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

Key Points

• Palomar CEO Mac Armstrong sold 3,500 shares at an average price of $130.60, generating $457,100. The transaction was made under a pre-arranged Rule 10b5-1 plan and reduced his holdings by 1.07% to 322,388 shares.
• Palomar recently reported adjusted earnings of $2.36 per share, exceeding analysts’ $2.19 estimate, while revenue totaled $314.42 million. The company also declared a quarterly dividend of $0.45 per share, implying a 1.4% annual yield.
• Wall Street remains broadly positive on PLMR, with a consensus “Moderate Buy” rating and an average price target of $162.75 versus the stock’s reported price of $133.03.

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) CEO Mac Armstrong sold 3,500 shares of the firm's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $130.60, for a total value of $457,100.00. Following the transaction, the chief executive officer owned 322,388 shares of the company's stock, valued at approximately $42,103,872.80. The trade was a 1.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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.
• On Monday, June 22nd, Mac Armstrong sold 3,500 shares of Palomar stock. The shares were sold at an average price of $112.96, for a total value of $395,360.00.

Palomar Price Performance

NASDAQ:PLMR traded up $2.94 during trading hours on Monday, reaching $133.03. The stock had a trading volume of 146,485 shares, compared to its average volume of 269,586. The stock has a market capitalization of $3.50 billion, a PE ratio of 17.88 and a beta of 0.40. Palomar Holdings, Inc. has a 52 week low of $100.81 and a 52 week high of $147.62. The company has a 50 day moving average price of $130.76 and a two-hundred day moving average price of $123.92. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.50 and a current ratio of 0.50.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $2.36 EPS for the quarter, beating the consensus estimate 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 quarter last year, the business earned $1.76 earnings per share. As a group, sell-side analysts anticipate that Palomar Holdings, Inc. will post 9.21 earnings per share for the current fiscal year.

Palomar Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be given a $0.45 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $1.80 annualized dividend and a yield of 1.4%. Palomar's dividend payout ratio (DPR) is currently 24.19%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. California State Teachers Retirement System grew its stake in shares of Palomar by 12,971.0% during the second quarter. California State Teachers Retirement System now owns 3,957,903 shares of the company's stock valued at $500,239,000 after buying an additional 3,927,623 shares during the last quarter. AXQ Capital LP bought a new stake in shares of Palomar during the 2nd quarter worth approximately $302,000. Nykredit A S purchased a new position in Palomar during the 2nd quarter valued at $117,000. Two Sigma Securities LLC bought a new position in Palomar in the 2nd quarter valued at $441,000. Finally, Benjamin Edwards Inc. bought a new position in Palomar in the 2nd quarter valued at $310,000. Hedge funds and other institutional investors own 90.25% of the company's stock.

Wall Street Analysts Forecast Growth

PLMR has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their price objective on Palomar from $150.00 to $167.00 and gave the company an "overweight" rating in a research report on Monday, July 20th. Evercore set a $152.00 target price on Palomar in a research report on Friday, July 10th. Weiss Ratings upgraded Palomar from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, June 18th. Keefe, Bruyette & Woods lifted their price objective on shares of Palomar from $166.00 to $167.00 and gave the stock an "outperform" rating in a research note on Monday, August 10th. Finally, Piper Sandler boosted their price objective on shares of Palomar from $132.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $162.75.

Palomar Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source