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

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of the company’s stock in a transaction on Wednesday, October 21st. The shares were sold at an average price of $138.31, for a total value of $484,085.00. Following the transaction, the chief executive officer directly owned 315,388 shares in the company, valued at approximately $43,621,314.28. The trade was a 1.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, September 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The shares were sold at an average price of $134.98, for a total value of $472,430.00.
• On Friday, August 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was sold at an average price of $130.60, for a total value of $457,100.00.

Palomar Stock Performance

NASDAQ:PLMR traded up $5.36 during mid-day trading on Thursday, reaching $144.53. The company’s stock had a trading volume of 251,737 shares, compared to its average volume of 258,943. Palomar Holdings, Inc. has a 12-month low of $100.81 and a 12-month high of $147.62. The firm’s fifty day moving average price is $131.80 and its two-hundred day moving average price is $126.73. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.30. The stock has a market cap of $3.80 billion, a P/E ratio of 19.43 and a beta of 0.35.

Palomar (NASDAQ:PLMR) last posted its earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.19 by $0.17. The business had revenue of $314.42 million for the quarter, compared to analysts’ expectations of $621.52 million. Palomar had a net margin of 18.61% and a return on equity of 23.28%. During the same quarter in the prior year, the business earned $1.76 EPS. On average, equities analysts forecast that Palomar Holdings, Inc. will post 9.29 EPS for the current fiscal year.

Palomar Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Wednesday, August 19th. Palomar’s payout ratio is 24.19%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PLMR shares. JPMorgan Chase & Co. lowered their price target on Palomar from $167.00 to $156.00 and set an “overweight” rating on the stock in a report on Friday, October 9th. Evercore set a $152.00 price objective on Palomar in a research report on Friday, July 10th. Piper Sandler increased their price objective on shares of Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Weiss Ratings upgraded Palomar from a “buy (b)” rating to a “buy (b+)” rating in a research report on Friday, October 16th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, Palomar presently has a consensus rating of “Buy” and a consensus target price of $160.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC lifted its stake in Palomar by 37.9% in the third quarter. Nisa Investment Advisors LLC now owns 1,386 shares of the company’s stock worth $171,000 after purchasing an additional 381 shares during the last quarter. Cyndeo Wealth Partners LLC purchased a new position in shares of Palomar during the third quarter valued at $206,000. Ellsworth Advisors LLC bought a new stake in shares of Palomar in the 3rd quarter valued at about $1,048,000. Fortitude Family Office LLC lifted its holdings in Palomar by 5,050.0% during the third quarter. Fortitude Family Office LLC now owns 412 shares of the company’s stock worth $51,000 after buying an additional 404 shares during the period. Finally, Steel Grove Capital Advisors LLC purchased a new position in Palomar in the third quarter valued at about $359,000. 90.25% of the stock is currently owned by institutional investors.

Palomar Company Profile

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in markets that may be underserved by traditional insurers. The company focuses on risks that are complex, difficult to place or exposed to natural catastrophes, using specialized underwriting and risk-management capabilities.

Its offerings include residential and commercial earthquake insurance, inland marine coverage, specialty property insurance, casualty products, workers’ compensation and other tailored insurance solutions.