Mac Armstrong Sells 7,000 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $103.04, for a total transaction of $721,280.00. Following the transaction, the chief executive officer now owns 419,388 shares of the company’s stock, valued at $43,213,739.52. This trade represents a 1.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Monday, October 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was 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 shares were sold at an average price of $98.21, for a total value of $312,798.85.

Palomar Stock Down 0.8 %

Shares of NASDAQ PLMR opened at $104.39 on Friday. The company has a market capitalization of $2.76 billion, a PE ratio of 24.80 and a beta of 0.36. The firm has a fifty day simple moving average of $102.81 and a 200 day simple moving average of $95.19. Palomar Holdings, Inc. has a twelve month low of $54.50 and a twelve month high of $112.90.

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

Analyst Ratings Changes

PLMR has been the subject of a number of research reports. Jefferies Financial Group raised their price objective on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. lifted their price target on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Piper Sandler increased 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, Keefe, Bruyette & Woods lifted their target price on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $111.67.

Hedge Funds Weigh In On Palomar

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC raised its stake in Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after buying an additional 125 shares during the period. Arizona State Retirement System lifted its holdings in Palomar by 2.4% during the second quarter. Arizona State Retirement System now owns 6,961 shares of the company’s stock worth $565,000 after acquiring an additional 164 shares during the period. Covestor Ltd boosted its position in Palomar by 20.2% in the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after purchasing an additional 181 shares during the last quarter. Louisiana State Employees Retirement System increased its position in shares of Palomar by 1.6% during the 3rd quarter. Louisiana State Employees Retirement System now owns 12,700 shares of the company’s stock valued at $1,202,000 after purchasing an additional 200 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Palomar during the 3rd quarter worth $25,000. 90.25% of the stock is currently owned by 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.