Palomar Holdings, Inc. (NASDAQ:PLMR – Get Free Report) CEO Mac Armstrong sold 3,500 shares of the company’s stock in a transaction on Wednesday, October 21st. The stock was sold at an average price of $138.31, for a total value of $484,085.00. Following the completion of the sale, the chief executive officer directly owned 315,388 shares in the company, valued at approximately $43,621,314.28. The trade was a 1.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Mac Armstrong also recently made the following trade(s):
- On Monday, September 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $134.98, for a total value of $472,430.00.
- On Friday, August 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The shares were sold at an average price of $130.60, for a total value of $457,100.00.
Palomar Stock Up 3.9%
Palomar stock traded up $5.36 on Thursday, hitting $144.53. 251,737 shares of the stock traded hands, compared to its average volume of 258,943. Palomar Holdings, Inc. has a 1 year low of $100.81 and a 1 year high of $147.62. The firm has a market cap of $3.80 billion, a P/E ratio of 19.43 and a beta of 0.35. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.30. The business’s fifty day simple moving average is $131.80 and its 200 day simple moving average is $126.73.
Palomar (NASDAQ:PLMR – Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.19 by $0.17. The firm had revenue of $314.42 million for the quarter, compared to the consensus estimate of $621.52 million. Palomar had a net margin of 18.61% and a return on equity of 23.28%. During the same period in the prior year, the firm earned $1.76 EPS. As a group, sell-side analysts forecast that Palomar Holdings, Inc. will post 9.29 earnings per share for the current year.
Palomar Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were paid a dividend of $0.45 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $1.80 annualized dividend and a yield of 1.2%. Palomar’s payout ratio is presently 24.19%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the company. Rockefeller Capital Management L.P. increased its position 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 acquiring an additional 132 shares in the last quarter. Quantbot Technologies LP bought a new position in Palomar in the 2nd quarter valued at approximately $43,000. Frazier Financial Advisors LLC bought a new position in Palomar in the 2nd quarter valued at approximately $51,000. Fortitude Family Office LLC lifted its position in Palomar by 5,050.0% in the 3rd quarter. Fortitude Family Office LLC now owns 412 shares of the company’s stock valued at $51,000 after acquiring an additional 404 shares in the last quarter. Finally, Parallel Advisors LLC boosted its stake in Palomar by 638.3% during the 1st quarter. Parallel Advisors LLC now owns 443 shares of the company’s stock valued at $53,000 after purchasing an additional 383 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Palomar from a “buy (b)” rating to a “buy (b+)” rating in a report on Friday, October 16th. Zacks Research raised Palomar from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, September 30th. Keefe, Bruyette & Woods lifted their price objective on Palomar from $166.00 to $167.00 and gave the company an “outperform” rating in a research note on Monday, August 10th. JPMorgan Chase & Co. dropped their target price on Palomar from $167.00 to $156.00 and set an “overweight” rating on the stock in a report on Friday, October 9th. Finally, Evercore set a $152.00 target price on Palomar in a research note on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. According to data from MarketBeat, Palomar has an average rating of “Buy” and an average target price of $160.00.
Get Our Latest Research Report on PLMR
Palomar Company Profile
Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in markets that may be underserved by traditional insurers. The company focuses on risks that are complex, difficult to place or exposed to natural catastrophes, using specialized underwriting and risk-management capabilities.
Its offerings include residential and commercial earthquake insurance, inland marine coverage, specialty property insurance, casualty products, workers’ compensation and other tailored insurance solutions.
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