Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $579,880.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $82.84, for a total value of $579,880.00. Following the sale, the chief executive officer now directly owns 461,388 shares in the company, valued at $38,221,381.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Monday, April 22nd, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $80.03, for a total value of $560,210.00.
• On Thursday, March 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $82.62, for a total value of $578,340.00.
• On Thursday, February 29th, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $75.75, for a total value of $530,250.00.

Palomar Price Performance

Shares of NASDAQ PLMR opened at $81.67 on Friday. The business’s 50-day moving average price is $81.30 and its two-hundred day moving average price is $69.27. Palomar Holdings, Inc. has a one year low of $46.67 and a one year high of $89.22. The company has a market capitalization of $2.04 billion, a P/E ratio of 23.47 and a beta of 0.24.

Palomar (NASDAQ:PLMR) last issued its earnings results on Thursday, May 2nd. The company reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.28. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The firm had revenue of $108.39 million for the quarter, compared to the consensus estimate of $322.10 million. During the same quarter in the previous year, the company posted $0.80 earnings per share. The business’s quarterly revenue was up 29.1% compared to the same quarter last year. On average, equities analysts anticipate that Palomar Holdings, Inc. will post 4.03 EPS for the current year.

Institutional Trading of Palomar

Institutional investors and hedge funds have recently made changes to their positions in the stock. Signaturefd LLC lifted its position in shares of Palomar by 59.4% in the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock worth $33,000 after buying an additional 221 shares during the last quarter. Advisors Asset Management Inc. lifted its position in shares of Palomar by 137.1% in the first quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock worth $62,000 after buying an additional 425 shares during the last quarter. Atwood & Palmer Inc. lifted its position in shares of Palomar by 66.7% in the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock worth $63,000 after buying an additional 300 shares during the last quarter. Covestor Ltd lifted its position in shares of Palomar by 29.0% in the first quarter. Covestor Ltd now owns 1,183 shares of the company’s stock worth $99,000 after buying an additional 266 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Palomar in the first quarter worth about $122,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Keefe, Bruyette & Woods lifted their price target on Palomar from $88.00 to $89.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Piper Sandler lifted their price target on Palomar from $89.00 to $90.00 and gave the company an “overweight” rating in a report on Monday, May 6th. Evercore ISI lifted their price target on Palomar from $68.00 to $86.00 and gave the company an “in-line” rating in a report on Thursday, April 11th. Truist Financial lifted their price target on Palomar from $88.00 to $97.00 and gave the company a “buy” rating in a report on Monday, May 6th. Finally, JPMorgan Chase & Co. downgraded Palomar from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $79.00 to $85.00 in a report on Monday, April 8th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $89.17.

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.