Mac Armstrong Sells 5,000 Shares of Palomar (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 5,000 shares of the stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $129.00, for a total value of $645,000.00. Following the sale, the chief executive officer directly owned 348,388 shares in the company, valued at $44,942,052. This represents a 1.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Thursday, January 15th, Mac Armstrong sold 2,310 shares of Palomar stock. The shares were sold at an average price of $130.00, for a total value of $300,300.00.
• 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 transaction of $614,300.00.

Palomar Price Performance

Shares of NASDAQ:PLMR opened at $124.95 on Friday. The company’s 50 day simple moving average is $127.91 and its 200 day simple moving average is $124.55. Palomar Holdings, Inc. has a 1 year low of $101.64 and a 1 year high of $175.85. The stock has a market capitalization of $3.31 billion, a price-to-earnings ratio of 19.49 and a beta of 0.42.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Thursday, November 6th. The company reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.45. Palomar had a return on equity of 21.93% and a net margin of 22.59%.The company had revenue of $244.66 million for the quarter, compared to analyst estimates of $207.98 million. During the same quarter last year, the company posted $1.23 EPS. As a group, analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PLMR shares. JPMorgan Chase & Co. upped their target price on Palomar from $145.00 to $155.00 and gave the stock an “overweight” rating in a report on Wednesday, January 7th. Weiss Ratings upgraded Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th. Wall Street Zen raised shares of Palomar from a “hold” rating to a “buy” rating in a research note 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 report on Tuesday, January 6th. Finally, Evercore ISI decreased 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. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $159.50.

Institutional Investors Weigh In On Palomar

Several hedge funds and other institutional investors have recently made changes to their positions in PLMR. Allworth Financial LP boosted its stake in Palomar by 1,970.0% during the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock valued at $32,000 after purchasing an additional 197 shares during the last quarter. Salomon & Ludwin LLC bought a new position in shares of Palomar during the third quarter valued at about $25,000. Richardson Financial Services Inc. boosted its holdings in Palomar by 210.0% during the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock worth $25,000 after purchasing an additional 147 shares during the last quarter. Maseco LLP purchased a new stake in Palomar in the 2nd quarter valued at about $45,000. Finally, Hollencrest Capital Management boosted its stake in shares of Palomar by 56.5% in the 2nd quarter. Hollencrest Capital Management now owns 313 shares of the company’s stock worth $48,000 after buying an additional 113 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

Palomar Company Profile

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.