Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $344,637.58 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,154 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $109.27, for a total value of $344,637.58. Following the completion of the sale, the chief executive officer now owns 60,032 shares of the company’s stock, valued at $6,559,696.64. This trade represents a 4.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Tuesday, January 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $109.76, for a total value of $768,320.00.
• On Wednesday, January 1st, Mac Armstrong sold 4,170 shares of Palomar stock. The stock was sold at an average price of $105.86, for a total value of $441,436.20.
• On Monday, December 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $103.04, for a total value of $721,280.00.

Palomar Stock Down 1.6 %

Shares of PLMR stock opened at $107.84 on Thursday. The stock has a market cap of $2.85 billion, a P/E ratio of 25.62 and a beta of 0.38. The company’s fifty day simple moving average is $106.86 and its two-hundred day simple moving average is $98.33. Palomar Holdings, Inc. has a 52 week low of $57.55 and a 52 week high of $112.90.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating 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 company had revenue of $148.50 million during the quarter, compared to analyst estimates of $134.72 million. During the same period in the prior year, the company earned $0.80 earnings per share. On average, analysts anticipate that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PLMR has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Jefferies Financial Group upped their target price on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Keefe, Bruyette & Woods raised their price target on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Finally, Piper Sandler upped their price objective on Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. 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, the company has a consensus rating of “Moderate Buy” and an average price target of $115.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp lifted its position in Palomar by 3.0% during the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after purchasing an additional 32,151 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Palomar by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock valued at $56,822,000 after acquiring an additional 18,335 shares during the last quarter. JPMorgan Chase & Co. grew its position in Palomar by 9.5% in the third quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company’s stock worth $12,133,000 after acquiring an additional 11,140 shares in the last quarter. Driehaus Capital Management LLC increased its stake in Palomar by 17.1% during the second quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock worth $24,362,000 after acquiring an additional 43,841 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its position in Palomar by 58.7% during the third quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock valued at $3,109,000 after purchasing an additional 12,147 shares during the period. 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.