Palomar (NASDAQ:PLMR) Trading Down 4.5% on Insider Selling

Palomar Holdings, Inc. (NASDAQ:PLMR) dropped 4.5% during trading on Thursday following insider selling activity. The stock traded as low as $103.60 and last traded at $102.96. Approximately 90,513 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 124,130 shares. The stock had previously closed at $107.84.

Specifically, CFO T Christopher Uchida sold 1,030 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $109.65, for a total transaction of $112,939.50. Following the completion of the transaction, the chief financial officer now owns 16,258 shares in the company, valued at $1,782,689.70. This trade represents a 5.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $109.76, for a total value of $768,320.00. Following the sale, the chief executive officer now directly owns 412,388 shares in the company, valued at $45,263,706.88. This trade represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CEO Mac Armstrong sold 3,154 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $109.27, for a total value of $344,637.58. Following the completion of the transaction, the chief executive officer now directly owns 60,032 shares of the company’s stock, valued at approximately $6,559,696.64. This trade represents a 4.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analysts Set New Price Targets

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

Palomar Stock Down 4.8 %

The company’s 50 day simple moving average is $107.00 and its 200-day simple moving average is $98.40. The firm has a market cap of $2.72 billion, a P/E ratio of 24.40 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last issued its earnings results on Monday, November 4th. The company reported $1.23 EPS 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 business had revenue of $148.50 million for the quarter, compared to analyst estimates of $134.72 million. During the same period last year, the company posted $0.80 earnings per share. Equities research analysts predict that Palomar Holdings, Inc. will post 4.33 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PLMR. State Street Corp increased its holdings 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 buying an additional 32,151 shares during the period. Geode Capital Management LLC boosted its position in Palomar by 3.2% during 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 in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Palomar by 15.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after acquiring an additional 66,478 shares during the period. Artemis Investment Management LLP raised its position in shares of Palomar by 18.7% in the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company’s stock worth $48,052,000 after acquiring an additional 71,806 shares in the last quarter. Finally, Emerald Advisers LLC lifted its stake in shares of Palomar by 1.9% during the 3rd quarter. Emerald Advisers LLC now owns 449,973 shares of the company’s stock worth $42,599,000 after purchasing an additional 8,601 shares during the last quarter. Hedge funds and other 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.