Mac Armstrong Sells 7,000 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 7,000 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $96.28, for a total value of $673,960.00. Following the completion of the sale, the chief executive officer now owns 433,388 shares of the company’s stock, valued at approximately $41,726,596.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Tuesday, October 15th, Mac Armstrong sold 3,185 shares of Palomar stock. The stock was sold at an average price of $98.21, for a total value of $312,798.85.
• On Monday, September 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $95.49, for a total transaction of $668,430.00.

Palomar Stock Down 1.2 %

Shares of Palomar stock opened at $94.19 on Thursday. The business has a 50-day moving average price of $96.20 and a 200 day moving average price of $88.16. Palomar Holdings, Inc. has a fifty-two week low of $48.23 and a fifty-two week high of $103.40. The firm has a market cap of $2.36 billion, a P/E ratio of 24.85 and a beta of 0.33.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.16. The business had revenue of $123.08 million for the quarter, compared to analyst estimates of $338.74 million. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The business’s revenue was up 47.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.72 EPS. As a group, equities research analysts anticipate that Palomar Holdings, Inc. will post 4.35 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Palomar during the 3rd quarter valued at about $25,000. GAMMA Investing LLC grew its holdings in shares of Palomar by 48.6% during the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after purchasing an additional 125 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Palomar during the 2nd quarter worth approximately $49,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Palomar in the 1st quarter worth approximately $59,000. Finally, Advisors Asset Management Inc. boosted its position in Palomar by 137.1% during the 1st quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock valued at $62,000 after purchasing an additional 425 shares during the period. 90.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Evercore ISI lifted their price target on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research note on Tuesday, August 6th. Piper Sandler lifted their target price on Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. increased their price target on Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Thursday, July 11th. Jefferies Financial Group lifted their price objective on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods increased their target price on Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $105.50.

Palomar Company Profile

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.