Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $700,500.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction on Monday, July 21st. The stock was sold at an average price of $140.10, for a total value of $700,500.00. Following the transaction, the chief executive officer directly owned 382,388 shares of the company's stock, valued at $53,572,558.80. This trade represents a 1.29% 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 Tuesday, July 15th, Mac Armstrong sold 3,191 shares of Palomar stock. The shares were sold at an average price of $143.10, for a total transaction of $456,632.10.
• On Monday, June 23rd, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $158.14, for a total transaction of $790,700.00.
• On Wednesday, May 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $161.96, for a total transaction of $809,800.00.

Palomar Stock Performance

Shares of NASDAQ:PLMR traded up $0.75 during trading on Friday, reaching $132.52. 322,896 shares of the stock were exchanged, compared to its average volume of 324,686. Palomar Holdings, Inc. has a 12-month low of $82.54 and a 12-month high of $175.85. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of 26.45 and a beta of 0.46. The firm's 50-day moving average price is $153.65 and its 200 day moving average price is $138.49.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.61 by $0.26. Palomar had a return on equity of 20.56% and a net margin of 21.99%. The business had revenue of $174.63 million during the quarter, compared to analysts' expectations of $161.97 million. During the same quarter in the previous year, the business earned $1.09 EPS. As a group, equities research analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PLMR. Jefferies Financial Group boosted their target price on shares of Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Evercore ISI lifted their price target on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a report on Friday, May 30th. Truist Financial lifted their price target on Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Finally, Piper Sandler lifted their price target on Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a report on Friday, May 30th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Palomar currently has a consensus rating of "Moderate Buy" and an average price target of $174.17.

Institutional Trading of Palomar

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Palomar by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company's stock worth $271,886,000 after acquiring an additional 53,123 shares during the period. American Century Companies Inc. boosted its holdings in Palomar by 5.6% in the 1st quarter. American Century Companies Inc. now owns 829,124 shares of the company's stock worth $113,656,000 after acquiring an additional 43,705 shares during the period. Geode Capital Management LLC boosted its holdings in Palomar by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 618,840 shares of the company's stock worth $65,358,000 after acquiring an additional 18,748 shares during the period. Westfield Capital Management Co. LP boosted its holdings in Palomar by 4.2% in the 1st quarter. Westfield Capital Management Co. LP now owns 618,598 shares of the company's stock worth $84,797,000 after acquiring an additional 25,138 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Palomar by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock worth $59,313,000 after acquiring an additional 17,320 shares during the period. Hedge funds and other institutional investors own 90.25% of the company's stock.

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.