Key Points
- Mac Armstrong, Palomar's CEO, sold 5,000 shares on November 21 at an average price of $122.86 for proceeds of $614,300; he now holds 358,388 shares worth about $44.03 million, a 1.38% drop in his ownership.
- The November sale continues a string of recent insider sales — 5,000 shares on Oct 21 ($115.31), 3,218 on Oct 15 ($116.10), and 5,000 on Sep 22 ($116.02) — indicating sustained executive selling activity.
- Palomar (NASDAQ:PLMR) has a market cap of $3.27 billion, a P/E of 21.69, a 52-week range of $98.42–$175.85, and an average analyst rating of "Moderate Buy" with a $157.67 target.
Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $122.86, for a total value of $614,300.00. Following the transaction, the chief executive officer owned 358,388 shares of the company's stock, valued at $44,031,549.68. This trade represents a 1.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Mac Armstrong also recently made the following trade(s):
- On Tuesday, October 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $115.31, for a total transaction of $576,550.00.
- On Wednesday, October 15th, Mac Armstrong sold 3,218 shares of Palomar stock. The shares were sold at an average price of $116.10, for a total transaction of $373,609.80.
- On Monday, September 22nd, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $116.02, for a total transaction of $580,100.00.
Palomar Stock Up 0.5%
Shares of PLMR opened at $123.42 on Tuesday. The company has a market cap of $3.27 billion, a P/E ratio of 21.69 and a beta of 0.25. Palomar Holdings, Inc. has a fifty-two week low of $98.42 and a fifty-two week high of $175.85. The firm's 50 day moving average price is $118.26 and its 200 day moving average price is $133.60.
Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Friday, December 16th. The company reported $0.07 EPS for the quarter. The business had revenue of $65.74 million during the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. Research analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.
Institutional Trading of Palomar
Several institutional investors have recently modified their holdings of PLMR. CIBC Bancorp USA Inc. acquired a new position in shares of Palomar in the 3rd quarter valued at $328,000. Danske Bank A S purchased a new stake in Palomar in the third quarter valued at $9,503,000. Advisory Services Network LLC purchased a new stake in Palomar in the third quarter valued at $57,000. Armistice Capital LLC acquired a new position in Palomar in the third quarter valued at $299,000. Finally, CANADA LIFE ASSURANCE Co grew its holdings in shares of Palomar by 2.0% during the third quarter. CANADA LIFE ASSURANCE Co now owns 27,439 shares of the company's stock worth $3,139,000 after purchasing an additional 538 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on the company. Keefe, Bruyette & Woods increased their price target on Palomar from $164.00 to $170.00 and gave the company an "outperform" rating in a research report on Tuesday, November 11th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Palomar in a report on Wednesday, October 8th. JPMorgan Chase & Co. lifted their price target on shares of Palomar from $137.00 to $145.00 and gave the stock an "overweight" rating in a research note on Monday, November 10th. Evercore ISI dropped their price objective on shares of Palomar from $168.00 to $134.00 and set an "in-line" rating on the stock in a research report on Wednesday, October 1st. Finally, Piper Sandler reduced their price objective on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a report on Wednesday, August 6th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Palomar presently has an average rating of "Moderate Buy" and an average target price of $157.67.
Read Our Latest Research Report on Palomar
About Palomar
(
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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.
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