Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $549,570.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction on Friday, June 21st. The stock was sold at an average price of $78.51, for a total value of $549,570.00. Following the sale, the chief executive officer now owns 454,388 shares in the company, valued at $35,674,001.88. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• On Tuesday, May 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $82.84, for a total transaction of $579,880.00.
• On Monday, April 22nd, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $80.03, for a total transaction of $560,210.00.

Palomar Price Performance

PLMR opened at $78.16 on Monday. Palomar Holdings, Inc. has a one year low of $48.08 and a one year high of $89.22. The firm has a market capitalization of $1.95 billion, a P/E ratio of 22.46 and a beta of 0.32. The company has a fifty day moving average price of $82.14 and a 200-day moving average price of $72.93.

Palomar (NASDAQ:PLMR) last announced its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.28. The business had revenue of $108.39 million for the quarter, compared to the consensus estimate of $322.10 million. Palomar had a net margin of 21.78% and a return on equity of 19.94%. Palomar’s quarterly revenue was up 29.1% on a year-over-year basis. During the same period last year, the firm posted $0.80 earnings per share. On average, analysts expect that Palomar Holdings, Inc. will post 4.2 earnings per share for the current year.

Institutional Investors Weigh In On Palomar

A number of large investors have recently added to or reduced their stakes in the company. Signaturefd LLC lifted its stake in shares of Palomar by 59.4% in the 4th quarter. Signaturefd LLC now owns 593 shares of the company’s stock valued at $33,000 after acquiring an additional 221 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in shares of Palomar during the first quarter valued at approximately $59,000. Advisors Asset Management Inc. grew its holdings in shares of Palomar by 137.1% in the first quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock worth $62,000 after purchasing an additional 425 shares during the last quarter. Atwood & Palmer Inc. increased its stake in shares of Palomar by 66.7% in the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock worth $63,000 after buying an additional 300 shares during the period. Finally, Covestor Ltd boosted its position in Palomar by 29.0% during the 1st quarter. Covestor Ltd now owns 1,183 shares of the company’s stock valued at $99,000 after buying an additional 266 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PLMR. Piper Sandler reaffirmed an “overweight” rating and set a $99.00 price target (up previously from $90.00) on shares of Palomar in a research report on Wednesday, May 29th. JPMorgan Chase & Co. lowered shares of Palomar from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $79.00 to $85.00 in a research report on Monday, April 8th. JMP Securities restated a “market perform” rating on shares of Palomar in a research note on Monday, April 15th. Truist Financial lifted their price objective on shares of Palomar from $97.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, May 29th. Finally, Jefferies Financial Group upgraded Palomar from a “hold” rating to a “buy” rating and increased their target price for the stock from $78.00 to $88.00 in a research report on Thursday, March 14th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Palomar presently has an average rating of “Moderate Buy” and a consensus price target of $92.83.

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.