Palomar (NASDAQ:PLMR) President Jon Christianson Sells 3,000 Shares of Stock

Key Points

• Palomar President Jon Christianson sold 3,000 shares at an average price of $139.50, generating $418,500. The Rule 10b5-1 transaction reduced his holdings by 4.32%, leaving him with 66,478 shares.
• Palomar shares rose to $145.92 and are near their 52-week high of $147.62. The company recently reported quarterly EPS of $2.31, exceeding estimates, while revenue increased 59.7% year over year.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $162.50; institutional investors and hedge funds own approximately 90.25% of the stock.

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) President Jon Christianson sold 3,000 shares of Palomar stock in a transaction on Monday, July 20th. The shares were sold at an average price of $139.50, for a total transaction of $418,500.00. Following the completion of the transaction, the president directly owned 66,478 shares of the company's stock, valued at $9,273,681. The trade was a 4.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Jon Christianson also recently made the following trade(s):

• On Thursday, July 2nd, Jon Christianson sold 6,863 shares of Palomar stock. The stock was sold at an average price of $139.50, for a total value of $957,388.50.

Palomar Price Performance

Shares of Palomar stock traded up $5.12 on Tuesday, reaching $145.92. The company's stock had a trading volume of 52,400 shares, compared to its average volume of 270,693. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $3.87 billion, a P/E ratio of 20.32 and a beta of 0.41. The stock has a 50-day moving average price of $122.34 and a 200-day moving average price of $123.21. Palomar Holdings, Inc. has a 52-week low of $100.81 and a 52-week high of $147.62.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The firm had revenue of $278.94 million for the quarter, compared to analyst estimates of $557.79 million. During the same quarter last year, the firm posted $1.87 EPS. The business's revenue was up 59.7% on a year-over-year basis. Analysts expect that Palomar Holdings, Inc. will post 8.9 EPS for the current year.

Institutional Trading of Palomar

A number of hedge funds and other institutional investors have recently modified their holdings of PLMR. Royal Bank of Canada raised its stake in Palomar by 49.1% during the first quarter. Royal Bank of Canada now owns 2,956 shares of the company's stock worth $406,000 after purchasing an additional 974 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Palomar by 5.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company's stock valued at $2,115,000 after buying an additional 791 shares during the period. NewEdge Advisors LLC acquired a new stake in shares of Palomar during the 1st quarter worth approximately $66,000. United Services Automobile Association acquired a new stake in shares of Palomar during the 1st quarter worth approximately $223,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Palomar by 11.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,661 shares of the company's stock valued at $9,960,000 after buying an additional 7,754 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Evercore set a $152.00 price objective on shares of Palomar in a report on Friday, July 10th. Zacks Research downgraded shares of Palomar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Piper Sandler raised their price target on shares of Palomar from $132.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods lifted their price objective on Palomar from $162.00 to $166.00 and gave the stock an "outperform" rating in a report on Wednesday, July 8th. Finally, Weiss Ratings upgraded Palomar from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, June 18th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $162.50.

About Palomar

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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