Insider Selling: Palomar (NASDAQ:PLMR) CEO Sells 3,500 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $114.39, for a total transaction of $400,365.00. Following the completion of the transaction, the chief executive officer directly owned 332,888 shares of the company’s stock, valued at $38,079,058.32. This trade represents a 1.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, April 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The shares were sold at an average price of $130.77, for a total value of $457,695.00.
• On Wednesday, April 15th, Mac Armstrong sold 3,197 shares of Palomar stock. The shares were sold at an average price of $129.46, for a total value of $413,883.62.
• On Monday, March 23rd, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $120.58, for a total value of $422,030.00.

Palomar Price Performance

Shares of Palomar stock traded down $1.13 during midday trading on Friday, hitting $113.87. 172,300 shares of the company were exchanged, compared to its average volume of 257,561. The firm has a 50 day simple moving average of $120.78 and a 200-day simple moving average of $124.56. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49. The firm has a market cap of $3.02 billion, a P/E ratio of 15.86 and a beta of 0.49. Palomar Holdings, Inc. has a 52 week low of $107.51 and a 52 week high of $175.85.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The firm had revenue of $278.94 million for the quarter, compared to analysts’ expectations of $557.79 million. During the same period in the prior year, the business posted $1.87 earnings per share. The business’s revenue was up 59.7% compared to the same quarter last year. Research analysts forecast that Palomar Holdings, Inc. will post 9.02 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Summit Global Investments grew its holdings in Palomar by 1.7% during the 4th quarter. Summit Global Investments now owns 4,646 shares of the company’s stock worth $626,000 after acquiring an additional 79 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of 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 acquiring an additional 82 shares during the last quarter. Quadrant Capital Group LLC lifted its position in shares of Palomar by 2.0% during the fourth quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company’s stock worth $602,000 after purchasing an additional 88 shares in the last quarter. Clearstead Advisors LLC lifted its position in shares of Palomar by 31.0% during the third quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock worth $46,000 after purchasing an additional 94 shares in the last quarter. Finally, California State Teachers Retirement System grew its stake in shares of Palomar by 0.4% during the second quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock valued at $3,734,000 after purchasing an additional 97 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Piper Sandler dropped their target price on shares of Palomar from $151.00 to $132.00 and set an “overweight” rating for the company in a research report on Monday, May 11th. Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. JPMorgan Chase & Co. upped their price objective on shares of Palomar from $155.00 to $160.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Weiss Ratings lowered shares of Palomar from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 7th. Finally, Keefe, Bruyette & Woods cut their target price on shares of Palomar from $186.00 to $159.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $150.25.

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.