Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $441,436.20 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 4,170 shares of the company’s stock in a transaction on Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total value of $441,436.20. Following the sale, the chief executive officer now owns 56,936 shares of the company’s stock, valued at $6,027,244.96. The trade was a 6.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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

• 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 value of $721,280.00.
• 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 stock was sold at an average price of $98.21, for a total transaction of $312,798.85.

Palomar Stock Up 0.4 %

Shares of Palomar stock opened at $104.81 on Monday. The stock has a market cap of $2.77 billion, a price-to-earnings ratio of 24.90 and a beta of 0.38. Palomar Holdings, Inc. has a twelve month low of $54.81 and a twelve month high of $112.90. The company’s fifty day moving average is $103.86 and its 200 day moving average is $96.06.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.20. The company had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. Palomar had a return on equity of 19.65% and a net margin of 21.55%. During the same quarter in the prior year, the firm posted $0.80 earnings per share. As a group, equities analysts anticipate that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Palomar in the 3rd quarter valued at $25,000. GAMMA Investing LLC lifted its holdings in Palomar by 48.6% in the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after buying an additional 125 shares during the period. Farther Finance Advisors LLC grew 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 acquiring an additional 378 shares during the period. International Assets Investment Management LLC bought a new position in shares of Palomar in the 2nd quarter worth about $49,000. Finally, Covestor Ltd lifted its stake in shares of Palomar by 20.2% in the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company’s stock valued at $102,000 after purchasing an additional 181 shares during the period. Institutional investors own 90.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Jefferies Financial Group upped their price objective 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. 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 report on Friday, December 6th. Piper Sandler raised their price objective on Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, 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. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Palomar presently has an average rating of “Moderate Buy” and an average target price of $111.67.

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.