Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $560,210.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $80.03, for a total transaction of $560,210.00. Following the sale, the chief executive officer now directly owns 468,388 shares of the company’s stock, valued at $37,485,091.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

• On Thursday, March 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $82.62, for a total transaction 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 transaction 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 transaction 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 transaction of $57,243.76.

Palomar Price Performance

NASDAQ:PLMR opened at $79.50 on Friday. The firm has a 50-day moving average of $78.41 and a two-hundred day moving average of $65.13. The stock has a market cap of $1.98 billion, a P/E ratio of 25.48 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 posted its quarterly earnings data on Wednesday, February 14th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.09. The company had revenue of $102.35 million during the quarter, compared to analysts’ expectations of $95.07 million. Palomar had a net margin of 21.07% and a return on equity of 19.35%. As a group, equities analysts expect that Palomar Holdings, Inc. will post 3.84 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Evercore ISI boosted their price objective on shares of Palomar from $68.00 to $86.00 and gave the company an “in-line” rating in a research note on Thursday, April 11th. JPMorgan Chase & Co. cut shares of Palomar from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $79.00 to $85.00 in a research report on Monday, April 8th. Keefe, Bruyette & Woods upped their price target on shares of Palomar from $88.00 to $89.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Piper Sandler upped their price target on shares of Palomar from $80.00 to $89.00 and gave the stock an “overweight” rating in a research report on Monday, April 1st. Finally, Truist Financial upped their price target on shares of Palomar from $72.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Three research 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 currently has a consensus rating of “Moderate Buy” and an average price target of $87.50.

Hedge Funds Weigh In On Palomar

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Palomar by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 2,363,067 shares of the company’s stock valued at $131,150,000 after purchasing an additional 85,329 shares in the last quarter. Stephens Investment Management Group LLC raised its stake in shares of Palomar by 11.3% in the 4th quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock valued at $59,752,000 after purchasing an additional 109,261 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Palomar by 1.0% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 954,290 shares of the company’s stock valued at $52,963,000 after purchasing an additional 9,462 shares in the last quarter. Westfield Capital Management Co. LP raised its stake in shares of Palomar by 6.3% in the 4th quarter. Westfield Capital Management Co. LP now owns 460,545 shares of the company’s stock valued at $25,560,000 after purchasing an additional 27,199 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Palomar by 14.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company’s stock valued at $23,407,000 after purchasing an additional 52,659 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

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.