Palomar (NASDAQ:PLMR) CEO Sells $400,365.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of the business’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $114.39, for a total transaction of $400,365.00. Following the completion of the sale, the chief executive officer directly owned 332,888 shares of the company’s stock, valued at approximately $38,079,058.32. The trade was a 1.04% decrease in their position. 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 Tuesday, April 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $130.77, for a total transaction of $457,695.00.
• On Wednesday, April 15th, Mac Armstrong sold 3,197 shares of Palomar stock. The stock was sold at an average price of $129.46, for a total transaction of $413,883.62.
• 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 value of $422,030.00.

Palomar Stock Performance

NASDAQ PLMR opened at $113.87 on Monday. The company has a market cap of $3.02 billion, a PE ratio of 15.86 and a beta of 0.49. The stock’s 50 day simple moving average is $120.66 and its 200-day simple moving average is $124.56. Palomar Holdings, Inc. has a 1-year low of $107.51 and a 1-year high of $175.85. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.17 by $0.14. The firm had revenue of $278.94 million during the quarter, compared to analysts’ expectations of $557.79 million. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The firm’s revenue for the quarter was up 59.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.87 earnings per share. As a group, equities research analysts anticipate that Palomar Holdings, Inc. will post 9.02 EPS for the current fiscal year.

Institutional Trading of Palomar

Institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC grew its position in Palomar by 250.1% in the fourth quarter. Janus Henderson Group PLC now owns 795,625 shares of the company’s stock worth $107,237,000 after acquiring an additional 568,360 shares during the period. Alliancebernstein L.P. raised its position in Palomar by 290.2% in the second quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock valued at $76,675,000 after purchasing an additional 369,697 shares during the period. Westfield Capital Management Co. LP raised its position in Palomar by 81.0% in the third quarter. Westfield Capital Management Co. LP now owns 738,528 shares of the company’s stock valued at $86,223,000 after purchasing an additional 330,592 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position in Palomar by 72.1% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company’s stock valued at $105,809,000 after purchasing an additional 328,993 shares during the period. Finally, Balyasny Asset Management L.P. lifted its stake in shares of Palomar by 290.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 308,734 shares of the company’s stock valued at $41,605,000 after purchasing an additional 229,681 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Wall Street Analyst Weigh In

PLMR has been the topic of several research reports. Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. JPMorgan Chase & Co. upped their price objective on shares of Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Weiss Ratings downgraded shares of Palomar from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 7th. Piper Sandler decreased their target price on shares of Palomar from $151.00 to $132.00 and set an “overweight” rating on the stock in a research note on Monday, May 11th. Finally, Zacks Research cut Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Palomar presently has a consensus rating of “Moderate Buy” and a consensus target price of $150.25.

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.