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 Palomar stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $129.72, for a total value of $648,600.00. Following the completion of the transaction, the chief executive officer now owns 402,388 shares of the company’s stock, valued at $52,197,771.36. This trade represents a 1.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Friday, January 31st, Mac Armstrong sold 2,237 shares of Palomar stock. The stock was 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 value of $264,782.96.
• On Sunday, January 26th, Mac Armstrong sold 2,791 shares of Palomar stock. The stock was sold at an average price of $101.69, for a total transaction of $283,816.79.
• On Tuesday, January 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $109.76, for a total transaction of $768,320.00.
• On Wednesday, January 15th, Mac Armstrong sold 3,154 shares of Palomar stock. The stock was sold at an average price of $109.27, for a total transaction of $344,637.58.
• On Wednesday, January 1st, Mac Armstrong sold 4,170 shares of Palomar stock. The shares were sold at an average price of $105.86, for a total value of $441,436.20.
• On Monday, December 23rd, Mac Armstrong sold 7,000 shares of Palomar stock. The shares were sold at an average price of $103.04, for a total value of $721,280.00.

Palomar Trading Down 1.1 %

NASDAQ:PLMR traded down $1.40 during midday trading on Friday, hitting $129.32. 396,894 shares of the stock were exchanged, compared to its average volume of 161,793. Palomar Holdings, Inc. has a one year low of $74.09 and a one year high of $136.90. The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of 28.87 and a beta of 0.33. The business has a 50-day moving average price of $117.49 and a two-hundred day moving average price of $106.45.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, topping 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%. Sell-side 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 added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Palomar by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company’s stock worth $271,886,000 after buying an additional 53,123 shares during the last quarter. State Street Corp grew its position in Palomar by 3.0% in the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after buying an additional 32,151 shares during the last quarter. American Century Companies Inc. grew its position in Palomar by 36.6% in the fourth quarter. American Century Companies Inc. now owns 785,419 shares of the company’s stock worth $82,932,000 after buying an additional 210,523 shares during the last quarter. Geode Capital Management LLC grew its position in Palomar by 3.1% during the 4th 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 in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Palomar by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company’s stock worth $59,313,000 after purchasing an additional 17,320 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PLMR shares. Keefe, Bruyette & Woods lifted their price target on Palomar from $152.00 to $155.00 and gave the company an “outperform” rating in a report on Friday. Truist Financial lifted their price target on Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a report on Friday, February 14th. Piper Sandler lifted their price target on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Palomar presently has a consensus rating of “Moderate Buy” and a consensus target price of $127.83.

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.