Palomar (NASDAQ:PLMR) CEO Mac Armstrong Sells 3,500 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of Palomar stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $137.26, for a total transaction of $480,410.00. Following the sale, the chief executive officer owned 325,888 shares in the company, valued at approximately $44,731,386.88. This trade represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, June 22nd, Mac Armstrong sold 3,500 shares of Palomar stock. The shares were sold at an average price of $112.96, for a total transaction of $395,360.00.
• On Thursday, May 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $114.39, for a total transaction of $400,365.00.

Palomar Stock Up 1.7%

Shares of PLMR opened at $143.16 on Wednesday. The stock has a market cap of $3.79 billion, a price-to-earnings ratio of 19.94 and a beta of 0.41. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.31. Palomar Holdings, Inc. has a 12 month low of $100.81 and a 12 month high of $147.62. The company has a 50-day moving average price of $122.94 and a two-hundred day moving average price of $123.31.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The company had revenue of $278.94 million for the quarter, compared to the consensus estimate of $557.79 million. During the same period in the previous year, the business earned $1.87 earnings per share. The company’s quarterly revenue was up 59.7% on a year-over-year basis. Equities analysts predict that Palomar Holdings, Inc. will post 8.9 EPS for the current fiscal year.

Institutional Investors Weigh In On Palomar

A number of large investors have recently bought and sold shares of the business. HighTower Advisors LLC raised its position in Palomar by 652.7% in the 4th quarter. HighTower Advisors LLC now owns 17,613 shares of the company’s stock valued at $2,374,000 after purchasing an additional 15,273 shares during the last quarter. Moran Wealth Management LLC bought a new stake in shares of Palomar during the fourth quarter worth $2,473,000. Stephens Investment Management Group LLC increased its stake in shares of Palomar by 19.8% in the fourth quarter. Stephens Investment Management Group LLC now owns 694,317 shares of the company’s stock valued at $93,566,000 after buying an additional 114,859 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Palomar by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company’s stock valued at $363,620,000 after buying an additional 67,038 shares in the last quarter. Finally, Danske Bank A S raised its holdings in shares of Palomar by 69.9% in the fourth quarter. Danske Bank A S now owns 138,295 shares of the company’s stock valued at $18,637,000 after buying an additional 56,898 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on PLMR shares. Keefe, Bruyette & Woods upped their price target on Palomar from $162.00 to $166.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. JPMorgan Chase & Co. boosted their target price on shares of Palomar from $150.00 to $167.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Piper Sandler upped their target price on shares of Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Evercore set a $152.00 target price on shares of Palomar in a research report on Friday, July 10th. Finally, Weiss Ratings upgraded shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $162.50.

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.