Mac Armstrong Sells 3,500 Shares of Palomar (NASDAQ:PLMR) Stock

Key Points

• Palomar CEO Mac Armstrong sold 3,500 shares at an average price of $134.98, generating $472,430. The transaction was conducted under a pre-arranged Rule 10b5-1 plan, leaving him with 318,888 shares.
• Palomar shares were trading at $131.54, with the company reporting quarterly EPS of $2.36—above analysts’ $2.19 consensus estimate. The insurer also pays a $0.45 quarterly dividend, equivalent to a 1.4% yield.
• Analysts maintain a “Moderate Buy” consensus on PLMR, with an average price target of $162.75; five analysts rate the stock Buy and one rates it Hold.

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) CEO Mac Armstrong sold 3,500 shares of the business's stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $134.98, for a total value of $472,430.00. Following the completion of the transaction, the chief executive officer owned 318,888 shares in the company, valued at $43,043,502.24. The trade was a 1.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, August 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $130.60, for a total value of $457,100.00.
• On Tuesday, July 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $137.26, for a total value of $480,410.00.

Palomar Price Performance

NASDAQ PLMR traded down $2.55 during trading hours on Tuesday, reaching $131.54. The company's stock had a trading volume of 248,572 shares, compared to its average volume of 262,148. Palomar Holdings, Inc. has a 1 year low of $100.81 and a 1 year high of $147.62. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 17.68 and a beta of 0.39. The firm's 50-day moving average price is $133.81 and its 200-day moving average price is $125.18.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $2.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.19 by $0.17. Palomar had a net margin of 18.61% and a return on equity of 23.28%. The business had revenue of $314.42 million during the quarter, compared to analyst estimates of $621.52 million. During the same period last year, the firm posted $1.76 EPS. On average, equities research analysts predict that Palomar Holdings, Inc. will post 9.31 EPS for the current fiscal year.

Palomar Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Wednesday, August 19th. Palomar's payout ratio is currently 24.19%.

Analysts Set New Price Targets

Several research analysts have commented on PLMR shares. Weiss Ratings raised shares of Palomar from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, September 3rd. JPMorgan Chase & Co. boosted their target price on Palomar from $150.00 to $167.00 and gave the stock an "overweight" rating in a research report on Monday, July 20th. Keefe, Bruyette & Woods increased their price target on Palomar from $166.00 to $167.00 and gave the company an "outperform" rating in a research note on Monday, August 10th. Piper Sandler raised their price target on 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 price objective on Palomar in a research note on Friday, July 10th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Palomar currently has a consensus rating of "Moderate Buy" and an average price target of $162.75.

Institutional Investors Weigh In On Palomar

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Rockefeller Capital Management L.P. raised its position in Palomar by 81.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company's stock worth $40,000 after purchasing an additional 132 shares during the period. Quantbot Technologies LP purchased a new position in Palomar during the 2nd quarter valued at $43,000. Frazier Financial Advisors LLC purchased a new stake in Palomar in the second quarter worth $51,000. Parallel Advisors LLC lifted its position in shares of Palomar by 638.3% during the first quarter. Parallel Advisors LLC now owns 443 shares of the company's stock worth $53,000 after purchasing an additional 383 shares during the last quarter. Finally, IFP Advisors Inc lifted its position in shares of Palomar by 29.2% during the fourth quarter. IFP Advisors Inc now owns 664 shares of the company's stock worth $89,000 after purchasing an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company's stock.

About Palomar

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in the United States. The company focuses on markets that are often underserved by traditional insurers, using specialized underwriting expertise and data-driven risk analysis to develop coverage for complex or niche exposures.

Palomar's products include residential and commercial earthquake insurance, specialty property coverage, inland marine insurance, casualty insurance, crop insurance and other specialty insurance solutions.

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