Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong Sells 2,444 Shares

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) CEO Mac Armstrong sold 2,444 shares of the business's stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $108.34, for a total transaction of $264,782.96. Following the completion of the sale, the chief executive officer now directly owns 64,982 shares in the company, valued at $7,040,149.88. This trade represents a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

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

• On Friday, January 31st, Mac Armstrong sold 2,237 shares of Palomar stock. The stock was sold at an average price of $104.50, for a total value of $233,766.50.
• On Sunday, January 26th, Mac Armstrong sold 2,791 shares of Palomar stock. The shares were sold at an average price of $101.69, for a total value of $283,816.79.
• On Tuesday, January 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $109.76, for a total value of $768,320.00.
• On Wednesday, January 15th, Mac Armstrong sold 3,154 shares of Palomar stock. The shares were sold at an average price of $109.27, for a total value of $344,637.58.
• On Wednesday, January 1st, Mac Armstrong sold 4,170 shares of Palomar stock. The shares were sold at an average price of $105.86, for a total transaction of $441,436.20.
• On Monday, December 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $103.04, for a total transaction of $721,280.00.

Palomar Price Performance

Shares of PLMR traded down $0.29 during mid-day trading on Tuesday, reaching $106.74. The company's stock had a trading volume of 106,533 shares, compared to its average volume of 131,602. Palomar Holdings, Inc. has a 12-month low of $57.55 and a 12-month high of $112.90. The stock has a market cap of $2.83 billion, a PE ratio of 25.35 and a beta of 0.38. The company's 50 day moving average is $106.89 and its 200 day moving average is $99.63.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The company had revenue of $148.50 million for the quarter, compared to analysts' expectations of $134.72 million. During the same quarter last year, the company earned $0.80 earnings per share. As a group, sell-side analysts anticipate that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Institutional Investors Weigh In On Palomar

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Dakota Wealth Management grew its holdings in shares of Palomar by 3.1% during the fourth quarter. Dakota Wealth Management now owns 3,070 shares of the company's stock worth $324,000 after purchasing an additional 92 shares during the last quarter. State of Alaska Department of Revenue increased its position in Palomar by 0.7% during the fourth quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company's stock worth $1,588,000 after buying an additional 100 shares during the period. Louisiana State Employees Retirement System lifted its stake in Palomar by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company's stock valued at $1,352,000 after buying an additional 100 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Palomar by 48.6% during the third quarter. GAMMA Investing LLC now owns 382 shares of the company's stock worth $36,000 after acquiring an additional 125 shares during the last quarter. Finally, Covestor Ltd increased its holdings in shares of Palomar by 20.2% in the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company's stock valued at $102,000 after acquiring an additional 181 shares during the period. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PLMR has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their price objective on Palomar from $93.00 to $100.00 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods lifted their price objective on Palomar from $120.00 to $136.00 and gave the company an "outperform" rating in a research note on Friday, December 6th. Jefferies Financial Group boosted their price objective on Palomar from $110.00 to $113.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. Finally, Piper Sandler raised their target price on shares of Palomar from $119.00 to $133.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $115.50.

Palomar Company Profile

Palomar Holdings, Inc, a specialty insurance company, provides property and casualty insurance to residential and businesses in the United States. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, fronting, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance.