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

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $134.98, for a total value of $472,430.00. Following the completion of the sale, the chief executive officer owned 318,888 shares of the company’s stock, valued at $43,043,502.24. The trade was a 1.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through 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 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.
• 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.

Palomar Stock Down 1.9%

Shares of PLMR stock traded down $2.55 during mid-day trading on Tuesday, hitting $131.54. The stock had a trading volume of 248,572 shares, compared to its average volume of 262,148. Palomar Holdings, Inc. has a 12-month low of $100.81 and a 12-month high of $147.62. The firm has a market capitalization of $3.46 billion, a P/E ratio of 17.68 and a beta of 0.39. The firm’s 50-day moving average is $133.81 and its two-hundred day moving average is $125.18. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.50 and a quick ratio of 0.50.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.19 by $0.17. The business had revenue of $314.42 million for the quarter, compared to the consensus estimate of $621.52 million. Palomar had a return on equity of 23.28% and a net margin of 18.61%.During the same quarter in the prior year, the company earned $1.76 EPS. On average, analysts predict that Palomar Holdings, Inc. will post 9.31 earnings per share for the current fiscal year.

Palomar Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.4%. The ex-dividend date was Wednesday, August 19th. Palomar’s dividend payout ratio is presently 24.19%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PLMR. Sequoia Financial Advisors LLC purchased a new stake in Palomar during the second quarter valued at approximately $221,000. Tidal Investments LLC grew its holdings in Palomar by 41.3% in the second quarter. Tidal Investments LLC now owns 16,583 shares of the company’s stock worth $2,096,000 after purchasing an additional 4,847 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Palomar during the second quarter worth $146,000. Arcus Capital Partners LLC increased its position in shares of Palomar by 23.1% during the second quarter. Arcus Capital Partners LLC now owns 2,586 shares of the company’s stock worth $327,000 after purchasing an additional 486 shares in the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of Palomar by 1.2% during the 2nd quarter. Arizona State Retirement System now owns 7,364 shares of the company’s stock valued at $931,000 after purchasing an additional 84 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on PLMR shares. Weiss Ratings upgraded shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, September 3rd. Evercore set a $152.00 target price on Palomar in a report on Friday, July 10th. Piper Sandler increased their target price on Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. JPMorgan Chase & Co. increased their target price on Palomar from $150.00 to $167.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. Finally, Keefe, Bruyette & Woods lifted their price target on Palomar from $166.00 to $167.00 and gave the company an “outperform” rating in a report on Monday, August 10th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Palomar presently has a consensus rating of “Moderate Buy” and an average price target of $162.75.

Palomar Company Profile

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in the United States. The company focuses on markets that are often underserved by traditional insurers, using specialized underwriting expertise and data-driven risk analysis to develop coverage for complex or niche exposures.

Palomar’s products include residential and commercial earthquake insurance, specialty property coverage, inland marine insurance, casualty insurance, crop insurance and other specialty insurance solutions.