Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong Sells 3,154 Shares

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,154 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $109.27, for a total value of $344,637.58. Following the sale, the chief executive officer now owns 60,032 shares of the company’s stock, valued at approximately $6,559,696.64. This represents a 4.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Wednesday, January 1st, Mac Armstrong sold 4,170 shares of Palomar stock. The stock was sold at an average price of $105.86, for a total value of $441,436.20.
• On Monday, December 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $103.04, for a total transaction of $721,280.00.

Palomar Stock Down 0.7 %

Shares of Palomar stock opened at $109.60 on Wednesday. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of 26.03 and a beta of 0.38. Palomar Holdings, Inc. has a twelve month low of $57.55 and a twelve month high of $112.90. The company’s fifty day moving average is $106.68 and its 200 day moving average is $98.14.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The company had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. During the same quarter in the prior year, the firm posted $0.80 earnings per share. As a group, equities analysts anticipate that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PLMR. Dakota Wealth Management boosted its stake in Palomar by 3.1% during the fourth quarter. Dakota Wealth Management now owns 3,070 shares of the company’s stock worth $324,000 after acquiring an additional 92 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after buying an additional 125 shares during the period. Covestor Ltd increased its position in Palomar by 20.2% in the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company’s stock valued at $102,000 after buying an additional 181 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in Palomar by 1.6% during the 3rd quarter. Louisiana State Employees Retirement System now owns 12,700 shares of the company’s stock worth $1,202,000 after buying an additional 200 shares during the period. Finally, Exchange Traded Concepts LLC boosted its holdings in Palomar by 2.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 7,919 shares of the company’s stock worth $836,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PLMR. Keefe, Bruyette & Woods increased their price objective on shares of Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. increased their price target on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Jefferies Financial Group raised their price objective on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Piper Sandler upped their target price on Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Palomar presently has an average rating of “Moderate Buy” and an average price target of $115.50.

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.