Insider Selling: Palomar (NASDAQ:PLMR) CEO Sells 3,218 Shares of Stock

Key Points

• Palomar Holdings CEO Mac Armstrong sold 3,218 shares of the stock for approximately $373,609.80, reducing his ownership by 4.04% to a total of 76,374 shares valued around $8.87 million.
• Palomar's stock closed at $114.47, with a market cap of $3.07 billion and a price-to-earnings ratio of 20.12, showing significant fluctuations over the past year between a low of $85.00 and a high of $175.85.
• Recent analyst ratings for Palomar indicate a consensus rating of "Moderate Buy," with several firms lowering their price targets for the stock, currently averaging $156.67.

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) CEO Mac Armstrong sold 3,218 shares of the stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $116.10, for a total value of $373,609.80. Following the sale, the chief executive officer owned 76,374 shares of the company's stock, valued at approximately $8,867,021.40. The trade was a 4.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

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

• On Monday, September 22nd, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $116.02, for a total transaction of $580,100.00.
• On Thursday, August 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $126.56, for a total transaction of $632,800.00.
• On Monday, July 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $140.10, for a total transaction of $700,500.00.

Palomar Stock Performance

Shares of NASDAQ PLMR traded up $1.87 during trading on Friday, hitting $114.47. 154,673 shares of the company traded hands, compared to its average volume of 296,993. The firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of 20.12 and a beta of 0.30. Palomar Holdings, Inc. has a fifty-two week low of $85.00 and a fifty-two week high of $175.85. The business's fifty day moving average is $119.10 and its 200 day moving average is $138.56.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Friday, December 16th. The company reported $0.07 EPS for the quarter. The business had revenue of $65.74 million during the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. On average, analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Institutional Trading of Palomar

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC lifted its stake in Palomar by 101.7% in the first quarter. GAMMA Investing LLC now owns 728 shares of the company's stock worth $100,000 after acquiring an additional 367 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of Palomar by 8.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company's stock valued at $325,000 after buying an additional 190 shares during the period. Cambridge Investment Research Advisors Inc. bought a new position in Palomar in the first quarter worth about $276,000. Yorktown Management & Research Co Inc purchased a new stake in Palomar in the first quarter worth about $274,000. Finally, Spire Wealth Management bought a new stake in Palomar during the 1st quarter valued at approximately $916,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PLMR has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Palomar in a research report on Wednesday, October 8th. Wall Street Zen downgraded Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. JPMorgan Chase & Co. decreased their target price on shares of Palomar from $158.00 to $137.00 and set an "overweight" rating on the stock in a report on Thursday, October 9th. Keefe, Bruyette & Woods decreased their price target on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Finally, Piper Sandler cut their price target on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a research note on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating and three have assigned a Hold 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 $156.67.

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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