Mac Armstrong Sells 3,185 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,185 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $98.21, for a total value of $312,798.85. Following the transaction, the chief executive officer now directly owns 50,312 shares of the company’s stock, valued at approximately $4,941,141.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

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

• On Monday, September 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $95.49, for a total value of $668,430.00.
• On Thursday, July 18th, Mac Armstrong sold 12,227 shares of Palomar stock. The shares were sold at an average price of $91.08, for a total value of $1,113,635.16.

Palomar Stock Performance

NASDAQ PLMR opened at $98.02 on Thursday. The firm’s fifty day moving average is $95.60 and its two-hundred day moving average is $87.66. Palomar Holdings, Inc. has a one year low of $48.08 and a one year high of $103.40. The firm has a market cap of $2.44 billion, a PE ratio of 28.17 and a beta of 0.33.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Monday, August 5th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.09 by $0.16. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The firm had revenue of $123.08 million during the quarter, compared to the consensus estimate of $338.74 million. During the same period in the prior year, the business earned $0.72 EPS. The firm’s revenue was up 47.0% compared to the same quarter last year. Research analysts predict that Palomar Holdings, Inc. will post 4.37 earnings per share for the current year.

Institutional Investors Weigh In On Palomar

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC increased its stake in 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. International Assets Investment Management LLC purchased a new stake in shares of Palomar in the second quarter valued at about $49,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Palomar during the first quarter worth about $59,000. Advisors Asset Management Inc. raised its holdings in Palomar by 137.1% during the first quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock worth $62,000 after purchasing an additional 425 shares in the last quarter. Finally, Atwood & Palmer Inc. lifted its position in Palomar by 66.7% in the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after purchasing an additional 300 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PLMR has been the subject of several recent analyst reports. Jefferies Financial Group boosted their price objective on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Piper Sandler boosted their price target on shares of Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. raised their price objective on Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Keefe, Bruyette & Woods lifted their target price on Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Finally, Evercore ISI upped their target price on Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research report on Tuesday, August 6th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $105.50.

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.