Insider Selling: Palomar (NASDAQ:PLMR) CEO 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 dated Friday, August 21st. The shares were sold at an average price of $130.60, for a total value of $457,100.00. Following the transaction, the chief executive officer owned 322,388 shares of the company’s stock, valued at approximately $42,103,872.80. The trade was a 1.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 Tuesday, July 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The stock was 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 Price Performance

NASDAQ:PLMR traded up $2.94 during trading hours on Monday, reaching $133.03. The stock had a trading volume of 146,485 shares, compared to its average volume of 269,586. The stock has a market capitalization of $3.50 billion, a PE ratio of 17.88 and a beta of 0.40. Palomar Holdings, Inc. has a 52 week low of $100.81 and a 52 week high of $147.62. The company has a 50 day moving average price of $130.76 and a two-hundred day moving average price of $123.92. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.50 and a current ratio of 0.50.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data 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 net margin of 18.61% and a return on equity of 23.28%. The business had revenue of $314.42 million during the quarter, compared to analyst estimates of $621.52 million. During the same quarter last year, the business earned $1.76 earnings per share. As a group, sell-side analysts anticipate that Palomar Holdings, Inc. will post 9.21 earnings per share for the current fiscal year.

Palomar Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be given a $0.45 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $1.80 annualized dividend and a yield of 1.4%. Palomar’s dividend payout ratio (DPR) is currently 24.19%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. California State Teachers Retirement System grew its stake in shares of Palomar by 12,971.0% during the second quarter. California State Teachers Retirement System now owns 3,957,903 shares of the company’s stock valued at $500,239,000 after buying an additional 3,927,623 shares during the last quarter. AXQ Capital LP bought a new stake in shares of Palomar during the 2nd quarter worth approximately $302,000. Nykredit A S purchased a new position in Palomar during the 2nd quarter valued at $117,000. Two Sigma Securities LLC bought a new position in Palomar in the 2nd quarter valued at $441,000. Finally, Benjamin Edwards Inc. bought a new position in Palomar in the 2nd quarter valued at $310,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

PLMR has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their price objective on Palomar from $150.00 to $167.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. Evercore set a $152.00 target price on Palomar in a research report on Friday, July 10th. Weiss Ratings upgraded Palomar from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Keefe, Bruyette & Woods lifted their price objective on shares of Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a research note on Monday, August 10th. Finally, Piper Sandler boosted their price objective on shares of Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, July 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 a consensus rating of “Moderate Buy” and an average target price 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.