Palomar (NASDAQ:PLMR) CEO Sells $645,000.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 5,000 shares of the stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $129.00, for a total value of $645,000.00. Following the completion of the transaction, the chief executive officer directly owned 348,388 shares of the company’s stock, valued at $44,942,052. This represents a 1.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• 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 value of $300,300.00.
• On Friday, November 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $122.86, for a total value of $614,300.00.

Palomar Trading Down 2.3%

PLMR stock opened at $124.95 on Friday. Palomar Holdings, Inc. has a twelve month low of $101.64 and a twelve month high of $175.85. The company has a market capitalization of $3.31 billion, a P/E ratio of 19.49 and a beta of 0.42. The firm has a 50 day simple moving average of $127.91 and a 200-day simple moving average of $124.43.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Thursday, November 6th. The company reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.45. Palomar had a net margin of 22.59% and a return on equity of 21.93%. The firm had revenue of $244.66 million for the quarter, compared to analysts’ expectations of $207.98 million. During the same period in the prior year, the company posted $1.23 earnings per share. On average, research analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Institutional Investors Weigh In On Palomar

Large investors have recently added to or reduced their stakes in the stock. Salomon & Ludwin LLC acquired a new position in shares of Palomar during the third quarter valued at $25,000. Richardson Financial Services Inc. lifted its position in Palomar by 210.0% in the 3rd quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock valued at $25,000 after purchasing an additional 147 shares during the last quarter. Allworth Financial LP lifted its position in Palomar by 1,970.0% in the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock valued at $32,000 after purchasing an additional 197 shares during the last quarter. Maseco LLP acquired a new position in Palomar during the 2nd quarter valued at about $45,000. Finally, Clearstead Advisors LLC grew its position in Palomar by 31.0% in the 3rd quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock worth $46,000 after purchasing an additional 94 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PLMR shares. Wall Street Zen upgraded Palomar from a “hold” rating to a “buy” rating in a research note on Saturday, January 10th. Evercore ISI reduced their target price on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. Weiss Ratings upgraded Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th. Keefe, Bruyette & Woods boosted their price target on Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a report on Tuesday, January 6th. Finally, JPMorgan Chase & Co. upped their price target on Palomar from $145.00 to $155.00 and gave the company an “overweight” rating in a research report on Wednesday, January 7th. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $159.50.

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.