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

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $130.77, for a total transaction of $457,695.00. Following the completion of the sale, the chief executive officer owned 336,388 shares in the company, valued at $43,989,458.76. The trade was a 1.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, April 15th, Mac Armstrong sold 3,197 shares of Palomar stock. The stock was sold at an average price of $129.46, for a total transaction of $413,883.62.
• 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 transaction of $422,030.00.
• On Thursday, February 12th, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $122.60, for a total transaction of $613,000.00.
• On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The stock was sold at an average price of $121.74, for a total transaction of $268,436.70.
• On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The stock was sold at an average price of $121.74, for a total transaction of $268,436.70.
• On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The stock was sold at an average price of $122.04, for a total transaction of $658,893.96.
• On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The stock was sold at an average price of $122.04, for a total transaction of $658,893.96.
• On Wednesday, January 28th, Mac Armstrong sold 11,484 shares of Palomar stock. The stock was sold at an average price of $119.88, for a total transaction of $1,376,701.92.

Palomar Price Performance

NASDAQ PLMR opened at $129.04 on Thursday. The company’s 50 day simple moving average is $124.19 and its 200 day simple moving average is $124.36. The company has a market capitalization of $3.42 billion, a P/E ratio of 17.97 and a beta of 0.54. Palomar Holdings, Inc. has a 12 month low of $107.75 and a 12 month high of $175.85.

Palomar (NASDAQ:PLMR) last released its earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.18. The business had revenue of $253.36 million for the quarter, compared to the consensus estimate of $204.58 million. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The firm’s quarterly revenue was up 62.7% compared to the same quarter last year. During the same period last year, the firm posted $1.52 earnings per share. On average, analysts anticipate that Palomar Holdings, Inc. will post 8.97 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLMR. Richardson Financial Services Inc. grew its position in Palomar by 210.0% during the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock valued at $25,000 after purchasing an additional 147 shares in the last quarter. Salomon & Ludwin LLC purchased a new position in Palomar during the third quarter valued at approximately $25,000. Geneos Wealth Management Inc. purchased a new position in Palomar during the fourth quarter valued at approximately $32,000. Kestra Advisory Services LLC purchased a new position in Palomar during the fourth quarter valued at approximately $33,000. Finally, Rockefeller Capital Management L.P. grew its position in Palomar by 81.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock valued at $40,000 after purchasing an additional 132 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on PLMR. Weiss Ratings downgraded shares of Palomar from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, April 7th. Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a research report on Sunday, March 1st. Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $183.00 to $186.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 7th. Evercore began coverage on shares of Palomar in a research report on Monday, February 9th. They issued an “outperform” rating and a $150.00 target price on the stock. Finally, JPMorgan Chase & Co. lifted their target price on shares of Palomar from $155.00 to $160.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $161.75.

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.