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

Key Points

• CEO Mac Armstrong sold 3,500 Palomar shares at an average price of $137.26, generating $480,410 under a pre-arranged Rule 10b5-1 plan. He retained 325,888 shares worth approximately $44.7 million.
• Palomar shares rose 3.6% to $145.92, near the company’s one-year high. The insurer’s latest quarterly earnings of $2.31 per share exceeded estimates, while revenue increased 59.7% year over year.
• Analysts maintain a Moderate Buy consensus with an average price target of $162.50, and institutional investors own approximately 90.25% of the stock.

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) CEO Mac Armstrong sold 3,500 shares of the business's stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $137.26, for a total transaction of $480,410.00. Following the sale, the chief executive officer directly owned 325,888 shares in the company, valued at approximately $44,731,386.88. The trade was a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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.
• On Thursday, May 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $114.39, for a total value of $400,365.00.

Palomar Trading Up 3.6%

Palomar stock traded up $5.12 during trading hours on Tuesday, hitting $145.92. The stock had a trading volume of 52,400 shares, compared to its average volume of 270,693. The business's 50 day simple moving average is $122.34 and its 200-day simple moving average is $123.21. Palomar Holdings, Inc. has a one year low of $100.81 and a one year high of $147.62. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of 20.25 and a beta of 0.41. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.31.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.17 by $0.14. The company had revenue of $278.94 million for the quarter, compared to analysts' expectations of $557.79 million. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The business's quarterly revenue was up 59.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.87 earnings per share. On average, equities analysts predict that Palomar Holdings, Inc. will post 8.9 EPS for the current fiscal year.

Institutional Investors Weigh In On Palomar

Several large investors have recently modified their holdings of PLMR. Vanguard Group Inc. lifted its holdings in Palomar by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company's stock valued at $363,620,000 after buying an additional 67,038 shares during the period. Janus Henderson Group PLC raised its position in shares of Palomar by 17.4% in the 1st quarter. Janus Henderson Group PLC now owns 933,993 shares of the company's stock worth $111,664,000 after acquiring an additional 138,368 shares in the last quarter. Westfield Capital Management Co. LP raised its position in shares of Palomar by 13.8% in the 4th quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company's stock worth $113,229,000 after acquiring an additional 101,698 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Palomar by 72.1% in the 4th 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, Stephens Investment Management Group LLC lifted its stake in shares of Palomar by 3.0% in the 1st quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company's stock valued at $85,432,000 after purchasing an additional 20,597 shares during the period. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PLMR has been the subject of several analyst reports. Evercore set a $152.00 price target on shares of Palomar in a research note on Friday, July 10th. JPMorgan Chase & Co. increased their price objective on Palomar from $150.00 to $167.00 and gave the company an "overweight" rating in a report on Monday, July 20th. Zacks Research lowered Palomar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Keefe, Bruyette & Woods lifted their target price on Palomar from $162.00 to $166.00 and gave the stock an "outperform" rating in a report on Wednesday, July 8th. Finally, Piper Sandler upped their price target on Palomar from $132.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Palomar currently has an average rating of "Moderate Buy" and a consensus price target of $162.50.

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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