Mac Armstrong Sells 2,444 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 2,444 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $108.34, for a total transaction of $264,782.96. Following the transaction, the chief executive officer now owns 64,982 shares in the company, valued at $7,040,149.88. The trade was a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• On Sunday, January 26th, Mac Armstrong sold 2,791 shares of Palomar stock. The stock was sold at an average price of $101.69, for a total transaction of $283,816.79.
• On Tuesday, January 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $109.76, for a total transaction of $768,320.00.
• On Wednesday, January 15th, Mac Armstrong sold 3,154 shares of Palomar stock. The stock was sold at an average price of $109.27, for a total transaction of $344,637.58.
• 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 transaction of $441,436.20.
• On Monday, December 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $103.04, for a total transaction of $721,280.00.

Palomar Stock Up 0.4 %

NASDAQ:PLMR opened at $107.87 on Monday. Palomar Holdings, Inc. has a 52 week low of $57.55 and a 52 week high of $112.90. The firm has a 50 day moving average of $106.93 and a 200 day moving average of $99.45. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of 25.62 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last posted its 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 net margin of 21.55% and a return on equity of 19.65%. The company had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. During the same quarter in the prior year, the company posted $0.80 earnings per share. As a group, analysts expect that Palomar Holdings, Inc. will post 4.33 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PLMR shares. Keefe, Bruyette & Woods upped their price target on shares of Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Piper Sandler upped their price target on shares of Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. JPMorgan Chase & Co. upped their price target on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, 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 research report on Wednesday, October 9th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Palomar presently has an average rating of “Moderate Buy” and an average target price of $115.50.

Institutional Investors Weigh In On Palomar

Hedge funds and other institutional investors have recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Palomar in the third quarter worth $25,000. Blue Trust Inc. purchased a new position in shares of Palomar in the fourth quarter worth $26,000. GAMMA Investing LLC raised its holdings in shares of Palomar by 48.6% in the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after buying an additional 125 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Palomar by 490.9% in the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after buying an additional 378 shares during the last quarter. Finally, Covestor Ltd raised 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 worth $102,000 after buying an additional 181 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

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.