Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $312,798.85 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,185 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $98.21, for a total value of $312,798.85. Following the completion of the transaction, the chief executive officer now directly owns 50,312 shares in the company, valued at $4,941,141.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

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

• On Monday, September 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $95.49, for a total value of $668,430.00.
• On Thursday, July 18th, Mac Armstrong sold 12,227 shares of Palomar stock. The shares were sold at an average price of $91.08, for a total value of $1,113,635.16.

Palomar Stock Down 0.6 %

Shares of NASDAQ:PLMR opened at $97.40 on Friday. The firm has a fifty day moving average of $95.69 and a two-hundred day moving average of $87.72. Palomar Holdings, Inc. has a 12-month low of $48.08 and a 12-month high of $103.40. The firm has a market capitalization of $2.43 billion, a P/E ratio of 27.99 and a beta of 0.33.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.16. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The firm had revenue of $123.08 million during the quarter, compared to analysts’ expectations of $338.74 million. During the same quarter last year, the firm earned $0.72 earnings per share. The business’s revenue for the quarter was up 47.0% on a year-over-year basis. Equities research analysts expect that Palomar Holdings, Inc. will post 4.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Palomar

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Palomar by 1.7% in the first quarter. Vanguard Group Inc. now owns 2,403,520 shares of the company’s stock valued at $201,487,000 after acquiring an additional 40,453 shares during the last quarter. Champlain Investment Partners LLC lifted its stake in shares of Palomar by 5.5% in the 1st quarter. Champlain Investment Partners LLC now owns 1,340,795 shares of the company’s stock valued at $112,399,000 after purchasing an additional 69,615 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Palomar by 15.0% in the second quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock worth $41,295,000 after purchasing an additional 66,478 shares in the last quarter. Artemis Investment Management LLP increased its position in Palomar by 12.9% during the third quarter. Artemis Investment Management LLP now owns 383,276 shares of the company’s stock worth $36,285,000 after buying an additional 43,812 shares during the last quarter. Finally, Driehaus Capital Management LLC raised its holdings in 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 in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Wall Street Analyst Weigh In

PLMR has been the topic of several recent analyst reports. Evercore ISI boosted their price objective on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a report on Tuesday, August 6th. Truist Financial boosted their price target on shares of Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. lifted their price objective on shares of Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Thursday, July 11th. Keefe, Bruyette & Woods increased their target price on Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Finally, Piper Sandler lifted their price target on Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. 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, the stock has a consensus rating of “Moderate Buy” and an average target price of $105.50.

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.