Key Points
- CEO Mac Armstrong sold 3,500 Palomar shares at an average price of $134.98, generating $472,430. The sale was made under a pre-arranged Rule 10b5-1 plan and reduced his stake by 1.09% to 318,888 shares.
- Palomar reported quarterly earnings of $2.36 per share, beating analysts’ $2.19 estimate, while revenue totaled $314.42 million. Analysts expect $9.31 in full-year earnings per share.
- Wall Street maintains a favorable view, with five Buy ratings and one Hold, an average price target of $162.75, and institutional investors owning 90.25% of the company.
Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) CEO Mac Armstrong sold 3,500 shares of the firm's stock in a transaction on Monday, September 21st. The stock was sold at an average price of $134.98, for a total transaction of $472,430.00. Following the completion of the sale, the chief executive officer owned 318,888 shares in the company, valued at approximately $43,043,502.24. The trade was a 1.09% decrease in their position. The sale was disclosed in a legal filing 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 shares were sold at an average price of $130.60, for a total transaction of $457,100.00.
- 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 transaction of $480,410.00.
Palomar Stock Performance
NASDAQ:PLMR opened at $131.54 on Wednesday. The firm's 50-day moving average is $133.72 and its 200-day moving average is $125.23. The company has a market cap of $3.46 billion, a price-to-earnings ratio of 17.68 and a beta of 0.39. 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 Holdings, Inc. has a 52-week low of $100.81 and a 52-week high of $147.62.
Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share 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 analysts' expectations of $621.52 million. During the same quarter last year, the company earned $1.76 earnings per share. Equities research analysts anticipate that Palomar Holdings, Inc. will post 9.31 earnings per share for the current year.
Palomar Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th were paid a $0.45 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.4%. Palomar's dividend payout ratio is currently 24.19%.
Wall Street Analyst Weigh In
Several equities analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Palomar from $150.00 to $167.00 and gave the stock an "overweight" rating in a research report on Monday, July 20th. Keefe, Bruyette & Woods lifted their price objective on Palomar from $166.00 to $167.00 and gave the company an "outperform" rating in a report on Monday, August 10th. Evercore set a $152.00 target price on shares of Palomar in a research note on Friday, July 10th. Piper Sandler increased their target price on shares of Palomar from $132.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Finally, Weiss Ratings raised shares of Palomar from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, September 3rd. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $162.75.
Check Out Our Latest Report on Palomar
Hedge Funds Weigh In On Palomar
A number of institutional investors and hedge funds have recently bought and sold shares of PLMR. Rockefeller Capital Management L.P. raised its stake in shares of Palomar by 81.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company's stock worth $40,000 after buying an additional 132 shares during the last quarter. Quantbot Technologies LP bought a new position in Palomar during the second quarter worth about $43,000. Frazier Financial Advisors LLC bought a new position in Palomar during the second quarter worth about $51,000. Parallel Advisors LLC grew its position in shares of Palomar by 638.3% during the 1st quarter. Parallel Advisors LLC now owns 443 shares of the company's stock worth $53,000 after buying an additional 383 shares during the period. Finally, IFP Advisors Inc grew its position in shares of Palomar by 29.2% during the 4th quarter. IFP Advisors Inc now owns 664 shares of the company's stock worth $89,000 after buying an additional 150 shares during the period. Institutional investors and hedge funds own 90.25% of the company's stock.
Palomar Company Profile
(
Get Free Report)
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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
