Mac Armstrong Sells 3,197 Shares of Palomar (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,197 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $129.46, for a total transaction of $413,883.62. Following the completion of the sale, the chief executive officer directly owned 102,059 shares in the company, valued at approximately $13,212,558.14. This represents a 3.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Monday, March 23rd, Mac Armstrong sold 3,500 shares of Palomar stock. The shares were sold at an average price of $120.58, for a total transaction of $422,030.00.
• On Thursday, February 12th, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $122.60, for a total transaction of $613,000.00.
• On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The shares were sold at an average price of $121.74, for a total transaction of $268,436.70.
• On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The shares were sold at an average price of $121.74, for a total transaction of $268,436.70.
• On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The shares were sold at an average price of $122.04, for a total transaction of $658,893.96.
• On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The shares were sold at an average price of $122.04, for a total transaction of $658,893.96.
• On Wednesday, January 28th, Mac Armstrong sold 11,484 shares of Palomar stock. The shares were sold at an average price of $119.88, for a total transaction of $1,376,701.92.
• On Wednesday, January 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $129.00, for a total transaction of $645,000.00.

Palomar Trading Up 0.9%

Shares of Palomar stock opened at $132.55 on Friday. The company has a fifty day simple moving average of $124.08 and a 200-day simple moving average of $123.97. Palomar Holdings, Inc. has a 12-month low of $107.75 and a 12-month high of $175.85. The stock has a market cap of $3.51 billion, a price-to-earnings ratio of 18.46 and a beta of 0.54.

Palomar (NASDAQ:PLMR) last issued its earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.06 by $0.18. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The business had revenue of $253.36 million during the quarter, compared to analysts’ expectations of $204.58 million. During the same quarter in the prior year, the business posted $1.52 EPS. The company’s revenue for the quarter was up 62.7% on a year-over-year basis. On average, analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PLMR has been the subject of several research analyst reports. Weiss Ratings cut shares of Palomar from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, April 7th. Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a report on Sunday, March 1st. Zacks Research upgraded shares of Palomar from a “hold” rating to a “strong-buy” rating in a report on Thursday. Evercore initiated coverage on shares of Palomar in a report on Monday, February 9th. They issued an “outperform” rating and a $150.00 target price for the company. Finally, JPMorgan Chase & Co. upped their target price on shares of Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Palomar has an average rating of “Buy” and an average price target of $161.75.

Institutional Trading of Palomar

A number of large investors have recently bought and sold shares of PLMR. Royal Bank of Canada boosted its stake in Palomar by 49.1% during the 1st quarter. Royal Bank of Canada now owns 2,956 shares of the company’s stock worth $406,000 after purchasing an additional 974 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Palomar by 5.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company’s stock worth $2,115,000 after purchasing an additional 791 shares during the period. NewEdge Advisors LLC acquired a new stake in Palomar during the 1st quarter worth $66,000. United Services Automobile Association acquired a new stake in Palomar during the 1st quarter worth $223,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Palomar by 11.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,661 shares of the company’s stock worth $9,960,000 after purchasing an additional 7,754 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

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.