Palomar (NASDAQ:PLMR) CEO Mac Armstrong Sells 2,310 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 2,310 shares of the business’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $130.00, for a total value of $300,300.00. Following the sale, the chief executive officer owned 80,314 shares in the company, valued at approximately $10,440,820. The trade was a 2.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

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

• On Friday, November 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $122.86, for a total value of $614,300.00.

Palomar Trading Up 1.7%

Shares of NASDAQ PLMR opened at $130.63 on Wednesday. The company’s 50-day moving average price is $128.10 and its 200 day moving average price is $124.63. Palomar Holdings, Inc. has a 52 week low of $101.64 and a 52 week high of $175.85. The stock has a market cap of $3.46 billion, a price-to-earnings ratio of 20.38 and a beta of 0.42.

Palomar (NASDAQ:PLMR) last announced its earnings results on Thursday, November 6th. The company reported $2.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.45. The company had revenue of $244.66 million during the quarter, compared to analysts’ expectations of $207.98 million. Palomar had a net margin of 22.59% and a return on equity of 21.93%. During the same quarter in the previous year, the business posted $1.23 earnings per share. As a group, research analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Institutional Trading of Palomar

A number of hedge funds have recently added to or reduced their stakes in PLMR. Osaic Holdings Inc. increased its position in Palomar by 93.7% during the second quarter. Osaic Holdings Inc. now owns 19,370 shares of the company’s stock worth $2,933,000 after purchasing an additional 9,371 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in shares of Palomar in the 3rd quarter valued at about $1,459,000. Sumitomo Mitsui Trust Group Inc. grew its stake in Palomar by 11.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 456,172 shares of the company’s stock worth $53,258,000 after buying an additional 45,665 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in Palomar by 256.0% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 41,785 shares of the company’s stock worth $6,445,000 after purchasing an additional 30,049 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Palomar in the 2nd quarter valued at $1,053,000. 90.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Evercore ISI cut their price target on Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a report on Wednesday, October 1st. Wall Street Zen upgraded Palomar from a “hold” rating to a “buy” rating in a research report on Saturday, January 10th. Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a research note on Tuesday, January 6th. Weiss Ratings upgraded shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 14th. Finally, JPMorgan Chase & Co. raised their price target on shares of Palomar from $145.00 to $155.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 7th. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $159.50.

About Palomar

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.