Palomar (NASDAQ:PLMR) Shares Down 4.5% on Insider Selling

Palomar Holdings, Inc. (NASDAQ:PLMR)’s stock price dropped 4.5% on Thursday following insider selling activity. The stock traded as low as $103.60 and last traded at $102.96. Approximately 90,513 shares changed hands during trading, a decline of 27% from the average daily volume of 124,130 shares. The stock had previously closed at $107.84.

Specifically, CFO T Christopher Uchida sold 1,030 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $109.65, for a total transaction of $112,939.50. Following the completion of the transaction, the chief financial officer now directly owns 16,258 shares in the company, valued at approximately $1,782,689.70. This represents a 5.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $109.76, for a total transaction of $768,320.00. Following the completion of the transaction, the chief executive officer now directly owns 412,388 shares in the company, valued at $45,263,706.88. The trade was a 1.67 % decrease in their position. The disclosure for this sale can be found here. In other Palomar news, CEO Mac Armstrong sold 3,154 shares of Palomar stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $109.27, for a total transaction of $344,637.58. Following the completion of the sale, the chief executive officer now directly owns 60,032 shares in the company, valued at $6,559,696.64. This trade represents a 4.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. lifted their price objective on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Jefferies Financial Group increased their target price on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, Piper Sandler lifted their target price on Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $115.50.

Palomar Trading Up 0.8 %

The company has a market cap of $2.74 billion, a PE ratio of 24.58 and a beta of 0.38. The company has a fifty day simple moving average of $106.96 and a two-hundred day simple moving average of $98.57.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The firm had revenue of $148.50 million for the quarter, compared to analyst estimates of $134.72 million. During the same period in the prior year, the firm earned $0.80 earnings per share. On average, research analysts anticipate that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Hedge Funds Weigh In On Palomar

Institutional investors and hedge funds have recently modified their holdings of the company. Hunter Associates Investment Management LLC lifted its holdings in Palomar by 6.8% during the 4th quarter. Hunter Associates Investment Management LLC now owns 17,689 shares of the company’s stock worth $1,872,000 after buying an additional 1,120 shares during the last quarter. Moody Aldrich Partners LLC increased its stake in Palomar by 130.4% in the fourth quarter. Moody Aldrich Partners LLC now owns 62,322 shares of the company’s stock valued at $6,581,000 after purchasing an additional 35,270 shares during the last quarter. KBC Group NV raised its holdings in Palomar by 44.9% during the fourth quarter. KBC Group NV now owns 1,045 shares of the company’s stock worth $110,000 after purchasing an additional 324 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Palomar by 2.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 7,919 shares of the company’s stock worth $836,000 after buying an additional 200 shares during the last quarter. Finally, Dakota Wealth Management boosted its holdings in shares of Palomar by 3.1% in the 4th quarter. Dakota Wealth Management now owns 3,070 shares of the company’s stock valued at $324,000 after buying an additional 92 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

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.