Insider Selling: Palomar (NASDAQ:PLMR) CEO Sells $395,360.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $112.96, for a total value of $395,360.00. Following the completion of the transaction, the chief executive officer owned 329,388 shares in the company, valued at approximately $37,207,668.48. This represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 Thursday, May 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The shares were sold at an average price of $114.39, for a total transaction of $400,365.00.
• On Tuesday, April 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $130.77, for a total transaction 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 transaction of $413,883.62.

Palomar Stock Up 7.2%

Shares of NASDAQ PLMR opened at $126.32 on Friday. The stock has a market capitalization of $3.35 billion, a P/E ratio of 17.59 and a beta of 0.44. The company has a 50-day moving average price of $115.45 and a 200-day moving average price of $122.40. Palomar Holdings, Inc. has a 1 year low of $100.81 and a 1 year high of $156.55. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.17 by $0.14. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The company had revenue of $278.94 million during the quarter, compared to the consensus estimate of $557.79 million. During the same period in the previous year, the firm posted $1.87 earnings per share. The firm’s revenue for the quarter was up 59.7% on a year-over-year basis. On average, equities research analysts forecast that Palomar Holdings, Inc. will post 9.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Palomar

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Palomar by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company’s stock valued at $363,620,000 after acquiring an additional 67,038 shares in the last quarter. Janus Henderson Group PLC boosted its position in Palomar by 17.4% in the first quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock worth $111,664,000 after purchasing an additional 138,368 shares during the last quarter. Westfield Capital Management Co. LP grew its stake in Palomar by 13.8% in the 4th quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company’s stock valued at $113,229,000 after purchasing an additional 101,698 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its stake in Palomar by 72.1% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company’s stock valued at $105,809,000 after purchasing an additional 328,993 shares during the period. Finally, Stephens Investment Management Group LLC increased its position in shares of Palomar by 3.0% during the 1st quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company’s stock valued at $85,432,000 after purchasing an additional 20,597 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on PLMR shares. Weiss Ratings raised Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, June 18th. Keefe, Bruyette & Woods cut their target price on Palomar from $186.00 to $159.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Zacks Research downgraded Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. JPMorgan Chase & Co. lowered their price target on Palomar from $160.00 to $150.00 and set an “overweight” rating for the company in a research report on Tuesday, May 26th. Finally, Piper Sandler dropped their price objective on Palomar from $151.00 to $132.00 and set an “overweight” rating on the stock in a research note on Monday, May 11th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Palomar currently has an average rating of “Moderate Buy” and an average price target of $147.75.

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.