Mac Armstrong Sells 7,000 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $96.28, for a total transaction of $673,960.00. Following the transaction, the chief executive officer now directly owns 433,388 shares of the company’s stock, valued at $41,726,596.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Tuesday, October 15th, Mac Armstrong sold 3,185 shares of Palomar stock. The shares were sold at an average price of $98.21, for a total transaction of $312,798.85.
• On Monday, September 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $95.49, for a total transaction of $668,430.00.

Palomar Trading Down 1.1 %

Shares of NASDAQ:PLMR traded down $1.09 during trading on Tuesday, hitting $95.34. 57,338 shares of the company’s stock were exchanged, compared to its average volume of 163,238. Palomar Holdings, Inc. has a 1-year low of $48.08 and a 1-year high of $103.40. The firm has a 50-day moving average price of $96.00 and a two-hundred day moving average price of $88.02. The firm has a market cap of $2.38 billion, a P/E ratio of 24.94 and a beta of 0.33.

Palomar (NASDAQ:PLMR) last issued 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. The firm had revenue of $123.08 million during the quarter, compared to analysts’ expectations of $338.74 million. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The business’s revenue for the quarter was up 47.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.72 earnings per share. As a group, research analysts predict that Palomar Holdings, Inc. will post 4.35 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Palomar by 1.7% during the first quarter. Vanguard Group Inc. now owns 2,403,520 shares of the company’s stock valued at $201,487,000 after purchasing an additional 40,453 shares during the period. Champlain Investment Partners LLC grew its holdings in Palomar by 5.5% during the first 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 period. Dimensional Fund Advisors LP grew its holdings in Palomar by 15.0% during the second quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after purchasing an additional 66,478 shares during the period. Artemis Investment Management LLP grew its holdings in Palomar by 12.9% during the third quarter. Artemis Investment Management LLP now owns 383,276 shares of the company’s stock valued at $36,285,000 after purchasing an additional 43,812 shares during the period. Finally, Driehaus Capital Management LLC lifted its stake in Palomar by 17.1% in 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

Several equities research analysts have weighed in on the stock. Evercore ISI raised their price objective on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research report on Tuesday, August 6th. Keefe, Bruyette & Woods raised their price objective on shares of Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. Truist Financial raised their price objective on shares of Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. raised their price objective on shares of Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Finally, Jefferies Financial Group lifted their price target on shares of 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 company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $105.50.

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.