Palomar (NASDAQ:PLMR) CEO Sells $480,410.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR – Get Free Report) CEO Mac Armstrong sold 3,500 shares of the stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $137.26, for a total value of $480,410.00. Following the completion of the transaction, the chief executive officer owned 325,888 shares in the company, valued at $44,731,386.88. The trade was a 1.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

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• On Monday, June 22nd, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $112.96, for a total value of $395,360.00.
• On Thursday, May 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The shares were sold at an average price of $114.39, for a total value of $400,365.00.

Palomar Price Performance

Palomar stock opened at $136.30 on Friday. The business’s 50-day simple moving average is $123.91 and its 200 day simple moving average is $123.45. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.31. The stock has a market cap of $3.61 billion, a price-to-earnings ratio of 18.98 and a beta of 0.41. Palomar Holdings, Inc. has a 12-month low of $100.81 and a 12-month high of $147.62.

Palomar (NASDAQ:PLMR – Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The firm had revenue of $278.94 million during the quarter, compared to analysts’ expectations of $557.79 million. During the same period in the previous year, the business posted $1.87 EPS. The company’s quarterly revenue was up 59.7% compared to the same quarter last year. As a group, research analysts anticipate that Palomar Holdings, Inc. will post 8.9 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PLMR has been the topic of a number of recent analyst reports. Weiss Ratings upgraded Palomar from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. JPMorgan Chase & Co. upped their price target on Palomar from $150.00 to $167.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Keefe, Bruyette & Woods increased their price target on shares of Palomar from $162.00 to $166.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. Piper Sandler boosted their price objective on shares of Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Finally, Evercore set a $152.00 target price on shares of Palomar in a research note on Friday, July 10th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $162.50.

Check Out Our Latest Stock Report on PLMR

Hedge Funds Weigh In On Palomar

Several institutional investors have recently modified their holdings of PLMR. PVG Asset Management Corp grew its position in shares of Palomar by 526.4% in the 1st quarter. PVG Asset Management Corp now owns 10,147 shares of the company’s stock valued at $1,147,000 after purchasing an additional 8,527 shares during the period. Parallel Advisors LLC raised its holdings in Palomar by 638.3% during the 1st quarter. Parallel Advisors LLC now owns 443 shares of the company’s stock worth $53,000 after buying an additional 383 shares during the period. Bank of America Corp DE raised its holdings in Palomar by 1.2% during the 1st quarter. Bank of America Corp DE now owns 146,570 shares of the company’s stock worth $17,515,000 after buying an additional 1,693 shares during the period. Janus Henderson Group PLC lifted its stake in Palomar by 17.4% in the first quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock valued at $111,664,000 after buying an additional 138,368 shares in the last quarter. Finally, Amundi lifted its stake in Palomar by 34.9% in the first quarter. Amundi now owns 6,283 shares of the company’s stock valued at $751,000 after buying an additional 1,625 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

About Palomar

(Get Free Report)

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.

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