Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells 2,444 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 2,444 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $108.34, for a total value of $264,782.96. Following the completion of the sale, the chief executive officer now directly owns 64,982 shares of the company’s stock, valued at $7,040,149.88. This represents a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• On Sunday, January 26th, Mac Armstrong sold 2,791 shares of Palomar stock. The shares were sold at an average price of $101.69, for a total value of $283,816.79.
• 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 15th, Mac Armstrong sold 3,154 shares of Palomar stock. The shares were sold at an average price of $109.27, for a total value of $344,637.58.
• 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 Trading Up 0.4 %

Shares of Palomar stock traded up $0.43 on Friday, reaching $107.87. 129,015 shares of the company were exchanged, compared to its average volume of 133,406. Palomar Holdings, Inc. has a one year low of $57.55 and a one year high of $112.90. The company has a market capitalization of $2.86 billion, a price-to-earnings ratio of 25.62 and a beta of 0.38. The company has a 50-day moving average of $106.94 and a 200 day moving average of $99.27.

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, topping 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 analysts’ expectations of $134.72 million. During the same quarter in the prior year, the business posted $0.80 EPS. Analysts predict that Palomar Holdings, Inc. will post 4.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PLMR shares. 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 note on Wednesday, October 9th. Piper Sandler raised their target price on Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. JPMorgan Chase & Co. raised their target price on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Keefe, Bruyette & Woods raised their target price on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $115.50.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Dakota Wealth Management increased its holdings in shares of Palomar by 3.1% during the 4th quarter. Dakota Wealth Management now owns 3,070 shares of the company’s stock worth $324,000 after acquiring an additional 92 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in shares of Palomar by 0.7% during the 4th quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company’s stock worth $1,588,000 after acquiring an additional 100 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Palomar by 0.8% during the 4th quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company’s stock worth $1,352,000 after acquiring an additional 100 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after acquiring an additional 125 shares during the last quarter. Finally, Covestor Ltd increased its holdings in shares of Palomar by 20.2% during the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after acquiring an additional 181 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

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.