Palomar (NASDAQ:PLMR) CEO Mac Armstrong Sells 5,000 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Tuesday, October 21st. The shares were sold at an average price of $115.31, for a total value of $576,550.00. Following the sale, the chief executive officer owned 367,388 shares of the company’s stock, valued at approximately $42,363,510.28. This represents a 1.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• On Wednesday, October 15th, Mac Armstrong sold 3,218 shares of Palomar stock. The shares were sold at an average price of $116.10, for a total value of $373,609.80.
• On Monday, September 22nd, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $116.02, for a total value of $580,100.00.
• On Thursday, August 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $126.56, for a total value of $632,800.00.

Palomar Price Performance

NASDAQ PLMR opened at $113.08 on Thursday. The stock’s fifty day moving average price is $118.62 and its 200 day moving average price is $138.05. Palomar Holdings, Inc. has a 1 year low of $85.00 and a 1 year high of $175.85. The company has a market cap of $3.03 billion, a price-to-earnings ratio of 19.87 and a beta of 0.30.

Palomar (NASDAQ:PLMR) last released its earnings results on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. Palomar had a return on equity of 20.35% and a net margin of 22.71%.The firm had revenue of $65.74 million for the quarter. Research analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Institutional Investors Weigh In On Palomar

A number of institutional investors have recently modified their holdings of the business. Robeco Institutional Asset Management B.V. grew its position in shares of Palomar by 29.5% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 38,205 shares of the company’s stock valued at $4,460,000 after acquiring an additional 8,710 shares during the period. Salomon & Ludwin LLC acquired a new stake in shares of Palomar during the 3rd quarter valued at about $25,000. Diversified Trust Co grew its position in shares of Palomar by 32.6% during the 3rd quarter. Diversified Trust Co now owns 4,977 shares of the company’s stock valued at $581,000 after acquiring an additional 1,223 shares during the period. Exchange Traded Concepts LLC acquired a new stake in shares of Palomar during the 3rd quarter valued at about $765,000. Finally, Marshall Financial Group LLC grew its position in shares of Palomar by 9.8% during the 3rd quarter. Marshall Financial Group LLC now owns 6,015 shares of the company’s stock valued at $702,000 after acquiring an additional 537 shares during the period. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PLMR. Wall Street Zen downgraded Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, July 5th. Evercore ISI cut their price target on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 1st. Keefe, Bruyette & Woods cut their price target on Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. Piper Sandler cut their price target on Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 6th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $156.67.

About Palomar

Palomar Holdings, Inc, a specialty insurance company, provides property and casualty insurance to residential and businesses in the United States. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, fronting, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance.