Palomar (NASDAQ:PLMR) Stock Price Down 4.5% Following Insider Selling

Palomar Holdings, Inc. (NASDAQ:PLMR) dropped 4.5% on Thursday after an insider sold shares in the company. The stock traded as low as $103.60 and last traded at $102.96. Approximately 90,513 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 124,130 shares. The stock had previously closed at $107.84.

Specifically, CFO T Christopher Uchida sold 1,030 shares of Palomar stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $109.65, for a total transaction of $112,939.50. Following the completion of the sale, the chief financial officer now owns 16,258 shares in the company, valued at approximately $1,782,689.70. This trade represents a 5.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $109.76, for a total value of $768,320.00. Following the completion of the sale, the chief executive officer now owns 412,388 shares of the company’s stock, valued at $45,263,706.88. This trade represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. In other Palomar news, CEO Mac Armstrong sold 3,154 shares of Palomar stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $109.27, for a total value of $344,637.58. Following the completion of the sale, the chief executive officer now owns 60,032 shares in the company, valued at $6,559,696.64. The trade was a 4.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analysts Forecast Growth

PLMR has been the topic of several recent research reports. Jefferies Financial Group increased their target price on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. increased their target price on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods increased their target price on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, Piper Sandler increased their target price on Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $115.50.

Palomar Stock Performance

The firm has a 50 day moving average of $107.00 and a 200-day moving average of $98.40. The stock has a market capitalization of $2.72 billion, a PE ratio of 24.43 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 19.65% and a net margin of 21.55%. During the same quarter last year, the firm posted $0.80 EPS. On average, sell-side analysts predict that Palomar Holdings, Inc. will post 4.33 earnings per share for the current year.

Hedge Funds Weigh In On Palomar

Hedge funds and other institutional investors have recently modified their holdings of the stock. Dakota Wealth Management grew its stake in shares of 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 purchasing an additional 92 shares during the period. GAMMA Investing LLC raised its holdings in shares of Palomar by 48.6% during the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after acquiring an additional 125 shares during the period. Covestor Ltd increased its stake 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 during the last quarter. Louisiana State Employees Retirement System increased its stake in Palomar by 1.6% in the 3rd quarter. Louisiana State Employees Retirement System now owns 12,700 shares of the company’s stock valued at $1,202,000 after buying an additional 200 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its stake in Palomar by 2.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 7,919 shares of the company’s stock valued at $836,000 after buying an additional 200 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

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.