Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells 7,000 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $103.04, for a total transaction of $721,280.00. Following the completion of the transaction, the chief executive officer now owns 419,388 shares of the company’s stock, valued at $43,213,739.52. The trade was a 1.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

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

• On Monday, October 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $96.28, for a total value of $673,960.00.
• On Tuesday, October 15th, Mac Armstrong sold 3,185 shares of Palomar stock. The shares were sold at an average price of $98.21, for a total transaction of $312,798.85.

Palomar Stock Up 0.2 %

Palomar stock traded up $0.17 during trading hours on Thursday, reaching $105.18. 81,969 shares of the company’s stock were exchanged, compared to its average volume of 162,994. The firm has a market capitalization of $2.78 billion, a PE ratio of 24.98 and a beta of 0.36. The firm’s 50 day simple moving average is $102.51 and its 200 day simple moving average is $94.99. Palomar Holdings, Inc. has a twelve month low of $54.50 and a twelve month high of $112.90.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $134.72 million. During the same period in the prior year, the business earned $0.80 EPS. Analysts anticipate that Palomar Holdings, Inc. will post 4.33 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Palomar during the third quarter worth about $25,000. GAMMA Investing LLC boosted its stake in Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after purchasing an additional 125 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Palomar by 490.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after purchasing an additional 378 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Palomar in the second quarter worth approximately $49,000. Finally, Covestor Ltd lifted its holdings in shares of 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 purchasing an additional 181 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PLMR. Jefferies Financial Group upped their price target on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. upped their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Piper Sandler boosted their target price on shares of Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, Keefe, Bruyette & Woods increased their price target on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note 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 MarketBeat.com, Palomar presently has a consensus rating of “Moderate Buy” and an average target price of $111.67.

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.