Mac Armstrong, the CEO of Palomar Holdings, Inc. (NASDAQ: PLMR), sold 5,000 shares of the company’s stock on November 21, 2023. The shares were sold at an average price of $122.86, culminating in a transaction valued at $614,300. Following this sale, Armstrong retains 358,388 shares in Palomar, which are currently valued at approximately $44 million. This sale represents a 1.38% decrease in his overall position in the company.
The details of the transaction were disclosed in a filing with the Securities and Exchange Commission (SEC). Such filings are accessible to the public through the SEC website, providing transparency regarding executive trades.
Current Stock Performance and Analyst Insights
On the day following Armstrong’s sale, shares of Palomar traded down by $0.54, reaching $122.28 during mid-day trading. The trading volume was 215,494 shares, which is below the average volume of 292,211 shares. The company’s 50-day moving average stands at $118.11, while its 200-day moving average is $133.85. Palomar currently holds a market capitalization of $3.24 billion and a price-to-earnings (P/E) ratio of 21.55. Over the past year, the stock has fluctuated between a low of $98.42 and a high of $175.85.
Several equities research analysts have commented on the stock’s performance. On November 10, 2023, JPMorgan Chase & Co. raised their target price for Palomar shares from $137.00 to $145.00, assigning an “overweight” rating. Similarly, Keefe, Bruyette & Woods increased their price target from $164.00 to $170.00, also maintaining an “outperform” rating. In contrast, Evercore ISI lowered their price target from $168.00 to $134.00, giving the stock an “in-line” rating. Overall, five analysts have rated the stock as a Buy, while three have assigned a Hold rating, leading to a consensus rating of “Moderate Buy” with an average price target of $157.67 according to MarketBeat.com.
Institutional Interest in Palomar Holdings
Recent trading activity among institutional investors reflects strong interest in Palomar. Invesco Ltd. significantly increased its stake in the company by 234.1% during the second quarter, acquiring an additional 559,383 shares. They now hold a total of 798,361 shares, valued at around $123 million. Similarly, AllianceBernstein L.P. boosted its holdings by 290.2%, adding 369,697 shares to reach 497,080 shares worth approximately $76.7 million.
Moreover, Westfield Capital Management Co. LP expanded its position by 81.0% in the third quarter, now owning 738,528 shares valued at $86.2 million. Other notable investments include AustralianSuper Pty Ltd. and Nuveen LLC, which acquired stakes in the company worth $37.25 million and $26.08 million, respectively. Institutional investors now hold approximately 90.25% of Palomar’s stock, indicating strong confidence in the company’s future prospects.
Palomar Holdings, Inc. is a specialty insurance company that provides a range of property and casualty insurance services to residential and commercial clients across the United States. Its offerings include products for earthquake, flood, and hurricane coverage, among others.
