Palomar (NASDAQ:PLMR) Trading Down 4.5% Following Insider Selling

Palomar Holdings, Inc. (NASDAQ:PLMR) fell 4.5% on Thursday after an insider sold shares in the company. The stock traded as low as $103.60 and last traded at $102.96. 90,513 shares were traded during mid-day trading, a decline of 27% from the average session volume of 124,130 shares. The stock had previously closed at $107.84.

Specifically, CFO T Christopher Uchida sold 1,030 shares of the company’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $109.65, for a total value of $112,939.50. Following the completion of the transaction, the chief financial officer now directly owns 16,258 shares in the company, valued at approximately $1,782,689.70. This represents a 5.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $109.76, for a total transaction of $768,320.00. Following the completion of the sale, the chief executive officer now directly owns 412,388 shares in the company, valued at $45,263,706.88. This represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CEO Mac Armstrong sold 3,154 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $109.27, for a total transaction of $344,637.58. Following the sale, the chief executive officer now directly owns 60,032 shares of the company’s stock, valued at approximately $6,559,696.64. This represents a 4.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

PLMR has been the topic of several recent analyst reports. Piper Sandler increased their price objective on shares of 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 increased their price objective on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. raised their target price on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Keefe, Bruyette & Woods increased their price objective 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 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 stock presently has an average rating of “Moderate Buy” and a consensus price target of $115.50.

Palomar Price Performance

The firm has a market capitalization of $2.72 billion, a P/E ratio of 24.43 and a beta of 0.38. The firm has a 50-day moving average price of $107.00 and a two-hundred day moving average price of $98.40.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The business had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. During the same period last year, the company earned $0.80 earnings per share. Sell-side analysts predict that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Palomar

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dakota Wealth Management grew its stake in shares of Palomar by 3.1% during the fourth quarter. Dakota Wealth Management now owns 3,070 shares of the company’s stock worth $324,000 after acquiring an additional 92 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Palomar by 48.6% in the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after acquiring an additional 125 shares during the period. Covestor Ltd lifted its holdings in Palomar by 20.2% in the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock valued at $102,000 after acquiring an additional 181 shares during the period. Louisiana State Employees Retirement System lifted its holdings in Palomar by 1.6% in the third quarter. Louisiana State Employees Retirement System now owns 12,700 shares of the company’s stock valued at $1,202,000 after acquiring an additional 200 shares during the period. Finally, Exchange Traded Concepts LLC lifted its holdings in Palomar by 2.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 7,919 shares of the company’s stock valued at $836,000 after acquiring an additional 200 shares during the period. Hedge funds and other 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.