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

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of the company’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $130.60, for a total transaction of $457,100.00. Following the transaction, the chief executive officer owned 322,388 shares of the company’s stock, valued at $42,103,872.80. This trade represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 Tuesday, July 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The shares were sold at an average price of $137.26, for a total value of $480,410.00.
• On Monday, June 22nd, Mac Armstrong sold 3,500 shares of Palomar stock. The shares were sold at an average price of $112.96, for a total value of $395,360.00.

Palomar Trading Down 1.0%

Shares of PLMR stock opened at $131.76 on Wednesday. The firm has a market capitalization of $3.47 billion, a P/E ratio of 17.71 and a beta of 0.40. Palomar Holdings, Inc. has a twelve month low of $100.81 and a twelve month high of $147.62. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.30. The stock’s fifty day simple moving average is $131.51 and its 200 day simple moving average is $124.06.

Palomar (NASDAQ:PLMR) last posted its earnings results on Tuesday, August 4th. The company reported $2.36 EPS for the quarter, beating the consensus estimate of $2.19 by $0.17. Palomar had a return on equity of 23.28% and a net margin of 18.61%.The firm had revenue of $314.42 million during the quarter, compared to the consensus estimate of $621.52 million. During the same period last year, the company earned $1.76 earnings per share. As a group, sell-side analysts predict that Palomar Holdings, Inc. will post 9.21 EPS for the current fiscal year.

Palomar Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $1.80 annualized dividend and a dividend yield of 1.4%. Palomar’s dividend payout ratio is currently 24.19%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Palomar during the 2nd quarter valued at about $228,000. California State Teachers Retirement System increased its holdings in Palomar by 12,971.0% in the second quarter. California State Teachers Retirement System now owns 3,957,903 shares of the company’s stock worth $500,239,000 after purchasing an additional 3,927,623 shares in the last quarter. AXQ Capital LP bought a new stake in Palomar in the second quarter worth approximately $302,000. Nykredit A S acquired a new position in Palomar in the second quarter valued at approximately $117,000. Finally, Two Sigma Securities LLC acquired a new position in Palomar in the second quarter valued at approximately $441,000. 90.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PLMR shares. Piper Sandler lifted their target price on shares of Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Evercore set a $152.00 price target on shares of Palomar in a research note on Friday, July 10th. Weiss Ratings upgraded shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. JPMorgan Chase & Co. lifted their price target on shares of Palomar from $150.00 to $167.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Finally, Zacks Research cut shares of Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $162.75.

Palomar Company Profile

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.