Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells 5,000 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 5,000 shares of the firm’s stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $145.41, for a total transaction of $727,050.00. Following the completion of the sale, the chief executive officer now owns 397,388 shares of the company’s stock, valued at $57,784,189.08. This trade represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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

• On Tuesday, April 15th, Mac Armstrong sold 3,202 shares of Palomar stock. The shares were sold at an average price of $153.04, for a total value of $490,034.08.
• On Friday, March 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $129.72, for a total value of $648,600.00.
• On Friday, January 31st, Mac Armstrong sold 2,237 shares of Palomar stock. The shares were sold at an average price of $104.50, for a total value of $233,766.50.
• On Wednesday, January 29th, Mac Armstrong sold 2,444 shares of Palomar stock. The stock was sold at an average price of $108.34, for a total transaction of $264,782.96.
• On Sunday, January 26th, Mac Armstrong sold 2,791 shares of Palomar stock. The shares were sold at an average price of $101.69, for a total transaction of $283,816.79.

Palomar Price Performance

Shares of NASDAQ:PLMR opened at $147.48 on Friday. Palomar Holdings, Inc. has a 1 year low of $77.17 and a 1 year high of $155.87. The company has a market cap of $3.94 billion, a P/E ratio of 32.92 and a beta of 0.46. The stock’s fifty day moving average price is $135.21 and its 200-day moving average price is $115.21.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. On average, sell-side analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Institutional Investors Weigh In On Palomar

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Palomar by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company’s stock valued at $271,886,000 after buying an additional 53,123 shares during the period. American Century Companies Inc. lifted its holdings in Palomar by 36.6% in the fourth quarter. American Century Companies Inc. now owns 785,419 shares of the company’s stock valued at $82,932,000 after acquiring an additional 210,523 shares during the period. Geode Capital Management LLC boosted its position in Palomar by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 618,840 shares of the company’s stock worth $65,358,000 after purchasing an additional 18,748 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Palomar by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company’s stock valued at $59,313,000 after purchasing an additional 17,320 shares during the period. Finally, Artemis Investment Management LLP increased its position in shares of Palomar by 17.0% during the 1st quarter. Artemis Investment Management LLP now owns 532,554 shares of the company’s stock valued at $73,003,000 after purchasing an additional 77,472 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods cut their price objective on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating on the stock in a report on Wednesday, April 9th. Piper Sandler raised their price objective on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. JPMorgan Chase & Co. raised Palomar from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $115.00 to $150.00 in a report on Tuesday, April 8th. JMP Securities restated a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Finally, Truist Financial upped their price target on shares of Palomar from $150.00 to $178.00 and gave the stock a “buy” rating in a research note on Tuesday, April 15th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Palomar currently has a consensus rating of “Moderate Buy” and a consensus target price of $148.33.

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.