Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $560,210.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $80.03, for a total value of $560,210.00. Following the sale, the chief executive officer now owns 468,388 shares in the company, valued at approximately $37,485,091.64. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Thursday, March 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $82.62, for a total value of $578,340.00.
• On Thursday, February 29th, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $75.75, for a total value of $530,250.00.
• On Wednesday, January 31st, Mac Armstrong sold 1,541 shares of Palomar stock. The shares were sold at an average price of $59.19, for a total value of $91,211.79.
• On Saturday, January 27th, Mac Armstrong sold 952 shares of Palomar stock. The shares were sold at an average price of $60.13, for a total value of $57,243.76.

Palomar Price Performance

PLMR opened at $81.15 on Friday. The business has a 50 day simple moving average of $78.30 and a 200-day simple moving average of $64.93. The stock has a market capitalization of $2.02 billion, a P/E ratio of 26.01 and a beta of 0.21. Palomar Holdings, Inc. has a 12 month low of $46.09 and a 12 month high of $86.25.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.85 by $0.09. The business had revenue of $102.35 million during the quarter, compared to analysts’ expectations of $95.07 million. Palomar had a return on equity of 19.35% and a net margin of 21.07%. Research analysts anticipate that Palomar Holdings, Inc. will post 3.84 EPS for the current year.

Hedge Funds Weigh In On Palomar

Several hedge funds have recently bought and sold shares of PLMR. SG Americas Securities LLC purchased a new position in Palomar in the 3rd quarter valued at approximately $346,000. Handelsbanken Fonder AB increased its stake in Palomar by 5.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 4,210 shares of the company’s stock valued at $214,000 after purchasing an additional 210 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Palomar by 17.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,443 shares of the company’s stock valued at $378,000 after purchasing an additional 1,116 shares in the last quarter. Victory Capital Management Inc. increased its stake in Palomar by 32.3% in the 3rd quarter. Victory Capital Management Inc. now owns 9,747 shares of the company’s stock valued at $495,000 after purchasing an additional 2,379 shares in the last quarter. Finally, Los Angeles Capital Management LLC increased its stake in Palomar by 0.9% in the 3rd quarter. Los Angeles Capital Management LLC now owns 27,529 shares of the company’s stock valued at $1,397,000 after purchasing an additional 256 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PLMR has been the subject of a number of research analyst reports. Truist Financial upped their target price on Palomar from $72.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, February 16th. JMP Securities reissued a “market perform” rating on shares of Palomar in a research report on Monday, April 15th. Jefferies Financial Group raised Palomar from a “hold” rating to a “buy” rating and upped their target price for the company from $78.00 to $88.00 in a research report on Thursday, March 14th. Piper Sandler upped their target price on Palomar from $80.00 to $89.00 and gave the company an “overweight” rating in a research report on Monday, April 1st. Finally, Keefe, Bruyette & Woods increased their price objective on Palomar from $88.00 to $89.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $87.50.

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.