Mac Armstrong Sells 7,000 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $80.03, for a total value of $560,210.00. Following the completion of the sale, the chief executive officer now owns 468,388 shares in the company, valued at $37,485,091.64. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• On Thursday, March 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $82.62, for a total value of $578,340.00.
• On Thursday, February 29th, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $75.75, for a total value of $530,250.00.
• On Wednesday, January 31st, Mac Armstrong sold 1,541 shares of Palomar stock. The shares were sold at an average price of $59.19, for a total value of $91,211.79.
• On Saturday, January 27th, Mac Armstrong sold 952 shares of Palomar stock. The shares were sold at an average price of $60.13, for a total value of $57,243.76.

Palomar Stock Down 0.5 %

Shares of Palomar stock traded down $0.43 during midday trading on Wednesday, hitting $81.38. The company’s stock had a trading volume of 88,180 shares, compared to its average volume of 157,147. The firm has a market capitalization of $2.03 billion, a P/E ratio of 26.12 and a beta of 0.21. The stock has a 50-day simple moving average of $77.77 and a 200-day simple moving average of $64.70. Palomar Holdings, Inc. has a 1-year low of $46.09 and a 1-year high of $86.25.

Palomar (NASDAQ:PLMR) last issued its earnings results on Wednesday, February 14th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.85 by $0.09. The business had revenue of $102.35 million during the quarter, compared to analysts’ expectations of $95.07 million. Palomar had a return on equity of 19.35% and a net margin of 21.07%. As a group, sell-side analysts predict that Palomar Holdings, Inc. will post 3.84 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Evercore ISI lifted their price target on Palomar from $68.00 to $86.00 and gave the company an “in-line” rating in a research report on Thursday, April 11th. Piper Sandler lifted their price target on Palomar from $80.00 to $89.00 and gave the company an “overweight” rating in a research report on Monday, April 1st. JMP Securities reiterated a “market perform” rating on shares of Palomar in a research report on Monday, April 15th. JPMorgan Chase & Co. lowered Palomar from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $79.00 to $85.00 in a research note on Monday, April 8th. Finally, Jefferies Financial Group raised Palomar from a “hold” rating to a “buy” rating and raised their price objective for the stock from $78.00 to $88.00 in a research note on Thursday, March 14th. Three 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, Palomar presently has an average rating of “Moderate Buy” and a consensus price target of $87.50.

Institutional Trading of Palomar

A number of institutional investors have recently bought and sold shares of PLMR. Artemis Investment Management LLP acquired a new stake in Palomar during the first quarter valued at $20,904,000. Norges Bank acquired a new stake in Palomar during the fourth quarter valued at $9,726,000. Stephens Investment Management Group LLC boosted its position in Palomar by 11.3% during the fourth quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock valued at $59,752,000 after purchasing an additional 109,261 shares during the last quarter. Westfield Capital Management Co. LP boosted its position in Palomar by 26.0% during the third quarter. Westfield Capital Management Co. LP now owns 433,346 shares of the company’s stock valued at $21,992,000 after purchasing an additional 89,410 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Palomar by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 2,363,067 shares of the company’s stock valued at $131,150,000 after purchasing an additional 85,329 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

About Palomar

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.