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

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $122.86, for a total value of $614,300.00. Following the sale, the chief executive officer directly owned 358,388 shares in the company, valued at $44,031,549.68. The trade was a 1.38% 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 Tuesday, October 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $115.31, for a total value of $576,550.00.
• On Wednesday, October 15th, Mac Armstrong sold 3,218 shares of Palomar stock. The stock was sold at an average price of $116.10, for a total value of $373,609.80.
• On Monday, September 22nd, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $116.02, for a total transaction of $580,100.00.

Palomar Stock Performance

Shares of PLMR stock traded down $0.54 during mid-day trading on Monday, reaching $122.28. The company’s stock had a trading volume of 215,494 shares, compared to its average volume of 292,211. The firm’s 50-day moving average is $118.11 and its two-hundred day moving average is $133.85. The company has a market cap of $3.24 billion, a P/E ratio of 21.55 and a beta of 0.25. Palomar Holdings, Inc. has a 1-year low of $98.42 and a 1-year high of $175.85.

Palomar (NASDAQ:PLMR) last posted its earnings results on Friday, December 16th. The company reported $0.07 earnings per share for the quarter. The business had revenue of $65.74 million for the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. Sell-side analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PLMR shares. JPMorgan Chase & Co. upped their target price on shares of Palomar from $137.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, November 10th. Keefe, Bruyette & Woods upped their price objective on Palomar from $164.00 to $170.00 and gave the stock an “outperform” rating in a report on Tuesday, November 11th. Weiss Ratings reissued a “hold (c+)” rating on shares of Palomar in a research note on Wednesday, October 8th. Wall Street Zen upgraded Palomar from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Finally, Evercore ISI decreased their price target on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $157.67.

Hedge Funds Weigh In On Palomar

A number of hedge funds have recently bought and sold shares of PLMR. Invesco Ltd. grew its position in shares of Palomar by 234.1% during the 2nd quarter. Invesco Ltd. now owns 798,361 shares of the company’s stock worth $123,147,000 after purchasing an additional 559,383 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of 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 buying an additional 369,697 shares during the period. Westfield Capital Management Co. LP grew its position in Palomar by 81.0% during the third quarter. Westfield Capital Management Co. LP now owns 738,528 shares of the company’s stock worth $86,223,000 after buying an additional 330,592 shares in the last quarter. AustralianSuper Pty Ltd acquired a new position in Palomar in the 2nd quarter valued at $37,253,000. Finally, Nuveen LLC acquired a new stake in shares of Palomar during the 1st quarter worth $26,084,000. 90.25% of the stock is owned by institutional investors.

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.