Palomar Holdings, Inc. President Sells Stock Valued at Over $86,000

On January 1st, Jon Christianson, the President of Palomar Holdings, Inc. (NASDAQ:PLMR), executed a sale of 819 shares of the company’s stock. The shares were sold at an average rate of $105.86 each, leading to a total transaction amounting to $86,699.34. After this sale, Christianson holds 55,126 shares in Palomar, which are valued at about $5,835,638.36. This transaction represents a 1.46% reduction in his stake in the company. The details of this sale have been disclosed in a regulatory filing with the SEC, which can be accessed online.

Recent Stock Activity by the President

In addition to the recent sale, Jon Christianson has also conducted several notable transactions in the past months. For instance, on November 11th, he sold 2,195 shares for an average price of $104.10, totaling $228,499.50. Furthermore, on October 15th, he sold 2,000 shares at an average price of $98.45, amounting to $196,900.00.

Current Stock Performance

During midday trading on a recent Friday, Palomar shares experienced a minor increase, trading up by 0.4% to reach $104.81, with 74,754 shares traded. This contrast with the average trading volume of 92,577 shares indicates a stable interest in the stock. The company maintains a market capitalization of $2.77 billion, with a price-to-earnings (P/E) ratio of 24.90. Historically, Palomar's stock has seen fluctuations over the past year, with a low of $54.81 and a high of $112.90.

Quarterly Earnings Report

On November 4th, Palomar Holdings released its quarterly earnings, reporting earnings per share (EPS) of $1.23. This figure exceeded analysts’ expectations of $1.03 by $0.20. The reported revenue for the quarter was $148.50 million, surpassing estimates of $134.72 million. Palomar demonstrated a net margin of 21.55% and a return on equity of 19.65%. Comparatively, the prior year for the same quarter, the firm reported an EPS of $0.80. Analysts anticipate that the company will achieve an EPS of 4.33 for the current year.

Changes in Analyst Ratings

Recently, various equities research analysts have adjusted their ratings and price targets for Palomar. For instance, Keefe, Bruyette & Woods raised their target price from $120 to $136. Jefferies Financial Group also increased its price objective from $110 to $113, maintaining a 'buy' rating. Piper Sandler adjusted their target price upward from $105 to $110, and JPMorgan Chase raised their price target from $93 to $100, giving it a 'neutral' rating. Currently, the stock holds an overall rating of 'Moderate Buy' with an average target price of $111.67 according to MarketBeat analysis.

Institutional Investor Activity

Recently, several hedge funds and institutional investors have altered their shareholdings in Palomar Holdings. Some notable changes include the acquisition of a new stake by Whittier Trust Co. of Nevada, valued at approximately $25,000. GAMMA Investing LLC has increased its holdings by 48.6%, while Farther Finance Advisors LLC raised its position sharply by nearly 491%. Additionally, other institutional investments have observed a significant rise, underscoring institutional trust in the company’s performance. Currently, around 90.25% of Palomar's stock is held by institutional and hedge fund investors.

About Palomar Holdings, Inc.

Palomar Holdings, Inc. is a specialty insurance provider that offers a range of property and casualty insurance products for residential and commercial entities across the United States. The company's offerings include specialty insurance for earthquakes, home insurance, hurricane coverage in Hawaii, and various flood insurance products, among others.

stocks, sale, earnings