Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Sells $490,034.08 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,202 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $153.04, for a total value of $490,034.08. Following the completion of the sale, the chief executive officer now owns 70,186 shares of the company’s stock, valued at $10,741,265.44. The trade was a 4.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Friday, March 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $129.72, for a total value of $648,600.00.
• On Friday, January 31st, Mac Armstrong sold 2,237 shares of Palomar stock. The stock was sold at an average price of $104.50, for a total transaction of $233,766.50.
• On Wednesday, January 29th, Mac Armstrong sold 2,444 shares of Palomar stock. The shares were sold at an average price of $108.34, for a total transaction of $264,782.96.
• On Sunday, January 26th, Mac Armstrong sold 2,791 shares of Palomar stock. The stock was sold at an average price of $101.69, for a total transaction of $283,816.79.
• On Tuesday, January 21st, Mac Armstrong sold 7,000 shares of Palomar stock. The stock was sold at an average price of $109.76, for a total value of $768,320.00.

Palomar Trading Down 0.4 %

Shares of Palomar stock traded down $0.65 during trading on Thursday, hitting $149.79. 178,223 shares of the stock traded hands, compared to its average volume of 184,610. Palomar Holdings, Inc. has a 52-week low of $75.49 and a 52-week high of $155.87. The stock’s fifty day simple moving average is $130.96 and its 200 day simple moving average is $112.67. The firm has a market cap of $4.00 billion, a P/E ratio of 33.44 and a beta of 0.46.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. As a group, equities analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Institutional Investors Weigh In On Palomar

Hedge funds have recently made changes to their positions in the stock. Opal Wealth Advisors LLC purchased a new stake in shares of Palomar during the first quarter valued at about $46,000. Wealth Enhancement Advisory Services LLC grew its holdings in Palomar by 8.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company’s stock worth $325,000 after purchasing an additional 190 shares during the last quarter. USA Financial Formulas acquired a new position in shares of Palomar during the first quarter worth $55,000. GAMMA Investing LLC boosted its position in shares of Palomar by 101.7% in the 1st quarter. GAMMA Investing LLC now owns 728 shares of the company’s stock worth $100,000 after purchasing an additional 367 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its position in Palomar by 17.9% during the 1st quarter. Harbor Capital Advisors Inc. now owns 50,528 shares of the company’s stock valued at $6,926,000 after buying an additional 7,675 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Keefe, Bruyette & Woods reduced their price objective on Palomar from $155.00 to $145.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. JMP Securities restated a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. JPMorgan Chase & Co. upgraded shares of Palomar from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $115.00 to $150.00 in a research report on Tuesday, April 8th. Jefferies Financial Group boosted their target price on shares of Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a report on Friday, April 11th. Finally, Truist Financial increased their price target on shares of Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a report on Tuesday. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $148.33.

About Palomar

Palomar Holdings, Inc, a specialty insurance company, provides property and casualty insurance to residential and businesses in the United States. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, fronting, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance.