Palomar (NASDAQ:PLMR) CEO Mac Armstrong Sells 3,500 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of the company’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $120.58, for a total value of $422,030.00. Following the completion of the sale, the chief executive officer directly owned 339,888 shares in the company, valued at $40,983,695.04. This trade represents a 1.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

• On Thursday, February 12th, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $122.60, for a total value of $613,000.00.
• On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The stock was sold at an average price of $121.74, for a total value of $268,436.70.
• On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The stock was sold at an average price of $121.74, for a total transaction of $268,436.70.
• On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The shares were sold at an average price of $122.04, for a total transaction of $658,893.96.
• On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The stock was sold at an average price of $122.04, for a total transaction of $658,893.96.
• On Wednesday, January 28th, Mac Armstrong sold 11,484 shares of Palomar stock. The shares were sold at an average price of $119.88, for a total value of $1,376,701.92.
• 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 Thursday, January 15th, Mac Armstrong sold 2,310 shares of Palomar stock. The shares were sold at an average price of $130.00, for a total transaction of $300,300.00.

Palomar Price Performance

Shares of PLMR stock opened at $121.84 on Thursday. The firm has a market cap of $3.25 billion, a P/E ratio of 16.97 and a beta of 0.46. Palomar Holdings, Inc. has a 1-year low of $107.75 and a 1-year high of $175.85. The firm has a fifty day moving average of $124.43 and a two-hundred day moving average of $123.03.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $2.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.06 by $0.18. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The firm had revenue of $253.36 million for the quarter, compared to analysts’ expectations of $204.58 million. During the same quarter in the prior year, the firm posted $1.52 earnings per share. Palomar’s revenue for the quarter was up 62.7% compared to the same quarter last year. On average, sell-side analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Summit Global Investments boosted its stake in Palomar by 1.7% during the 4th quarter. Summit Global Investments now owns 4,646 shares of the company’s stock valued at $626,000 after purchasing an additional 79 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Palomar by 3.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company’s stock worth $333,000 after buying an additional 82 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Palomar by 2.0% in the fourth quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company’s stock valued at $602,000 after buying an additional 88 shares during the period. Clearstead Advisors LLC boosted its stake in Palomar by 31.0% during the third quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock valued at $46,000 after buying an additional 94 shares in the last quarter. Finally, California State Teachers Retirement System lifted its holdings in Palomar by 0.4% in the 2nd quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock valued at $3,734,000 after acquiring an additional 97 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Weiss Ratings raised Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 14th. Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a research report on Sunday, March 1st. Evercore began coverage on Palomar in a report on Monday, February 9th. They issued an “outperform” rating and a $150.00 price target on the stock. Finally, 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. Seven equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $163.00.

About Palomar

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.