Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) CFO Sells 1,000 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CFO T Christopher Uchida sold 1,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $91.30, for a total transaction of $91,300.00. Following the completion of the sale, the chief financial officer now owns 24,094 shares in the company, valued at $2,199,782.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

T Christopher Uchida also recently made the following trade(s):

• On Thursday, June 20th, T Christopher Uchida sold 1,000 shares of Palomar stock. The stock was sold at an average price of $80.32, for a total transaction of $80,320.00.
• On Monday, May 20th, T Christopher Uchida sold 1,250 shares of Palomar stock. The stock was sold at an average price of $89.00, for a total transaction of $111,250.00.
• On Wednesday, May 15th, T Christopher Uchida sold 1,000 shares of Palomar stock. The stock was sold at an average price of $83.19, for a total transaction of $83,190.00.

Palomar Trading Down 1.7 %

PLMR stock traded down $1.55 during trading on Friday, hitting $88.79. 108,967 shares of the stock traded hands, compared to its average volume of 158,325. Palomar Holdings, Inc. has a one year low of $48.08 and a one year high of $93.51. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 25.51 and a beta of 0.31. The company has a 50 day simple moving average of $83.43 and a 200 day simple moving average of $76.01.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.28. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The firm had revenue of $108.39 million during the quarter, compared to the consensus estimate of $322.10 million. During the same period last year, the firm posted $0.80 EPS. The firm’s quarterly revenue was up 29.1% on a year-over-year basis. As a group, analysts predict that Palomar Holdings, Inc. will post 4.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Palomar

Several institutional investors have recently added to or reduced their stakes in PLMR. Artemis Investment Management LLP bought a new position in Palomar during the 1st quarter valued at about $20,904,000. Norges Bank bought a new position in shares of Palomar in the fourth quarter worth about $9,726,000. Stephens Investment Management Group LLC raised its stake in shares of Palomar by 11.3% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock worth $59,752,000 after acquiring an additional 109,261 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Palomar by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 2,363,067 shares of the company’s stock worth $131,150,000 after acquiring an additional 85,329 shares during the last quarter. Finally, Champlain Investment Partners LLC raised its stake in shares of Palomar by 5.5% in the first quarter. Champlain Investment Partners LLC now owns 1,340,795 shares of the company’s stock worth $112,399,000 after acquiring an additional 69,615 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on PLMR. Keefe, Bruyette & Woods raised their price target on shares of Palomar from $93.00 to $96.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 29th. JPMorgan Chase & Co. lifted their target price on shares of Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Truist Financial lifted their target price on shares of Palomar from $97.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, May 29th. Evercore ISI lifted their target price on shares of Palomar from $88.00 to $89.00 and gave the company an “in-line” rating in a research report on Wednesday, May 29th. Finally, Piper Sandler reiterated an “overweight” rating and set a $99.00 target price (up from $90.00) on shares of Palomar in a research report on Wednesday, May 29th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $93.83.

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.