Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells 7,000 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $82.84, for a total transaction of $579,880.00. Following the transaction, the chief executive officer now owns 461,388 shares of the company’s stock, valued at $38,221,381.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Monday, April 22nd, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $80.03, for a total transaction of $560,210.00.
• On Thursday, March 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $82.62, for a total transaction of $578,340.00.
• On Thursday, February 29th, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $75.75, for a total value of $530,250.00.

Palomar Price Performance

PLMR stock opened at $81.67 on Friday. The stock has a market capitalization of $2.04 billion, a PE ratio of 23.47 and a beta of 0.24. The company’s 50-day moving average is $81.30 and its 200-day moving average is $69.27. Palomar Holdings, Inc. has a 1 year low of $46.67 and a 1 year high of $89.22.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Thursday, May 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.28. The company had revenue of $108.39 million for the quarter, compared to analysts’ expectations of $322.10 million. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The business’s revenue was up 29.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.80 EPS. On average, analysts anticipate that Palomar Holdings, Inc. will post 4.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Palomar

Institutional investors and hedge funds have recently made changes to their positions in the stock. Signaturefd LLC boosted its position in shares of Palomar by 59.4% during the 4th quarter. Signaturefd LLC now owns 593 shares of the company’s stock worth $33,000 after purchasing an additional 221 shares in the last quarter. Advisors Asset Management Inc. lifted its position in Palomar by 137.1% in the 1st quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock valued at $62,000 after acquiring an additional 425 shares in the last quarter. Atwood & Palmer Inc. lifted its position in Palomar by 66.7% in the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after acquiring an additional 300 shares in the last quarter. Covestor Ltd lifted its position in Palomar by 29.0% in the 1st quarter. Covestor Ltd now owns 1,183 shares of the company’s stock valued at $99,000 after acquiring an additional 266 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in Palomar in the 1st quarter valued at about $122,000. Institutional investors own 90.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PLMR. Piper Sandler increased their price objective on Palomar from $89.00 to $90.00 and gave the company an “overweight” rating in a report on Monday, May 6th. Evercore ISI increased their price target on Palomar from $68.00 to $86.00 and gave the stock an “in-line” rating in a report on Thursday, April 11th. JPMorgan Chase & Co. downgraded Palomar from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $79.00 to $85.00 in a report on Monday, April 8th. Truist Financial increased their price target on Palomar from $88.00 to $97.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Finally, JMP Securities reiterated a “market perform” rating on shares of Palomar in a report on Monday, April 15th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Palomar has an average rating of “Moderate Buy” and a consensus target price of $89.17.

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.