Mac Armstrong Sells 11,484 Shares of Palomar (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 11,484 shares of the stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total transaction of $1,376,701.92. Following the sale, the chief executive officer directly owned 91,737 shares of the company’s stock, valued at approximately $10,997,431.56. The trade was a 11.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

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

• On Wednesday, January 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $129.00, for a total value of $645,000.00.
• On Thursday, January 15th, Mac Armstrong sold 2,310 shares of Palomar stock. The stock was sold at an average price of $130.00, for a total transaction of $300,300.00.
• On Friday, November 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $122.86, for a total value of $614,300.00.

Palomar Stock Up 0.3%

Shares of NASDAQ:PLMR traded up $0.38 during midday trading on Friday, reaching $123.59. The company’s stock had a trading volume of 266,025 shares, compared to its average volume of 191,596. The firm has a market capitalization of $3.28 billion, a PE ratio of 19.28 and a beta of 0.42. Palomar Holdings, Inc. has a twelve month low of $104.47 and a twelve month high of $175.85. The stock has a fifty day moving average of $127.64 and a 200 day moving average of $124.07.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Thursday, November 6th. The company reported $2.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.45. The firm had revenue of $244.66 million for the quarter, compared to the consensus estimate of $207.98 million. Palomar had a net margin of 22.59% and a return on equity of 21.93%. During the same period in the prior year, the firm posted $1.23 earnings per share. Sell-side analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PLMR shares. Weiss Ratings upgraded Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 14th. Wall Street Zen upgraded Palomar from a “hold” rating to a “buy” rating in a report on Saturday, January 10th. Keefe, Bruyette & Woods raised their price objective on Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a research note on Tuesday, January 6th. Finally, JPMorgan Chase & Co. raised their price target on Palomar from $145.00 to $155.00 and gave the stock an “overweight” rating in a report on Wednesday, January 7th. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $159.50.

Institutional Investors Weigh In On Palomar

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Palomar by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company’s stock worth $363,620,000 after purchasing an additional 67,038 shares during the period. American Century Companies Inc. grew its holdings in shares of Palomar by 2.1% during the 2nd quarter. American Century Companies Inc. now owns 846,312 shares of the company’s stock worth $130,544,000 after purchasing an additional 17,188 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Palomar by 234.1% during the 2nd quarter. Invesco Ltd. now owns 798,361 shares of the company’s stock worth $123,147,000 after acquiring an additional 559,383 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Palomar by 72.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company’s stock worth $105,809,000 after buying an additional 328,993 shares during the period. Finally, Westfield Capital Management Co. LP grew its holdings in shares of Palomar by 81.0% in the 3rd quarter. Westfield Capital Management Co. LP now owns 738,528 shares of the company’s stock worth $86,223,000 after purchasing an additional 330,592 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Company Profile

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.