Palomar (NASDAQ:PLMR) CEO Mac Armstrong Sells 3,197 Shares

Key Points

• Palomar CEO Mac Armstrong sold 3,197 shares on April 15 at an average price of $129.46 for $413,883.62 to cover tax withholding from vested equity, leaving him with 102,059 shares (a 3.04% ownership decline).
• This trade is part of a string of insider disposals this year — including an 11,484-share sale on Jan. 28 and several 5,000+ share sales — reflecting ongoing post-vesting sales by the CEO.
• Company fundamentals remain strong: Palomar beat Q4 estimates (EPS $2.24 vs. $2.06; revenue $253.36M vs. $204.58M, +62.7% YoY), the stock trades around $132.55, and analysts have an average rating of "Moderate Buy" with a $161.75 target.

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) CEO Mac Armstrong sold 3,197 shares of the company's stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $129.46, for a total value of $413,883.62. Following the sale, the chief executive officer owned 102,059 shares of the company's stock, valued at $13,212,558.14. This trade represents a 3.04% 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 this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• 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 value of $422,030.00.
• On Thursday, February 12th, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $122.60, for a total value 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 value 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 value of $268,436.70.
• On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The shares were sold at an average price of $122.04, for a total value of $658,893.96.
• On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The shares were sold at an average price of $122.04, for a total value 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.
• On Wednesday, January 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $129.00, for a total value of $645,000.00.

Palomar Price Performance

Palomar stock traded up $1.14 during midday trading on Friday, reaching $132.55. The company's stock had a trading volume of 185,538 shares, compared to its average volume of 251,220. The stock's 50-day simple moving average is $123.98 and its 200-day simple moving average is $123.80. Palomar Holdings, Inc. has a 52-week low of $107.75 and a 52-week high of $175.85. The stock has a market capitalization of $3.51 billion, a P/E ratio of 18.46 and a beta of 0.54.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Wednesday, February 11th. The company reported $2.24 EPS for the quarter, beating analysts' consensus estimates of $2.06 by $0.18. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The company had revenue of $253.36 million during the quarter, compared to analysts' expectations of $204.58 million. During the same period last year, the business posted $1.52 earnings per share. The firm's revenue was up 62.7% compared to the same quarter last year. As a group, equities research analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Institutional Trading of Palomar

Several hedge funds and other institutional investors have recently bought and sold shares of PLMR. Janus Henderson Group PLC grew its holdings in Palomar by 250.1% during the fourth quarter. Janus Henderson Group PLC now owns 795,625 shares of the company's stock worth $107,237,000 after acquiring an additional 568,360 shares during the period. Alliancebernstein L.P. grew its holdings in Palomar by 290.2% in the second quarter. Alliancebernstein L.P. now owns 497,080 shares of the company's stock valued at $76,675,000 after purchasing an additional 369,697 shares during the period. Westfield Capital Management Co. LP grew its holdings in Palomar by 81.0% in the third quarter. Westfield Capital Management Co. LP now owns 738,528 shares of the company's stock valued at $86,223,000 after purchasing an additional 330,592 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its holdings in Palomar by 72.1% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company's stock valued at $105,809,000 after purchasing an additional 328,993 shares during the period. Finally, Balyasny Asset Management L.P. grew its holdings in Palomar by 290.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 308,734 shares of the company's stock valued at $41,605,000 after purchasing an additional 229,681 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on Palomar from $155.00 to $160.00 and gave the stock an "overweight" rating in a research note on Monday, February 23rd. Keefe, Bruyette & Woods raised their price objective on Palomar from $183.00 to $186.00 and gave the stock 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 research note on Tuesday, April 7th. Evercore began coverage on Palomar in a report on Monday, February 9th. They set an "outperform" rating and a $150.00 target price on the stock. Finally, Wall Street Zen lowered Palomar from a "buy" rating to a "hold" rating in a report on Sunday, March 1st. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Palomar presently has an average rating of "Moderate Buy" and an average price target of $161.75.

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.

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