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

Key Points

• Mac Armstrong, CEO of Palomar Holdings, sold 5,000 shares on September 22nd at an average price of $116.02, totaling $580,100, reducing his ownership by 1.32%.
• The company's recent earnings report showed a 47.6% increase in year-over-year revenue, with EPS of $1.76, surpassing estimates by $0.08.
• Palomar Holdings has a market capitalization of $3.14 billion, a PE ratio of 20.61, and its stock is currently rated with a consensus of "Moderate Buy" and an average price target of $165.83.

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) CEO Mac Armstrong sold 5,000 shares of the stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $116.02, for a total value of $580,100.00. Following the transaction, the chief executive officer owned 372,388 shares in the company, valued at $43,204,455.76. This represents a 1.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Thursday, August 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $126.56, for a total value of $632,800.00.
• On Monday, July 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $140.10, for a total value of $700,500.00.
• On Tuesday, July 15th, Mac Armstrong sold 3,191 shares of Palomar stock. The stock was sold at an average price of $143.10, for a total transaction of $456,632.10.

Palomar Trading Up 1.0%

NASDAQ:PLMR traded up $1.13 during trading hours on Wednesday, reaching $117.28. 131,107 shares of the company were exchanged, compared to its average volume of 295,890. The stock's 50-day moving average is $124.61 and its 200-day moving average is $140.70. Palomar Holdings, Inc. has a twelve month low of $85.00 and a twelve month high of $175.85. The firm has a market cap of $3.14 billion, a PE ratio of 20.61 and a beta of 0.34.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.08. The firm had revenue of $496.29 million during the quarter, compared to the consensus estimate of $173.86 million. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The company's revenue for the quarter was up 47.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.25 EPS. As a group, research analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PLMR. Wealth Enhancement Advisory Services LLC raised its position in Palomar by 3.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 2,461 shares of the company's stock valued at $363,000 after purchasing an additional 90 shares during the period. KBC Group NV increased its position in shares of Palomar by 9.1% during the 1st quarter. KBC Group NV now owns 1,140 shares of the company's stock worth $156,000 after purchasing an additional 95 shares during the last quarter. California State Teachers Retirement System raised its holdings in Palomar by 0.4% in the 2nd quarter. California State Teachers Retirement System now owns 24,207 shares of the company's stock valued at $3,734,000 after buying an additional 97 shares during the period. Bank of Montreal Can raised its holdings in Palomar by 1.7% in the 2nd quarter. Bank of Montreal Can now owns 5,766 shares of the company's stock valued at $889,000 after buying an additional 98 shares during the period. Finally, Hohimer Wealth Management LLC lifted its position in Palomar by 3.9% in the first quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company's stock valued at $359,000 after buying an additional 99 shares during the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on PLMR shares. Evercore ISI boosted their price target on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods reduced their target price on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Wall Street Zen lowered shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. JPMorgan Chase & Co. dropped their price objective on shares of Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a research note on Monday, August 11th. Finally, Piper Sandler decreased their target price on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 6th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $165.83.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.