Mac Armstrong Sells 5,000 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) Stock

On March 21st, Mac Armstrong, the CEO of Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report), sold 5,000 shares of the company's stock. The shares were sold at an average price of $129.72, resulting in a total transaction value of $648,600. Following this sale, Armstrong's direct ownership in Palomar stands at 402,388 shares, valued at approximately $52,197,771.36. This action marked a 1.23% decline in his overall position in the company. The transaction has been made public through a filing with the Securities and Exchange Commission (SEC), which can be accessed online.

Previous Stock Sales by Mac Armstrong

Prior to this recent transaction, Mac Armstrong had made several other stock sales. On January 31st, he sold 2,237 shares at an average price of $104.50, totaling $233,766.50. On January 29th, he sold 2,444 shares at an average price of $108.34, bringing in $264,782.96. Earlier, on January 26th, Armstrong sold 2,791 shares at an average price of $101.69, resulting in $283,816.79. Additionally, he sold 7,000 shares on January 21st at an average price of $109.76, for a total of $768,320. On January 15th, he sold 3,154 shares at an average price of $109.27, earning $344,637.58. Moreover, on January 1st, he sold 4,170 shares at an average price of $105.86, totaling $441,436.20. Lastly, on December 23rd of the previous year, Armstrong sold 7,000 shares at $103.04, amounting to $721,280.

Current Performance of Palomar Holdings

As of the latest trading session, shares of Palomar Holdings opened at $129.32, reflecting a slight decrease of 1.1%. The company's stock has experienced fluctuations, with a 52-week low of $74.09 and a high of $136.90. Palomar Holdings holds a market capitalization of $3.45 billion, a P/E ratio of 28.87, and a beta of 0.33. The 50-day moving average stands at $118.05, while the 200-day moving average is at $106.66.

Recent Earnings Report

Palomar recently reported its quarterly earnings on February 12th, revealing earnings of $1.37 per share, surpassing analyst expectations of $1.24 by $0.13. The company's return on equity was noted to be 19.76%, with a net margin of 21.23%. Analysts project that Palomar Holdings will achieve an EPS of 5.99 for the current year.

Analyst Insights and Target Changes

The stock has been analyzed by multiple research firms. On March 21st, Keefe, Bruyette & Woods upgraded their price target for Palomar from $152.00 to $155.00 while retaining an "outperform" rating. JMP Securities affirmed its "market perform" rating on February 13th. On February 14th, both Piper Sandler and Truist Financial raised their price targets for Palomar to $150.00, giving it an "overweight" and "buy" rating, respectively. The analysis indicates that three firms suggest holding the stock, while four advise purchasing it. The consensus rating for Palomar is a "Moderate Buy" with a target price of $127.83.

Institutional Investor Activity

Recent changes in holdings from institutional investors have been notable. Blue Trust Inc. initiated a new position in Palomar in the fourth quarter, estimated at around $26,000. Smartleaf Asset Management LLC increased their shares substantially by over 536.9% during the same period. They now own 414 shares worth $43,000 after acquiring an additional 349 shares. Also, Jones Financial Companies Lllp raised their holdings by 63.2%, now owning 493 shares valued at $52,000. Farther Finance Advisors LLC and KBC Group NV both boosted their holdings in the fourth quarter, with 554 shares worth $58,000 and 1,045 shares worth $110,000, respectively. Presently, institutional investors control 90.25% of Palomar's stock.Armstrong, Palomar, Stock