Palomar Holdings, Inc. (NASDAQ:PLMR) COO Rodolphe Herve Sells 1,130 Shares

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 firm's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $130.10, for a total transaction of $147,013.00. Following the completion of the sale, the chief operating officer owned 807 shares in the company, valued at approximately $104,990.70. The trade was a 58.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Palomar Stock Down 1.5%

Palomar stock traded down $1.89 during mid-day trading on Friday, hitting $121.00. 132,673 shares of the stock were exchanged, compared to its average volume of 293,314. Palomar Holdings, Inc. has a 12 month low of $85.00 and a 12 month high of $175.85. The firm's fifty day simple moving average is $147.21 and its two-hundred day simple moving average is $139.51. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 21.31 and a beta of 0.44.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.08. The company had revenue of $496.29 million during the quarter, compared to analyst estimates of $173.86 million. Palomar had a net margin of 22.71% and a return on equity of 20.35%. Palomar's revenue for the quarter was up 47.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.25 EPS. As a group, analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Keefe, Bruyette & Woods cut their target price on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a research report on Friday. Piper Sandler cut their target price on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a research report on Wednesday. Wall Street Zen downgraded shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Evercore ISI lifted their target price on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Finally, Truist Financial raised their price target on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a report on Tuesday, April 15th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, Palomar currently has an average rating of "Moderate Buy" and an average price target of $164.50.

Institutional Trading of Palomar

Several hedge funds have recently modified their holdings of PLMR. Allworth Financial LP increased its stake in shares of Palomar by 1,970.0% in the 2nd quarter. Allworth Financial LP now owns 207 shares of the company's stock valued at $32,000 after acquiring an additional 197 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Palomar by 185.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock valued at $43,000 after acquiring an additional 202 shares in the last quarter. Maseco LLP bought a new stake in shares of Palomar in the 2nd quarter valued at $45,000. Opal Wealth Advisors LLC bought a new stake in shares of Palomar in the 1st quarter valued at $46,000. Finally, TCTC Holdings LLC increased its stake in Palomar by 116.5% during the 1st quarter. TCTC Holdings LLC now owns 381 shares of the company's stock valued at $52,000 after purchasing an additional 205 shares in the last quarter. Institutional investors own 90.25% of the company's stock.

Palomar Company Profile

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.