Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $721,280.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $103.04, for a total value of $721,280.00. Following the completion of the sale, the chief executive officer now owns 419,388 shares in the company, valued at approximately $43,213,739.52. This represents a 1.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Monday, October 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $96.28, for a total value of $673,960.00.
• 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 value of $312,798.85.

Palomar Price Performance

Shares of PLMR opened at $104.39 on Friday. The firm’s 50 day moving average is $102.81 and its 200-day moving average is $95.27. Palomar Holdings, Inc. has a 12-month low of $54.50 and a 12-month high of $112.90. The stock has a market capitalization of $2.76 billion, a P/E ratio of 24.80 and a beta of 0.36.

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

Hedge Funds Weigh In On Palomar

A number of hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its holdings in shares of Palomar by 9.5% during the third quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company’s stock valued at $12,133,000 after purchasing an additional 11,140 shares during the last quarter. Hohimer Wealth Management LLC acquired a new stake in Palomar during the 3rd quarter worth about $224,000. Geode Capital Management LLC lifted its stake in Palomar by 3.2% during the third quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock valued at $56,822,000 after buying an additional 18,335 shares in the last quarter. Barclays PLC boosted its holdings in shares of Palomar by 112.6% in the third quarter. Barclays PLC now owns 71,803 shares of the company’s stock worth $6,798,000 after buying an additional 38,027 shares during the period. Finally, Soros Fund Management LLC purchased a new position in shares of Palomar in the third quarter worth approximately $9,467,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PLMR has been the subject of a number of recent analyst reports. Piper Sandler increased their target price on shares of Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. increased their price objective on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods raised 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. Finally, Jefferies Financial Group upped their target price on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $111.67.

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.