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 business’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $82.84, for a total value of $579,880.00. Following the completion of the transaction, the chief executive officer now directly owns 461,388 shares in the company, valued at approximately $38,221,381.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Monday, April 22nd, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $80.03, for a total value of $560,210.00.
• On Thursday, March 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was 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 stock was sold at an average price of $75.75, for a total value of $530,250.00.

Palomar Trading Up 0.2 %

NASDAQ:PLMR opened at $82.80 on Thursday. Palomar Holdings, Inc. has a 1-year low of $46.67 and a 1-year high of $89.22. The business’s 50-day moving average price is $81.33 and its two-hundred day moving average price is $69.18. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of 23.79 and a beta of 0.24.

Palomar (NASDAQ:PLMR) last released its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.28. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The firm had revenue of $108.39 million for the quarter, compared to analyst estimates of $322.10 million. During the same quarter in the prior year, the firm posted $0.80 earnings per share. The company’s quarterly revenue was up 29.1% on a year-over-year basis. Sell-side analysts predict that Palomar Holdings, Inc. will post 4.01 earnings per share for the current year.

Institutional Investors Weigh In On Palomar

Large investors have recently modified their holdings of the business. Signaturefd LLC increased its holdings in shares of Palomar by 59.4% in the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock worth $33,000 after acquiring an additional 221 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Palomar by 137.1% in the first quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock worth $62,000 after acquiring an additional 425 shares in the last quarter. Atwood & Palmer Inc. increased its holdings in shares of Palomar by 66.7% in the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock worth $63,000 after acquiring an additional 300 shares in the last quarter. Covestor Ltd increased its holdings in shares of Palomar by 29.0% in the first quarter. Covestor Ltd now owns 1,183 shares of the company’s stock worth $99,000 after acquiring an additional 266 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Palomar in the first quarter worth about $122,000. 90.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PLMR shares. Truist Financial upped their price target on Palomar from $88.00 to $97.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Jefferies Financial Group raised Palomar from a “hold” rating to a “buy” rating and upped their price target for the company from $78.00 to $88.00 in a research note on Thursday, March 14th. Keefe, Bruyette & Woods upped their price target on Palomar from $88.00 to $89.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. Piper Sandler upped their price target on Palomar from $89.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, May 6th. Finally, Evercore ISI upped their price target on Palomar from $68.00 to $86.00 and gave the company an “in-line” rating in a research note on Thursday, April 11th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.17.

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.