Palomar (NASDAQ:PLMR) CEO Sells $457,100.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $130.60, for a total value of $457,100.00. Following the completion of the sale, the chief executive officer directly owned 322,388 shares of the company’s stock, valued at approximately $42,103,872.80. This trade represents a 1.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, July 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $137.26, for a total transaction of $480,410.00.
• 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.

Palomar Stock Up 0.0%

Shares of NASDAQ PLMR opened at $131.82 on Thursday. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.30. Palomar Holdings, Inc. has a 52 week low of $100.81 and a 52 week high of $147.62. The firm has a 50-day moving average price of $131.86 and a 200 day moving average price of $124.08. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of 17.72 and a beta of 0.40.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Tuesday, August 4th. The company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $2.19 by $0.17. Palomar had a net margin of 18.61% and a return on equity of 23.28%. The firm had revenue of $314.42 million for the quarter, compared to the consensus estimate of $621.52 million. During the same quarter in the previous year, the firm earned $1.76 earnings per share. Equities research analysts anticipate that Palomar Holdings, Inc. will post 9.21 EPS for the current fiscal year.

Palomar Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $1.80 annualized dividend and a dividend yield of 1.4%. Palomar’s payout ratio is 24.19%.

Analyst Ratings Changes

Several equities analysts recently weighed in on PLMR shares. Evercore set a $152.00 price objective on Palomar in a research note on Friday, July 10th. JPMorgan Chase & Co. boosted their target price on Palomar from $150.00 to $167.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Keefe, Bruyette & Woods upped their target price on Palomar from $166.00 to $167.00 and gave the company an “outperform” rating in a report on Monday, August 10th. Zacks Research cut Palomar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Finally, Piper Sandler lifted their price target on Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $162.75.

Institutional Investors Weigh In On Palomar

A number of large investors have recently bought and sold shares of the stock. Janus Henderson Group PLC lifted its holdings in Palomar by 17.4% in the 1st quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock valued at $111,664,000 after purchasing an additional 138,368 shares in the last quarter. HighTower Advisors LLC grew its holdings in shares of Palomar by 652.7% during the fourth quarter. HighTower Advisors LLC now owns 17,613 shares of the company’s stock worth $2,374,000 after buying an additional 15,273 shares in the last quarter. Stephens Investment Management Group LLC grew its holdings in shares of Palomar by 19.8% during the fourth quarter. Stephens Investment Management Group LLC now owns 694,317 shares of the company’s stock worth $93,566,000 after buying an additional 114,859 shares in the last quarter. Vanguard Group Inc. raised its position 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 during the last quarter. Finally, Deutsche Bank AG acquired a new position in shares of Palomar in the second quarter valued at approximately $6,131,000. 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.