Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong Sells 2,237 Shares

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 2,237 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $104.50, for a total transaction of $233,766.50. Following the completion of the transaction, the chief executive officer now directly owns 67,011 shares of the company’s stock, valued at $7,002,649.50. This represents a 3.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

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

• On Wednesday, January 29th, Mac Armstrong sold 2,444 shares of Palomar stock. The shares were sold at an average price of $108.34, for a total transaction of $264,782.96.
• On Sunday, January 26th, Mac Armstrong sold 2,791 shares of Palomar stock. The shares were 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 shares were 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 shares were 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 shares were 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 shares were sold at an average price of $103.04, for a total transaction of $721,280.00.

Palomar Stock Down 0.3 %

Palomar stock traded down $0.29 during midday trading on Tuesday, reaching $106.74. The stock had a trading volume of 106,533 shares, compared to its average volume of 131,602. Palomar Holdings, Inc. has a 52-week low of $57.55 and a 52-week high of $112.90. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of 25.35 and a beta of 0.38. The company has a fifty day moving average of $106.89 and a 200 day moving average of $99.63.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data 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 net margin of 21.55% and a return on equity of 19.65%. The company had revenue of $148.50 million for the quarter, compared to analyst estimates of $134.72 million. During the same period in the prior year, the company posted $0.80 EPS. Equities research analysts predict that Palomar Holdings, Inc. will post 4.33 EPS for the current year.

Analyst Ratings Changes

Several research analysts have commented on the stock. Piper Sandler increased their price objective on shares of Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods upped their target price on shares of Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Jefferies Financial Group upped their target price on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. upped their target price on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $115.50.

Institutional Trading of Palomar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PLMR. Whittier Trust Co. of Nevada Inc. purchased a new stake in Palomar in the 3rd quarter worth about $25,000. Blue Trust Inc. purchased a new position in shares of Palomar during the fourth quarter worth approximately $26,000. GAMMA Investing LLC increased its position in shares of Palomar by 48.6% during the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after acquiring an additional 125 shares during the period. Farther Finance Advisors LLC increased its position in shares of Palomar by 490.9% during the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after acquiring an additional 378 shares during the period. Finally, Covestor Ltd increased its position in shares of Palomar by 20.2% during the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after acquiring an additional 181 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.