Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong Sells 2,237 Shares

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 2,237 shares of Palomar stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $104.50, for a total value of $233,766.50. Following the completion of the transaction, the chief executive officer now owns 67,011 shares of the company’s stock, valued at $7,002,649.50. This trade represents a 3.23 % decrease in their ownership of the stock. The transaction 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 Wednesday, January 29th, Mac Armstrong sold 2,444 shares of Palomar stock. The stock was sold at an average price of $108.34, for a total value of $264,782.96.
• 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 stock was 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 transaction 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 transaction of $441,436.20.
• On Monday, December 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $103.04, for a total transaction of $721,280.00.

Palomar Price Performance

PLMR opened at $110.73 on Friday. The stock’s 50 day moving average price is $106.87 and its 200 day moving average price is $99.82. The stock has a market cap of $2.93 billion, a P/E ratio of 26.30 and a beta of 0.38. Palomar Holdings, Inc. has a 12 month low of $57.68 and a 12 month high of $112.90.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. The company had revenue of $148.50 million for 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 period last year, the company earned $0.80 earnings per share. Equities analysts anticipate that Palomar Holdings, Inc. will post 4.33 EPS for the current year.

Hedge Funds Weigh In On Palomar

Several large investors have recently bought and sold shares of PLMR. Point72 Asset Management L.P. acquired a new stake in shares of Palomar in the 3rd quarter worth approximately $10,994,000. Soros Fund Management LLC bought a new stake in Palomar during the third quarter worth approximately $9,467,000. Westfield Capital Management Co. LP lifted its position in Palomar by 24.5% in the third quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company’s stock worth $37,339,000 after purchasing an additional 77,552 shares during the period. Artemis Investment Management LLP boosted its stake in Palomar by 18.7% during the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company’s stock valued at $48,052,000 after purchasing an additional 71,806 shares in the last quarter. Finally, International Assets Investment Management LLC increased its position in shares of Palomar by 9,367.0% during the 3rd quarter. International Assets Investment Management LLC now owns 57,654 shares of the company’s stock valued at $5,458,000 after purchasing an additional 57,045 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PLMR shares. Keefe, Bruyette & Woods lifted 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. JPMorgan Chase & Co. boosted their price objective on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, Piper Sandler increased their target price on Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus 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.