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

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $137.26, for a total value of $480,410.00. Following the completion of the sale, the chief executive officer owned 325,888 shares of the company’s stock, valued at $44,731,386.88. This represents a 1.06% decrease in their position. The sale was disclosed in a document filed with the SEC, 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 Monday, June 22nd, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $112.96, for a total value of $395,360.00.
• 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 value of $400,365.00.

Palomar Stock Performance

PLMR opened at $142.91 on Thursday. The stock’s 50 day simple moving average is $123.48 and its 200-day simple moving average is $123.40. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.31. The stock has a market cap of $3.79 billion, a PE ratio of 19.90 and a beta of 0.41. Palomar Holdings, Inc. has a 1 year low of $100.81 and a 1 year high of $147.62.

Palomar (NASDAQ:PLMR) last issued 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. The firm had revenue of $278.94 million during the quarter, compared to analysts’ expectations of $557.79 million. Palomar had a return on equity of 22.62% and a net margin of 20.11%.Palomar’s quarterly revenue was up 59.7% compared to the same quarter last year. During the same period last year, the business earned $1.87 earnings per share. Sell-side analysts forecast that Palomar Holdings, Inc. will post 8.9 EPS for the current year.

Institutional Investors Weigh In On Palomar

Hedge funds have recently made changes to their positions in the company. Geneos Wealth Management Inc. acquired a new position in Palomar in the fourth quarter valued at about $32,000. Kestra Advisory Services LLC bought a new stake in Palomar during the fourth quarter worth about $33,000. Rockefeller Capital Management L.P. increased its holdings in shares of Palomar by 81.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock worth $40,000 after buying an additional 132 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of Palomar by 638.3% during the first quarter. Parallel Advisors LLC now owns 443 shares of the company’s stock worth $53,000 after buying an additional 383 shares in the last quarter. Finally, Frazier Financial Advisors LLC bought a new position in shares of Palomar in the fourth quarter valued at approximately $54,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Analyst Ratings Changes

PLMR has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their target price on shares of Palomar from $150.00 to $167.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. Weiss Ratings raised shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Piper Sandler raised their price target on shares of Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Zacks Research downgraded Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Finally, Keefe, Bruyette & Woods upped their price objective on Palomar from $162.00 to $166.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $162.50.

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.