Mac Armstrong Sells 5,000 Shares of Palomar (NASDAQ:PLMR) Stock

Key Points

• Mac Armstrong, CEO of Palomar Holdings, Inc., sold 5,000 shares of the company's stock for a total of $576,550, reducing his direct ownership by 1.34% to 367,388 shares valued at approximately $42.36 million.
• The stock price of Palomar has fallen to $113.08, down $2.26 during trading, with a 50-day moving average of $118.82 and a 200-day moving average of $138.22.
• Institutional investors own 90.25% of Palomar's stock, with recent transactions indicating significant interest from firms such as Principal Financial Group and HighTower Advisors.

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction on Tuesday, October 21st. The stock was sold at an average price of $115.31, for a total value of $576,550.00. Following the transaction, the chief executive officer directly owned 367,388 shares of the company's stock, valued at $42,363,510.28. This trade represents a 1.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Wednesday, October 15th, Mac Armstrong sold 3,218 shares of Palomar stock. The stock was sold at an average price of $116.10, for a total value of $373,609.80.
• 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 value of $580,100.00.
• On Thursday, August 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $126.56, for a total value of $632,800.00.

Palomar Stock Performance

PLMR stock traded down $2.26 during trading on Wednesday, hitting $113.08. The stock had a trading volume of 304,266 shares, compared to its average volume of 295,359. The company's 50 day moving average price is $118.82 and its two-hundred day moving average price is $138.22. Palomar Holdings, Inc. has a 1-year low of $85.00 and a 1-year high of $175.85. The stock has a market cap of $3.03 billion, a price-to-earnings ratio of 19.87 and a beta of 0.30.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its earnings results on Friday, December 16th. The company reported $0.07 earnings per share for the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The firm had revenue of $65.74 million during the quarter. As a group, sell-side analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PLMR. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Palomar during the 1st quarter worth about $276,000. Principal Financial Group Inc. grew its holdings in shares of Palomar by 2.5% during the 1st quarter. Principal Financial Group Inc. now owns 151,237 shares of the company's stock worth $20,732,000 after purchasing an additional 3,697 shares during the period. Informed Momentum Co LLC purchased a new stake in shares of Palomar during the 1st quarter worth about $4,894,000. HighTower Advisors LLC grew its holdings in shares of Palomar by 252.8% during the 1st quarter. HighTower Advisors LLC now owns 11,217 shares of the company's stock worth $1,538,000 after purchasing an additional 8,038 shares during the period. Finally, Beacon Harbor Wealth Advisors Inc. purchased a new stake in shares of Palomar during the 1st quarter worth about $6,943,000. Institutional investors and hedge funds own 90.25% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PLMR shares. Piper Sandler cut their target price 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. JPMorgan Chase & Co. cut their target price on shares of Palomar from $158.00 to $137.00 and set an "overweight" rating for the company in a research note on Thursday, October 9th. Wall Street Zen downgraded shares of Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Evercore ISI dropped their price objective on shares of Palomar from $168.00 to $134.00 and set an "in-line" rating for the company in a research note on Wednesday, October 1st. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Palomar in a research note on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $156.67.

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.

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