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 firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $114.39, for a total value of $400,365.00. Following the completion of the sale, the chief executive officer directly owned 332,888 shares of the company’s stock, valued at approximately $38,079,058.32. This trade represents a 1.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 Tuesday, April 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $130.77, for a total value of $457,695.00.
• 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 value 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 value of $422,030.00.

Palomar Stock Performance

Shares of Palomar stock opened at $113.87 on Friday. The stock has a market cap of $3.02 billion, a PE ratio of 15.86 and a beta of 0.49. The business has a fifty day simple moving average of $120.66 and a 200-day simple moving average of $124.48. 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 Holdings, Inc. has a 12 month low of $107.51 and a 12 month high of $175.85.

Palomar (NASDAQ:PLMR) last issued its earnings results on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.17 by $0.14. The business had revenue of $278.94 million during 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%.Palomar’s revenue was up 59.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.87 earnings per share. On average, sell-side analysts anticipate that Palomar Holdings, Inc. will post 9.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Palomar

Institutional investors have recently bought and sold shares of the stock. Geneos Wealth Management Inc. bought a new position in Palomar during the fourth quarter valued at about $32,000. Kestra Advisory Services LLC bought a new position in Palomar during the fourth quarter valued at about $33,000. Rockefeller Capital Management L.P. raised its holdings 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 buying an additional 132 shares in the last quarter. Clearstead Advisors LLC raised its holdings in Palomar by 31.0% during the third quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock valued at $46,000 after buying an additional 94 shares in the last quarter. Finally, Parallel Advisors LLC raised its holdings in Palomar by 638.3% during the first quarter. Parallel Advisors LLC now owns 443 shares of the company’s stock valued at $53,000 after buying an additional 383 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PLMR. Evercore began coverage on Palomar in a research report on Monday, February 9th. They issued an “outperform” rating and a $150.00 target price for the company. Piper Sandler decreased their target price on Palomar from $151.00 to $132.00 and set an “overweight” rating for the company in a research report on Monday, May 11th. Weiss Ratings cut Palomar from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, May 7th. Zacks Research cut Palomar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Finally, Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a research report on Sunday, March 1st. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $150.25.

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.