Palomar (NASDAQ:PLMR) CEO Mac Armstrong Sells 3,197 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,197 shares of Palomar stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $129.46, for a total transaction of $413,883.62. Following the sale, the chief executive officer directly owned 102,059 shares in the company, valued at $13,212,558.14. The trade was a 3.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Monday, March 23rd, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $120.58, for a total transaction of $422,030.00.
• On Thursday, February 12th, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $122.60, for a total transaction of $613,000.00.
• On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The stock was sold at an average price of $121.74, for a total transaction of $268,436.70.
• On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The stock was sold at an average price of $121.74, for a total transaction of $268,436.70.
• On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The stock was sold at an average price of $122.04, for a total transaction of $658,893.96.
• On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The stock was sold at an average price of $122.04, for a total transaction of $658,893.96.
• On Wednesday, January 28th, Mac Armstrong sold 11,484 shares of Palomar stock. The stock was sold at an average price of $119.88, for a total transaction of $1,376,701.92.
• On Wednesday, January 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $129.00, for a total transaction of $645,000.00.

Palomar Stock Performance

Shares of Palomar stock opened at $132.55 on Friday. The stock has a market capitalization of $3.51 billion, a PE ratio of 18.46 and a beta of 0.54. Palomar Holdings, Inc. has a 52-week low of $107.75 and a 52-week high of $175.85. The company has a 50-day simple moving average of $124.08 and a two-hundred day simple moving average of $123.92.

Palomar (NASDAQ:PLMR) last issued its earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.18. The business had revenue of $253.36 million during the quarter, compared to analysts’ expectations of $204.58 million. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The business’s revenue for the quarter was up 62.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.52 earnings per share. As a group, equities research analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PLMR. Salomon & Ludwin LLC purchased a new position in shares of Palomar during the third quarter valued at approximately $25,000. Richardson Financial Services Inc. raised its holdings in shares of Palomar by 210.0% during the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock valued at $25,000 after purchasing an additional 147 shares during the last quarter. Geneos Wealth Management Inc. purchased a new position in shares of Palomar during the fourth quarter valued at approximately $32,000. Kestra Advisory Services LLC purchased a new position in shares of Palomar during the fourth quarter valued at approximately $33,000. Finally, Rockefeller Capital Management L.P. raised its holdings in shares of Palomar by 81.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock valued at $40,000 after purchasing an additional 132 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on PLMR shares. JPMorgan Chase & Co. lifted their target price on shares of Palomar from $155.00 to $160.00 and gave the stock an “overweight” rating in a report on Monday, February 23rd. Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $183.00 to $186.00 and gave the stock an “outperform” rating in a report on Tuesday, April 7th. Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a report on Sunday, March 1st. Weiss Ratings cut shares of Palomar from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, April 7th. Finally, Zacks Research raised shares of Palomar from a “hold” rating to a “strong-buy” rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Palomar currently has an average rating of “Buy” and an average price target of $161.75.

About Palomar

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.