Palomar (NASDAQ:PLMR) CEO Mac Armstrong Sells 2,310 Shares

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 2,310 shares of the company’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $130.00, for a total transaction of $300,300.00. Following the transaction, the chief executive officer directly owned 80,314 shares of the company’s stock, valued at $10,440,820. This trade represents a 2.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• On Friday, November 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $122.86, for a total transaction of $614,300.00.

Palomar Stock Performance

Shares of PLMR traded up $2.17 during trading hours on Tuesday, hitting $130.63. The stock had a trading volume of 162,456 shares, compared to its average volume of 186,788. The firm has a market cap of $3.46 billion, a P/E ratio of 20.38 and a beta of 0.42. The company’s fifty day simple moving average is $128.13 and its 200 day simple moving average is $124.74. Palomar Holdings, Inc. has a 12-month low of $101.64 and a 12-month high of $175.85.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Thursday, November 6th. The company reported $2.01 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.45. The business had revenue of $244.66 million for the quarter, compared to analyst estimates of $207.98 million. Palomar had a return on equity of 21.93% and a net margin of 22.59%.During the same period in the previous year, the company posted $1.23 EPS. As a group, sell-side analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PLMR has been the subject of several analyst reports. JPMorgan Chase & Co. upped their target price on shares of Palomar from $145.00 to $155.00 and gave the company an “overweight” rating in a research note on Wednesday, January 7th. Keefe, Bruyette & Woods lifted their target price on Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 6th. Wall Street Zen raised Palomar from a “hold” rating to a “buy” rating in a report on Saturday, January 10th. Evercore ISI lowered their price objective on Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Finally, Weiss Ratings upgraded Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 14th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $159.50.

Institutional Trading of Palomar

Several institutional investors have recently added to or reduced their stakes in the business. Salomon & Ludwin LLC acquired a new position in shares of Palomar in the 3rd quarter valued at about $25,000. Richardson Financial Services Inc. boosted its stake in Palomar by 210.0% in the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock valued at $25,000 after acquiring an additional 147 shares during the period. Allworth Financial LP lifted its holdings in shares of Palomar by 1,970.0% in the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock worth $32,000 after purchasing an additional 197 shares during the last quarter. Maseco LLP acquired a new position in shares of Palomar during the second quarter valued at $45,000. Finally, Clearstead Advisors LLC increased its holdings in shares of Palomar by 31.0% in the 3rd quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock worth $46,000 after acquiring an additional 94 shares during the period. Institutional investors own 90.25% of the company’s stock.

About Palomar

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.