Mac Armstrong Sells 3,154 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,154 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $109.27, for a total value of $344,637.58. Following the completion of the sale, the chief executive officer now owns 60,032 shares of the company’s stock, valued at approximately $6,559,696.64. This trade represents a 4.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

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

• 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 shares were sold at an average price of $103.04, for a total transaction of $721,280.00.

Palomar Trading Down 0.7 %

PLMR traded down $0.77 on Tuesday, hitting $109.60. 134,092 shares of the stock traded hands, compared to its average volume of 129,782. The business has a fifty day moving average price of $106.68 and a two-hundred day moving average price of $98.14. Palomar Holdings, Inc. has a 52 week low of $57.55 and a 52 week high of $112.90. The firm has a market capitalization of $2.90 billion, a PE ratio of 26.03 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last issued its earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The business had revenue of $148.50 million during the quarter, compared to analyst estimates of $134.72 million. During the same period in the prior year, the company posted $0.80 earnings per share. On average, equities research analysts forecast that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Palomar

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Dakota Wealth Management grew its position in Palomar by 3.1% in the fourth quarter. Dakota Wealth Management now owns 3,070 shares of the company’s stock valued at $324,000 after acquiring an additional 92 shares during the period. GAMMA Investing LLC boosted its stake in shares of Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after purchasing an additional 125 shares in the last quarter. Covestor Ltd grew 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 worth $102,000 after purchasing an additional 181 shares during the last quarter. Louisiana State Employees Retirement System increased its position in shares of Palomar by 1.6% during the 3rd quarter. Louisiana State Employees Retirement System now owns 12,700 shares of the company’s stock worth $1,202,000 after purchasing an additional 200 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its holdings in Palomar by 2.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 7,919 shares of the company’s stock valued at $836,000 after purchasing an additional 200 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

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.