Palomar Holdings, Inc. (NASDAQ: PLMR) announced that its CEO, Mac Armstrong, sold 5,000 shares of company stock on November 21, 2023, in a transaction valued at $614,300. The shares were sold at an average price of $122.86 each. Following this sale, Armstrong retains ownership of 358,388 shares, which are currently valued at approximately $44.03 million. This transaction represents a 1.38% decrease in his total holdings.
The details of the sale were disclosed in a filing with the U.S. Securities and Exchange Commission (SEC), which is accessible on their website. As for the stock’s performance, shares of Palomar traded down by $0.54 during midday trading on Monday, reaching $122.28. The trading volume for the day was 215,494 shares, compared to an average volume of 292,211 shares. Currently, Palomar holds a market capitalization of $3.24 billion, with a price-to-earnings (P/E) ratio of 21.55.
Market Analysis and Analyst Ratings
Palomar’s stock has experienced fluctuations over the past year, with a low of $98.42 and a high of $175.85. Recently, several analysts have provided updates on their ratings and price targets for Palomar shares. Notably, JPMorgan Chase & Co. raised its target price from $137.00 to $145.00 with an “overweight” rating as of November 10, 2023. Similarly, Keefe, Bruyette & Woods increased their price objective from $164.00 to $170.00, assigning an “outperform” rating on November 11, 2023.
Other notable ratings include a “hold (C+)” from Weiss Ratings, and an upgrade from “hold” to “buy” by Wall Street Zen on November 15, 2023. Meanwhile, Evercore ISI lowered their price target from $168.00 to $134.00, maintaining an “in-line” rating as of October 1, 2023. Currently, five investment analysts have rated Palomar with a Buy rating, while three have assigned a Hold rating, leading to a consensus rating of “Moderate Buy” with an average price target of $157.67.
Institutional Investments in Palomar
Recent trends indicate a significant interest from institutional investors in Palomar. For instance, Invesco Ltd. increased its stake in the company by an impressive 234.1% during the second quarter, acquiring a total of 798,361 shares valued at approximately $123.15 million. Likewise, Alliancebernstein L.P. boosted its holdings by 290.2%, now owning 497,080 shares valued at around $76.68 million after purchasing an additional 369,697 shares.
In the third quarter, Westfield Capital Management Co. LP increased its position by 81.0%, acquiring 738,528 shares valued at approximately $86.22 million. Other notable institutional movements include AustralianSuper Pty Ltd, which acquired a new stake valued at $37.25 million, and Nuveen LLC, which entered with a new investment worth $26.08 million. Overall, institutional investors now hold approximately 90.25% of Palomar’s stock.
Palomar Holdings, Inc. specializes in providing property and casualty insurance across the United States. The company offers a range of insurance products, including earthquake, flood, and commercial property insurance. As the market evolves, the movements of executives and institutional investors alike signal broader trends and sentiments within the industry.
