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 company’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $80.03, for a total value of $560,210.00. Following the completion of the transaction, the chief executive officer now directly owns 468,388 shares in the company, valued at approximately $37,485,091.64. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

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

• On Thursday, March 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $82.62, for a total value of $578,340.00.
• On Thursday, February 29th, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $75.75, for a total value of $530,250.00.
• On Wednesday, January 31st, Mac Armstrong sold 1,541 shares of Palomar stock. The shares were sold at an average price of $59.19, for a total value of $91,211.79.
• On Saturday, January 27th, Mac Armstrong sold 952 shares of Palomar stock. The shares were sold at an average price of $60.13, for a total value of $57,243.76.

Palomar Price Performance

Shares of NASDAQ PLMR opened at $81.15 on Friday. The stock has a market capitalization of $2.02 billion, a P/E ratio of 26.01 and a beta of 0.21. Palomar Holdings, Inc. has a 1-year low of $46.09 and a 1-year high of $86.25. The business has a fifty day moving average price of $78.30 and a 200 day moving average price of $64.93.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Wednesday, February 14th. The company reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.09. The firm had revenue of $102.35 million during the quarter, compared to analysts’ expectations of $95.07 million. Palomar had a return on equity of 19.35% and a net margin of 21.07%. As a group, equities research analysts anticipate that Palomar Holdings, Inc. will post 3.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Palomar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PLMR. Artemis Investment Management LLP purchased a new stake in Palomar in the first quarter valued at about $20,904,000. Norges Bank purchased a new stake in Palomar in the fourth quarter valued at about $9,726,000. Stephens Investment Management Group LLC raised its stake in Palomar by 11.3% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock valued at $59,752,000 after buying an additional 109,261 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in Palomar by 26.0% in the third quarter. Westfield Capital Management Co. LP now owns 433,346 shares of the company’s stock valued at $21,992,000 after buying an additional 89,410 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Palomar by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 2,363,067 shares of the company’s stock valued at $131,150,000 after buying an additional 85,329 shares during the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PLMR has been the topic of several research analyst reports. Piper Sandler upped their price objective on Palomar from $80.00 to $89.00 and gave the company an “overweight” rating in a research report on Monday, April 1st. JPMorgan Chase & Co. downgraded Palomar from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $79.00 to $85.00 in a research report on Monday, April 8th. Jefferies Financial Group raised Palomar from a “hold” rating to a “buy” rating and increased their price target for the stock from $78.00 to $88.00 in a research report on Thursday, March 14th. Evercore ISI increased their price target on Palomar from $68.00 to $86.00 and gave the stock an “in-line” rating in a research report on Thursday, April 11th. Finally, Truist Financial increased their price target on Palomar from $72.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Palomar currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.50.

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.