Insider Selling: Palomar (NASDAQ:PLMR) CEO Sells 3,500 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $120.58, for a total value of $422,030.00. Following the transaction, the chief executive officer directly owned 339,888 shares of the company’s stock, valued at approximately $40,983,695.04. This trade represents a 1.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• 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 stock was 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 stock was 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 stock was sold at an average price of $129.00, for a total transaction of $645,000.00.
• On Thursday, January 15th, Mac Armstrong sold 2,310 shares of Palomar stock. The stock was sold at an average price of $130.00, for a total transaction of $300,300.00.

Palomar Trading Down 0.1%

Shares of NASDAQ PLMR traded down $0.16 during mid-day trading on Wednesday, hitting $121.84. The company had a trading volume of 216,880 shares, compared to its average volume of 263,785. The firm has a 50-day simple moving average of $124.60 and a two-hundred day simple moving average of $123.04. The company has a market capitalization of $3.25 billion, a PE ratio of 16.97 and a beta of 0.46. Palomar Holdings, Inc. has a one year low of $107.75 and a one year high of $175.85.

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Evercore initiated coverage on shares of Palomar in a report on Monday, February 9th. They set an “outperform” rating and a $150.00 target price on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a research report on Tuesday, January 6th. Wall Street Zen lowered shares of Palomar from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. 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. Finally, Weiss Ratings upgraded shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 14th. Seven research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Palomar currently has an average rating of “Buy” and an average price target of $163.00.

Hedge Funds Weigh In On Palomar

Several institutional investors and hedge funds have recently modified their holdings of the stock. Rockefeller Capital Management L.P. lifted its stake in shares of Palomar by 81.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock worth $40,000 after buying an additional 132 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in Palomar in the 4th quarter valued at about $215,000. Summit Global Investments raised its holdings in Palomar by 1.7% in the 4th quarter. Summit Global Investments now owns 4,646 shares of the company’s stock valued at $626,000 after acquiring an additional 79 shares during the period. Caitlin John LLC raised its holdings in Palomar by 23,887.5% in the 4th quarter. Caitlin John LLC now owns 1,919 shares of the company’s stock valued at $259,000 after acquiring an additional 1,911 shares during the period. Finally, State of Tennessee Department of Treasury lifted its position in Palomar by 6.8% during the fourth quarter. State of Tennessee Department of Treasury now owns 15,275 shares of the company’s stock worth $1,888,000 after acquiring an additional 971 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.