Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong Sells 7,000 Shares

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the stock in a transaction on Monday, April 22nd. The stock was 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 approximately $37,485,091.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Thursday, March 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was 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 stock was 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 stock was 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 stock was sold at an average price of $60.13, for a total transaction of $57,243.76.

Palomar Stock Performance

NASDAQ PLMR opened at $79.50 on Friday. The firm has a 50-day moving average of $78.41 and a 200-day moving average of $65.13. The stock has a market cap of $1.98 billion, a PE ratio of 25.48 and a beta of 0.21. Palomar Holdings, Inc. has a 52-week low of $46.09 and a 52-week high of $86.25.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, February 14th. The company reported $0.94 earnings per share (EPS) for the quarter, topping 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, analysts predict that Palomar Holdings, Inc. will post 3.84 EPS for the current fiscal year.

Institutional Trading of Palomar

Hedge funds have recently modified their holdings of the stock. Signaturefd LLC lifted its stake in shares of Palomar by 59.4% during the 4th quarter. Signaturefd LLC now owns 593 shares of the company’s stock worth $33,000 after buying an additional 221 shares during the last quarter. Atwood & Palmer Inc. increased its position in Palomar by 66.7% during the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock worth $63,000 after acquiring an additional 300 shares during the period. Picton Mahoney Asset Management bought a new position in Palomar during the fourth quarter worth about $108,000. AXS Investments LLC bought a new position in Palomar during the fourth quarter worth about $170,000. Finally, Handelsbanken Fonder AB increased its position in Palomar by 5.3% during the third quarter. Handelsbanken Fonder AB now owns 4,210 shares of the company’s stock worth $214,000 after acquiring an additional 210 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

PLMR has been the subject of several recent research reports. JPMorgan Chase & Co. cut shares of Palomar from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $79.00 to $85.00 in a report on Monday, April 8th. Truist Financial increased their target price on shares of Palomar from $72.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Jefferies Financial Group upgraded shares of 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 note on Thursday, March 14th. JMP Securities reiterated a “market perform” rating on shares of Palomar in a research note on Monday, April 15th. Finally, Piper Sandler increased their price target on shares of Palomar from $80.00 to $89.00 and gave the company an “overweight” rating in a research note on Monday, April 1st. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Palomar has a consensus rating of “Moderate Buy” and an average price target of $87.50.

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.