Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $668,430.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $95.49, for a total value of $668,430.00. Following the transaction, the chief executive officer now directly owns 440,388 shares of the company’s stock, valued at approximately $42,052,650.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Thursday, July 18th, Mac Armstrong sold 12,227 shares of Palomar stock. The stock was sold at an average price of $91.08, for a total transaction of $1,113,635.16.
• On Monday, July 15th, Mac Armstrong sold 12,773 shares of Palomar stock. The stock was sold at an average price of $88.19, for a total transaction of $1,126,450.87.

Palomar Stock Performance

Shares of PLMR traded up $0.46 during mid-day trading on Tuesday, hitting $96.19. 169,687 shares of the company traded hands, compared to its average volume of 165,726. Palomar Holdings, Inc. has a 1 year low of $48.08 and a 1 year high of $100.29. The stock has a 50-day moving average price of $93.78 and a two-hundred day moving average price of $86.00. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 27.64 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last announced its earnings results on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.16. The business had revenue of $123.08 million during the quarter, compared to analyst estimates of $338.74 million. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The company’s quarterly revenue was up 47.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.72 EPS. On average, analysts forecast that Palomar Holdings, Inc. will post 4.37 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Piper Sandler upped their price target on Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Truist Financial increased their price objective on shares of Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. lifted their target price on shares of Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Keefe, Bruyette & Woods increased their price target on shares of Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Finally, Evercore ISI boosted their price objective on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a report on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $101.33.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. International Assets Investment Management LLC bought a new stake in shares of Palomar during the 2nd quarter valued at about $49,000. DekaBank Deutsche Girozentrale purchased a new position in shares of Palomar in the first quarter worth approximately $59,000. Advisors Asset Management Inc. grew its position in Palomar by 137.1% during the first quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock valued at $62,000 after buying an additional 425 shares during the period. Atwood & Palmer Inc. increased its holdings in Palomar by 66.7% during the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after buying an additional 300 shares during the last quarter. Finally, Covestor Ltd raised its position in Palomar by 29.0% in the first quarter. Covestor Ltd now owns 1,183 shares of the company’s stock worth $99,000 after acquiring an additional 266 shares during the period. Institutional investors own 90.25% of the company’s stock.

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.