Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $344,637.58 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,154 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $109.27, for a total transaction of $344,637.58. Following the sale, the chief executive officer now directly owns 60,032 shares of the company’s stock, valued at approximately $6,559,696.64. The trade was a 4.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Tuesday, January 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $109.76, for a total value of $768,320.00.
• On Wednesday, January 1st, Mac Armstrong sold 4,170 shares of Palomar stock. The stock was sold at an average price of $105.86, for a total value of $441,436.20.
• 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.

Palomar Stock Performance

NASDAQ PLMR opened at $102.71 on Friday. Palomar Holdings, Inc. has a 52-week low of $57.55 and a 52-week high of $112.90. The company has a fifty day moving average of $107.00 and a 200-day moving average of $98.40. The company has a market capitalization of $2.72 billion, a P/E ratio of 24.40 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.20. The firm had revenue of $148.50 million during the quarter, compared to analyst estimates 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 previous year, the company posted $0.80 earnings per share. As a group, analysts forecast that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. State Street Corp boosted its stake in shares of Palomar by 3.0% in the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after purchasing an additional 32,151 shares in the last quarter. Geode Capital Management LLC boosted its position in Palomar by 3.2% during the third quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock valued at $56,822,000 after buying an additional 18,335 shares during the period. JPMorgan Chase & Co. boosted its position in Palomar by 9.5% during the third quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company’s stock valued at $12,133,000 after buying an additional 11,140 shares during the period. Driehaus Capital Management LLC grew its stake in shares of Palomar by 17.1% during the second quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock valued at $24,362,000 after buying an additional 43,841 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in shares of Palomar by 58.7% in the third quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock worth $3,109,000 after buying an additional 12,147 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on PLMR. Keefe, Bruyette & Woods lifted their target price on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. increased their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Piper Sandler raised their price objective on shares of Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Jefferies Financial Group increased their price objective on Palomar from $110.00 to $113.00 and gave the stock 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $115.50.

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.