Mac Armstrong Sells 3,500 Shares of Palomar (NASDAQ:PLMR) Stock

Key Points

• Palomar CEO Mac Armstrong sold 3,500 shares on April 21 at an average price of $130.77 under a pre-arranged Rule 10b5-1 plan, a transaction worth $457,695 that reduced his stake by about 1.03% to 336,388 shares.
• The April sale is part of a string of insider dispositions this year (totaling over 34,000 shares across multiple transactions since January), coinciding with the stock trading down ~2.1% to $129.04 on the latest session.
• Palomar recently beat quarterly EPS and revenue estimates with revenue up 62.7% year-over-year, and analysts hold a consensus "Buy" rating with a $161.75 average target; the stock has a market cap of about $3.42 billion.

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) CEO Mac Armstrong sold 3,500 shares of the firm's stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $130.77, for a total value of $457,695.00. Following the transaction, the chief executive officer owned 336,388 shares in the company, valued at $43,989,458.76. This trade represents a 1.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 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.
• On Thursday, February 12th, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $122.60, for a total transaction of $613,000.00.
• On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The shares were sold at an average price of $121.74, for a total transaction of $268,436.70.
• On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The shares were sold at an average price of $121.74, for a total transaction of $268,436.70.
• On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The stock was sold at an average price of $122.04, for a total transaction of $658,893.96.
• On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The stock was sold at an average price of $122.04, for a total transaction of $658,893.96.
• On Wednesday, January 28th, Mac Armstrong sold 11,484 shares of Palomar stock. The shares were sold at an average price of $119.88, for a total value of $1,376,701.92.

Palomar Stock Down 2.1%

Shares of NASDAQ:PLMR traded down $2.71 during trading on Wednesday, hitting $129.04. 177,342 shares of the company traded hands, compared to its average volume of 248,837. The business's fifty day moving average is $124.24 and its 200-day moving average is $124.32. The stock has a market capitalization of $3.42 billion, a price-to-earnings ratio of 17.97 and a beta of 0.54. Palomar Holdings, Inc. has a one year low of $107.75 and a one year high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.18. The business had revenue of $253.36 million for the quarter, compared to the consensus estimate of $204.58 million. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The business's revenue was up 62.7% on a year-over-year basis. During the same quarter last year, the business posted $1.52 EPS. On average, analysts forecast that Palomar Holdings, Inc. will post 8.97 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on PLMR shares. Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a report on Sunday, March 1st. Evercore assumed coverage on shares of Palomar in a research report on Monday, February 9th. They issued an "outperform" rating and a $150.00 target price for the company. Keefe, Bruyette & Woods raised their price target on shares of Palomar from $183.00 to $186.00 and gave the company an "outperform" rating in a research note on Tuesday, April 7th. Weiss Ratings cut Palomar from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, April 7th. Finally, Zacks Research raised Palomar from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Palomar currently has a consensus rating of "Buy" and a consensus target price of $161.75.

Hedge Funds Weigh In On Palomar

Several large investors have recently bought and sold shares of PLMR. Royal Bank of Canada lifted its stake in shares of Palomar by 49.1% in the 1st quarter. Royal Bank of Canada now owns 2,956 shares of the company's stock worth $406,000 after acquiring an additional 974 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Palomar by 5.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company's stock valued at $2,115,000 after acquiring an additional 791 shares during the period. NewEdge Advisors LLC bought a new stake in Palomar during the first quarter worth approximately $66,000. United Services Automobile Association bought a new stake in Palomar during the first quarter worth approximately $223,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Palomar by 11.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,661 shares of the company's stock worth $9,960,000 after purchasing an additional 7,754 shares during the period. 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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