Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) CFO Sells 1,030 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) CFO T Christopher Uchida sold 1,030 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $110.85, for a total transaction of $114,175.50. Following the transaction, the chief financial officer now directly owns 15,994 shares of the company’s stock, valued at approximately $1,772,934.90. This trade represents a 6.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

T Christopher Uchida also recently made the following trade(s):

• On Monday, November 11th, T Christopher Uchida sold 1,111 shares of Palomar stock. The shares were sold at an average price of $104.00, for a total value of $115,544.00.
• On Tuesday, October 15th, T Christopher Uchida sold 1,030 shares of Palomar stock. The stock was sold at an average price of $97.65, for a total value of $100,579.50.

Palomar Trading Down 5.8 %

Shares of NASDAQ PLMR traded down $6.41 on Wednesday, reaching $104.74. 190,259 shares of the company traded hands, compared to its average volume of 162,626. The company has a 50 day moving average of $101.73 and a 200 day moving average of $94.32. Palomar Holdings, Inc. has a fifty-two week low of $54.50 and a fifty-two week high of $112.90. The stock has a market capitalization of $2.77 billion, a PE ratio of 24.88 and a beta of 0.36.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.20. The company had revenue of $148.50 million for the quarter, compared to the consensus estimate of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same quarter last year, the firm posted $0.80 earnings per share. As a group, research analysts expect that Palomar Holdings, Inc. will post 4.33 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System lifted its stake in shares of Palomar by 2.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 12,500 shares of the company’s stock valued at $1,014,000 after purchasing an additional 300 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Palomar by 214.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company’s stock worth $13,445,000 after buying an additional 112,996 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Palomar by 8.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,833 shares of the company’s stock worth $636,000 after acquiring an additional 594 shares in the last quarter. F M Investments LLC purchased a new position in shares of Palomar in the 2nd quarter valued at $11,946,000. Finally, Atlas Capital Advisors LLC lifted its holdings in shares of Palomar by 167.7% during the 2nd quarter. Atlas Capital Advisors LLC now owns 137,284 shares of the company’s stock valued at $11,141,000 after acquiring an additional 86,000 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

PLMR has been the topic of a number of analyst reports. JPMorgan Chase & Co. increased their price objective on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Piper Sandler raised their price target on shares of Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Jefferies Financial Group boosted their price objective on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $111.67.

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.