Insider Selling: Palomar (NASDAQ:PLMR) CEO Sells $300,300.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 2,310 shares of Palomar stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $130.00, for a total value of $300,300.00. Following the transaction, the chief executive officer owned 80,314 shares in the company, valued at $10,440,820. This trade represents a 2.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

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

• On Wednesday, January 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $129.00, for a total value of $645,000.00.
• 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 1.7%

Shares of NASDAQ:PLMR opened at $127.83 on Friday. The stock has a 50 day moving average of $128.01 and a 200 day moving average of $124.69. The company has a market cap of $3.39 billion, a PE ratio of 19.94 and a beta of 0.42. Palomar Holdings, Inc. has a 12-month low of $101.64 and a 12-month high of $175.85.

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

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Palomar

A number of hedge funds have recently made changes to their positions in PLMR. Hunter Associates Investment Management LLC grew its holdings in Palomar by 2.4% during the 4th quarter. Hunter Associates Investment Management LLC now owns 20,267 shares of the company’s stock valued at $2,726,000 after buying an additional 482 shares in the last quarter. Exchange Traded Concepts LLC boosted its position in shares of Palomar by 9.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 7,190 shares of the company’s stock valued at $969,000 after acquiring an additional 638 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Palomar by 13.5% during the 4th quarter. SG Americas Securities LLC now owns 12,490 shares of the company’s stock valued at $1,683,000 after acquiring an additional 1,489 shares during the last quarter. Diversified Trust Co. grew its holdings in shares of Palomar by 55.3% in the fourth quarter. Diversified Trust Co. now owns 7,731 shares of the company’s stock valued at $1,042,000 after purchasing an additional 2,754 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in Palomar by 3.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company’s stock worth $333,000 after purchasing an additional 82 shares during the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

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.