Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) President Sells 2,000 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) President Jon Christianson sold 2,000 shares of the stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $76.30, for a total transaction of $152,600.00. Following the transaction, the president now directly owns 57,761 shares of the company’s stock, valued at approximately $4,407,164.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Jon Christianson also recently made the following trade(s):

• On Thursday, March 14th, Jon Christianson sold 10,000 shares of Palomar stock. The stock was sold at an average price of $82.09, for a total transaction of $820,900.00.
• On Wednesday, February 14th, Jon Christianson sold 2,000 shares of Palomar stock. The shares were sold at an average price of $60.00, for a total transaction of $120,000.00.
• On Wednesday, January 31st, Jon Christianson sold 356 shares of Palomar stock. The shares were sold at an average price of $59.19, for a total transaction of $21,071.64.
• On Friday, January 26th, Jon Christianson sold 423 shares of Palomar stock. The shares were sold at an average price of $60.13, for a total transaction of $25,434.99.

Palomar Price Performance

Shares of NASDAQ:PLMR opened at $79.22 on Friday. The company’s fifty day moving average price is $76.95 and its 200 day moving average price is $64.07. Palomar Holdings, Inc. has a 12 month low of $46.09 and a 12 month high of $86.25. The firm has a market capitalization of $1.97 billion, a P/E ratio of 25.39 and a beta of 0.21.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Wednesday, February 14th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.85 by $0.09. Palomar had a net margin of 21.07% and a return on equity of 19.35%. The firm had revenue of $102.35 million for the quarter, compared to analyst estimates of $95.07 million. On average, sell-side analysts anticipate that Palomar Holdings, Inc. will post 3.84 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PLMR shares. JMP Securities reissued a “market perform” rating on shares of Palomar in a research report on Monday, April 15th. Piper Sandler raised their price target on shares of Palomar from $80.00 to $89.00 and gave the company an “overweight” rating in a research report on Monday, April 1st. Jefferies Financial Group raised shares of Palomar from a “hold” rating to a “buy” rating and raised their price target for the company from $78.00 to $88.00 in a research report on Thursday, March 14th. JPMorgan Chase & Co. cut shares of Palomar from an “overweight” rating to a “neutral” rating and raised their price target for the company from $79.00 to $85.00 in a research report on Monday, April 8th. Finally, Truist Financial lifted their price objective on shares of Palomar from $72.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $87.50.

Institutional Investors Weigh In On Palomar

Hedge funds and other institutional investors have recently bought and sold shares of the stock. New York State Common Retirement Fund increased its stake in Palomar by 1.8% in the third quarter. New York State Common Retirement Fund now owns 10,099 shares of the company’s stock valued at $513,000 after purchasing an additional 182 shares during the period. Sei Investments Co. increased its stake in Palomar by 0.3% in the fourth quarter. Sei Investments Co. now owns 72,261 shares of the company’s stock valued at $4,011,000 after purchasing an additional 188 shares during the period. The Manufacturers Life Insurance Company increased its stake in Palomar by 1.9% in the second quarter. The Manufacturers Life Insurance Company now owns 10,002 shares of the company’s stock valued at $581,000 after purchasing an additional 190 shares during the period. PNC Financial Services Group Inc. increased its stake in Palomar by 3.8% in the second quarter. PNC Financial Services Group Inc. now owns 5,387 shares of the company’s stock valued at $313,000 after purchasing an additional 198 shares during the period. Finally, Handelsbanken Fonder AB increased its stake in Palomar by 5.3% in the third quarter. Handelsbanken Fonder AB now owns 4,210 shares of the company’s stock valued at $214,000 after purchasing an additional 210 shares during the period. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.