Key Points
- CEO Mac Armstrong sold 3,197 shares on April 15 at an average price of $129.46 for about $413,884, reducing his ownership by 3.04% to 102,059 shares; the sale was made to cover tax withholding on vested equity awards.
- Palomar posted a quarterly EPS beat ($2.24 vs. $2.06) with revenue up 62.7% YoY to $253.36M, and analysts maintain a consensus “Buy” rating with an average price target of $161.75, while the stock trades near $132 and the company has a $3.51B market cap.
Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) CEO Mac Armstrong sold 3,197 shares of the business's stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $129.46, for a total transaction of $413,883.62. Following the transaction, the chief executive officer directly owned 102,059 shares of the company's stock, valued at $13,212,558.14. The trade was a 3.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Mac Armstrong also recently made the following trade(s):
- On Monday, March 23rd, Mac Armstrong sold 3,500 shares of Palomar stock. The shares were sold at an average price of $120.58, for a total transaction of $422,030.00.
- On Thursday, February 12th, Mac Armstrong sold 5,000 shares of Palomar stock. The shares were sold at an average price of $122.60, for a total transaction of $613,000.00.
- On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The shares were sold at an average price of $121.74, for a total transaction of $268,436.70.
- On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The shares were sold at an average price of $121.74, for a total transaction of $268,436.70.
- On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The shares were sold at an average price of $122.04, for a total transaction of $658,893.96.
- On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The stock was sold at an average price of $122.04, for a total transaction of $658,893.96.
- On Wednesday, January 28th, Mac Armstrong sold 11,484 shares of Palomar stock. The stock was sold at an average price of $119.88, for a total transaction of $1,376,701.92.
- On Wednesday, January 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $129.00, for a total transaction of $645,000.00.
Palomar Stock Performance
Shares of NASDAQ:PLMR opened at $132.55 on Friday. The firm has a fifty day moving average price of $124.08 and a 200 day moving average price of $123.92. Palomar Holdings, Inc. has a fifty-two week low of $107.75 and a fifty-two week high of $175.85. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of 18.46 and a beta of 0.54.
Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share for the quarter, topping analysts' consensus estimates of $2.06 by $0.18. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The firm had revenue of $253.36 million during the quarter, compared to analyst estimates of $204.58 million. During the same quarter in the prior year, the business earned $1.52 earnings per share. Palomar's revenue for the quarter was up 62.7% on a year-over-year basis. As a group, research analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.
Institutional Investors Weigh In On Palomar
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Palomar by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company's stock valued at $363,620,000 after acquiring an additional 67,038 shares during the period. Westfield Capital Management Co. LP raised its stake in shares of Palomar by 13.8% in the fourth quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company's stock valued at $113,229,000 after acquiring an additional 101,698 shares during the period. Janus Henderson Group PLC raised its stake in shares of Palomar by 250.1% in the fourth quarter. Janus Henderson Group PLC now owns 795,625 shares of the company's stock valued at $107,237,000 after acquiring an additional 568,360 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Palomar by 72.1% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company's stock valued at $105,809,000 after acquiring an additional 328,993 shares during the period. Finally, Stephens Investment Management Group LLC raised its stake in shares of Palomar by 19.8% in the fourth quarter. Stephens Investment Management Group LLC now owns 694,317 shares of the company's stock valued at $93,566,000 after acquiring an additional 114,859 shares during the period. Hedge funds and other institutional investors own 90.25% of the company's stock.
Analyst Upgrades and Downgrades
PLMR has been the subject of a number of research reports. Evercore initiated coverage on shares of Palomar in a research report on Monday, February 9th. They set an "outperform" rating and a $150.00 target price for the company. Zacks Research upgraded shares of Palomar from a "hold" rating to a "strong-buy" rating in a research report on Thursday. Keefe, Bruyette & Woods upped their target price on shares of Palomar from $183.00 to $186.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 7th. JPMorgan Chase & Co. increased their target price on shares of Palomar from $155.00 to $160.00 and gave the company an "overweight" rating in a research note on Monday, February 23rd. Finally, Wall Street Zen downgraded shares of Palomar from a "buy" rating to a "hold" rating in a research note on Sunday, March 1st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $161.75.
View Our Latest Research Report on PLMR
About Palomar
(
Get Free Report)
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.
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