Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $578,340.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $82.62, for a total value of $578,340.00. Following the completion of the transaction, the chief executive officer now directly owns 475,388 shares of the company’s stock, valued at approximately $39,276,556.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• 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.
• On Wednesday, January 31st, Mac Armstrong sold 1,541 shares of Palomar stock. The shares were sold at an average price of $59.19, for a total value of $91,211.79.
• On Saturday, January 27th, Mac Armstrong sold 952 shares of Palomar stock. The shares were sold at an average price of $60.13, for a total value of $57,243.76.
• On Monday, January 1st, Mac Armstrong sold 1,836 shares of Palomar stock. The shares were sold at an average price of $54.51, for a total value of $100,080.36.

Palomar Stock Up 0.5 %

NASDAQ:PLMR opened at $84.25 on Thursday. The stock has a fifty day simple moving average of $70.58 and a 200 day simple moving average of $60.89. The firm has a market capitalization of $2.10 billion, a price-to-earnings ratio of 27.00 and a beta of 0.21. Palomar Holdings, Inc. has a 1-year low of $46.09 and a 1-year high of $86.25.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, February 14th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.09. The firm had revenue of $102.35 million during the quarter, compared to the consensus estimate of $95.07 million. Palomar had a return on equity of 19.35% and a net margin of 21.07%. Equities analysts predict that Palomar Holdings, Inc. will post 3.82 earnings per share for the current year.

Institutional Investors Weigh In On Palomar

Several hedge funds have recently bought and sold shares of PLMR. Advisor Group Holdings Inc. lifted its stake in Palomar by 34.1% in the 1st quarter. Advisor Group Holdings Inc. now owns 1,470 shares of the company’s stock worth $94,000 after acquiring an additional 374 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Palomar by 20.7% in the 1st quarter. JPMorgan Chase & Co. now owns 11,682 shares of the company’s stock worth $747,000 after acquiring an additional 2,002 shares in the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in Palomar in the 1st quarter worth about $891,000. Citigroup Inc. lifted its stake in Palomar by 11.6% in the 1st quarter. Citigroup Inc. now owns 20,883 shares of the company’s stock worth $1,337,000 after acquiring an additional 2,165 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Palomar by 50.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,647 shares of the company’s stock worth $425,000 after purchasing an additional 2,240 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Keefe, Bruyette & Woods raised their target price on Palomar from $73.00 to $87.00 and gave the company an “outperform” rating in a research note on Wednesday, February 21st. Truist Financial raised their target price on Palomar from $72.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, February 16th. Evercore ISI increased their price target on Palomar from $66.00 to $68.00 and gave the company an “in-line” rating in a research report on Thursday, February 15th. TheStreet upgraded Palomar from a “c+” rating to a “b-” rating in a research report on Tuesday, December 5th. Finally, Jefferies Financial Group upgraded Palomar from a “hold” rating to a “buy” rating and increased their price target for the company from $78.00 to $88.00 in a research report on Thursday, March 14th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $77.00.

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.