Palomar (NASDAQ:PLMR) Stock: Insider Mac Armstrong Sells 3,500 Shares

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of the company’s stock in a transaction on Wednesday, October 21st. The stock was sold at an average price of $138.31, for a total value of $484,085.00. Following the sale, the chief executive officer owned 315,388 shares of the company’s stock, valued at approximately $43,621,314.28. The trade was a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, September 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $134.98, for a total transaction of $472,430.00.
• On Friday, August 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $130.60, for a total transaction of $457,100.00.

Palomar Stock Performance

Shares of PLMR stock opened at $141.78 on Friday. The company’s fifty day simple moving average is $132.40 and its 200-day simple moving average is $127.00. Palomar Holdings, Inc. has a 52 week low of $100.81 and a 52 week high of $147.62. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.30. The company has a market cap of $3.73 billion, a PE ratio of 18.00 and a beta of 0.35.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.19 by $0.17. The firm had revenue of $314.42 million during the quarter, compared to analysts’ expectations of $621.52 million. Palomar had a net margin of 18.61% and a return on equity of 23.28%. During the same period in the prior year, the company earned $1.76 EPS. As a group, equities research analysts anticipate that Palomar Holdings, Inc. will post 9.29 EPS for the current year.

Palomar Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Wednesday, August 19th. Palomar’s dividend payout ratio is currently 24.19%.

Institutional Trading of Palomar

Several hedge funds have recently added to or reduced their stakes in PLMR. Rockefeller Capital Management L.P. increased its holdings in Palomar by 81.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock valued at $40,000 after buying an additional 132 shares during the period. Quantbot Technologies LP bought a new position in shares of Palomar during the 2nd quarter worth about $43,000. Frazier Financial Advisors LLC bought a new position in shares of Palomar during the 2nd quarter worth about $51,000. Fortitude Family Office LLC grew its stake in shares of Palomar by 5,050.0% in the 3rd quarter. Fortitude Family Office LLC now owns 412 shares of the company’s stock valued at $51,000 after purchasing an additional 404 shares during the period. Finally, Parallel Advisors LLC boosted its stake in shares of Palomar by 638.3% in the 1st quarter. Parallel Advisors LLC now owns 443 shares of the company’s stock valued at $53,000 after purchasing an additional 383 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on PLMR. Keefe, Bruyette & Woods raised their price objective on shares of Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a report on Monday, August 10th. Piper Sandler upped their target price on shares of Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. JPMorgan Chase & Co. dropped their price target on shares of Palomar from $167.00 to $156.00 and set an “overweight” rating on the stock in a research report on Friday, October 9th. Zacks Research upgraded shares of Palomar from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 30th. Finally, Weiss Ratings raised shares of Palomar from a “buy (b)” rating to a “buy (b+)” rating in a research note on Friday, October 16th. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to data from MarketBeat.com, Palomar currently has an average rating of “Buy” and an average target price of $160.00.

Palomar Company Profile

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in markets that may be underserved by traditional insurers. The company focuses on risks that are complex, difficult to place or exposed to natural catastrophes, using specialized underwriting and risk-management capabilities.

Its offerings include residential and commercial earthquake insurance, inland marine coverage, specialty property insurance, casualty products, workers’ compensation and other tailored insurance solutions.