Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) COO Sells 1,130 Shares of Stock

Key Points

• Palomar Holdings, Inc. COO Rodolphe Herve sold 1,130 shares at an average price of $130.10, leading to a significant reduction of 58.34% in his ownership stake.
• The company reported $1.87 earnings per share for the last quarter, exceeding analysts' expectations and reflecting a year-over-year increase from $1.09.
• Palomar's stock experienced a slight increase, trading at $131.53 with a current market capitalization of $3.52 billion.

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) COO Rodolphe Herve sold 1,130 shares of the stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $130.10, for a total value of $147,013.00. Following the completion of the transaction, the chief operating officer directly owned 807 shares in the company, valued at $104,990.70. This trade represents a 58.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Palomar Stock Performance

Palomar stock traded up $1.91 during trading hours on Monday, hitting $131.53. 391,221 shares of the stock were exchanged, compared to its average volume of 327,324. The stock has a market capitalization of $3.52 billion, a P/E ratio of 26.25 and a beta of 0.44. Palomar Holdings, Inc. has a 12 month low of $82.54 and a 12 month high of $175.85. The business's 50-day moving average is $150.60 and its two-hundred day moving average is $139.62.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.26. Palomar had a net margin of 21.99% and a return on equity of 20.56%. The business had revenue of $174.63 million for the quarter, compared to analyst estimates of $161.97 million. During the same period in the prior year, the business posted $1.09 earnings per share. On average, equities analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PLMR shares. Wall Street Zen downgraded Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Keefe, Bruyette & Woods cut their price target on Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a report on Monday, June 30th. Truist Financial raised their price objective on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research note on Tuesday, April 15th. Evercore ISI raised their price objective on shares of Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research note on Friday, May 30th. Finally, Jefferies Financial Group lifted their price target on shares of Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $174.17.

Institutional Investors Weigh In On Palomar

Several large investors have recently made changes to their positions in PLMR. Maseco LLP bought a new position in shares of Palomar in the 2nd quarter valued at about $45,000. Nisa Investment Advisors LLC raised its stake in Palomar by 185.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock worth $43,000 after purchasing an additional 202 shares in the last quarter. IFP Advisors Inc raised its stake in Palomar by 556.9% in the 2nd quarter. IFP Advisors Inc now owns 335 shares of the company's stock worth $52,000 after purchasing an additional 284 shares in the last quarter. Opal Wealth Advisors LLC acquired a new position in shares of Palomar in the 1st quarter valued at approximately $46,000. Finally, TCTC Holdings LLC raised its position in shares of Palomar by 116.5% in the 1st quarter. TCTC Holdings LLC now owns 381 shares of the company's stock valued at $52,000 after buying an additional 205 shares in the last quarter. Institutional investors own 90.25% of the company's stock.

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.

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