Palomar by 1,634.6% in the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock worth $14,419,000 after acquiring an additional 167,435 shares in the last quarter. F M Investments LLC purchased a new stake in shares of Palomar during the second quarter worth $11,946,000. Allspring Global Investments Holdings LLC raised its stake in shares of Palomar by 214.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company’s stock valued at $13,445,000 after acquiring an additional 112,996 shares in the last quarter. Finally, Atlas Capital Advisors LLC boosted its holdings in Palomar by 167.7% in the second quarter. Atlas Capital Advisors LLC now owns 137,284 shares of the company’s stock valued at $11,141,000 after purchasing an additional 86,000 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

PLMR has been the subject of a number of recent research reports. Truist Financial raised their target price on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Piper Sandler increased their price target on shares of Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Jefferies Financial Group lifted their price target on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Evercore ISI upped their price objective on Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a report on Tuesday, August 6th. Finally, Keefe, Bruyette & Woods increased their price target on Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $105.50.

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.