Palomar (NASDAQ:PLMR) CEO Sells $422,030.00 in Stock

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

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

• On Thursday, February 12th, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $122.60, for a total transaction 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 transaction 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 value 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 value of $658,893.96.
• 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 value of $658,893.96.
• On Wednesday, January 28th, Mac Armstrong sold 11,484 shares of Palomar stock. The stock was 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 stock was sold at an average price of $130.00, for a total value of $300,300.00.

Palomar Price Performance

Shares of Palomar stock opened at $116.83 on Friday. The firm has a market cap of $3.12 billion, a price-to-earnings ratio of 16.27 and a beta of 0.46. The stock has a 50-day simple moving average of $124.01 and a 200-day simple moving average of $122.97. Palomar Holdings, Inc. has a 52-week low of $107.75 and a 52-week high of $175.85.

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

Analyst Upgrades and Downgrades

Several research firms have commented on PLMR. Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th. Evercore started coverage on Palomar in a report on Monday, February 9th. They set an “outperform” rating and a $150.00 price objective on the stock. Keefe, Bruyette & Woods raised their price objective on Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a research note on Tuesday, January 6th. Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a research report on Sunday, March 1st. Finally, JPMorgan Chase & Co. lifted their price target 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. Seven analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $163.00.

Hedge Funds Weigh In On Palomar

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Palomar by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company’s stock worth $363,620,000 after buying an additional 67,038 shares during the period. American Century Companies Inc. grew its stake in shares of Palomar by 2.1% in the second quarter. American Century Companies Inc. now owns 846,312 shares of the company’s stock worth $130,544,000 after acquiring an additional 17,188 shares during the last quarter. Westfield Capital Management Co. LP increased its position in Palomar by 13.8% during the fourth quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company’s stock worth $113,229,000 after acquiring an additional 101,698 shares during the period. Invesco Ltd. increased its position in Palomar by 234.1% during the second quarter. Invesco Ltd. now owns 798,361 shares of the company’s stock worth $123,147,000 after acquiring an additional 559,383 shares during the period. Finally, Janus Henderson Group PLC raised its stake in Palomar by 250.1% during the 4th quarter. Janus Henderson Group PLC now owns 795,625 shares of the company’s stock valued at $107,237,000 after purchasing an additional 568,360 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

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.