Insider Selling: Palomar (NASDAQ:PLMR) CEO Sells 3,500 Shares of Stock

Key Points

• Palomar CEO Mac Armstrong sold 3,500 shares on May 21 at an average price of $114.39, totaling about $400,365. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
• The transaction reduced Armstrong’s ownership by 1.04%, leaving him with 332,888 shares worth roughly $38.1 million. The article also notes he has made several other share sales in recent months.
• Palomar’s stock was trading near $113.87 and has been volatile relative to its 52-week range of $107.51 to $175.85. Despite mixed analyst target cuts, the company recently reported better-than-expected EPS and year-over-year revenue growth.

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) CEO Mac Armstrong sold 3,500 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $114.39, for a total value of $400,365.00. Following the completion of the sale, the chief executive officer owned 332,888 shares of the company's stock, valued at approximately $38,079,058.32. This trade represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, April 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The shares were sold at an average price of $130.77, for a total value of $457,695.00.
• On Wednesday, April 15th, Mac Armstrong sold 3,197 shares of Palomar stock. The shares were sold at an average price of $129.46, for a total transaction of $413,883.62.
• On Monday, March 23rd, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $120.58, for a total transaction of $422,030.00.

Palomar Stock Performance

Shares of Palomar stock traded down $1.13 on Friday, reaching $113.87. The stock had a trading volume of 172,300 shares, compared to its average volume of 257,561. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.49 and a current ratio of 0.49. The business's 50-day moving average price is $120.78 and its two-hundred day moving average price is $124.56. The stock has a market cap of $3.02 billion, a P/E ratio of 15.86 and a beta of 0.49. Palomar Holdings, Inc. has a fifty-two week low of $107.51 and a fifty-two week high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.17 by $0.14. The firm had revenue of $278.94 million for the quarter, compared to the consensus estimate of $557.79 million. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The business's quarterly revenue was up 59.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.87 EPS. On average, sell-side analysts forecast that Palomar Holdings, Inc. will post 9.02 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Piper Sandler dropped their price target on Palomar from $151.00 to $132.00 and set an "overweight" rating on the stock in a research report on Monday, May 11th. Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a research report on Sunday, March 1st. Keefe, Bruyette & Woods lowered their price objective on shares of Palomar from $186.00 to $159.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 13th. Evercore started coverage on shares of Palomar in a research report on Monday, February 9th. They set an "outperform" rating and a $150.00 target price on the stock. Finally, Weiss Ratings cut shares of Palomar from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, May 7th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $150.25.

Institutional Trading of Palomar

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Palomar by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company's stock valued at $363,620,000 after purchasing an additional 67,038 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Palomar by 17.4% during the first quarter. Janus Henderson Group PLC now owns 933,993 shares of the company's stock worth $111,664,000 after buying an additional 138,368 shares in the last quarter. Westfield Capital Management Co. LP increased its holdings in Palomar by 13.8% in the 4th quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company's stock valued at $113,229,000 after buying an additional 101,698 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Palomar by 72.1% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company's stock valued at $105,809,000 after buying an additional 328,993 shares in the last quarter. Finally, Stephens Investment Management Group LLC raised its stake in shares of Palomar by 3.0% in the 1st quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company's stock valued at $85,432,000 after buying an additional 20,597 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

About Palomar

Palomar Holdings, Inc NASDAQ: PLMR is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.

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