Palomar Holdings, Inc. President Sells Shares Worth $86,699.34

On January 1st, Jon Christianson, the President of Palomar Holdings, Inc. (NASDAQ:PLMR), sold 819 shares of the company's stock. The shares were sold at an average price of $105.86, resulting in a total transaction value of $86,699.34. Following this sale, Christianson now directly owns 55,126 shares in Palomar, which are valued at approximately $5,835,638.36. This sale reflects a 1.46% decrease in his ownership position. Details regarding the transaction were disclosed in a legal filing with the SEC.

Recent Transactions by Jon Christianson

Jon Christianson has been active in selling stock recently. On November 11th, he sold 2,195 shares at an average price of $104.10, amounting to $228,499.50. Earlier, on October 15th, Christianson sold 2,000 shares at an average price of $98.45, yielding a total value of $196,900.00.

Current Stock Performance

As of midday trading on a recent Friday, shares of PLMR were up by $0.43, reaching $104.81. Approximately 74,754 shares were traded on that day, which is lower than the average trading volume of 92,577 shares. The stock's 50-day simple moving average stands at $103.86, while the 200-day average is at $95.96. With a market cap of $2.77 billion, Palomar has a P/E ratio of 24.90 and a beta of 0.36. In the past twelve months, the stock hit a low of $54.81 and a high of $112.90.

Palomar's Earnings Report

Palomar Holdings recently released its quarterly earnings results on November 4th. The company reported earnings of $1.23 per share, surpassing analysts' estimates of $1.03 by $0.20. The revenue for the quarter was $148.50 million, exceeding analyst expectations of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. In the same quarter last year, the company earned $0.80 per share. Analysts predict that Palomar Holdings will achieve earnings per share of 4.33 for the current year.

Analyst Ratings and Price Targets

Analysts have recently provided updates on Palomar's stock. Keefe, Bruyette & Woods upgraded their price target from $120.00 to $136.00, maintaining an "outperform" rating. Jefferies Financial Group also increased their price objective on the stock from $110.00 to $113.00, giving it a "buy" rating. Piper Sandler raised their target price from $105.00 to $110.00, categorizing it as "overweight." Similarly, JPMorgan Chase & Co. boosted their price target from $93.00 to $100.00, assigning a "neutral" rating. Overall, three analysts have rated the stock as a hold, while four have given it a buy rating. Currently, the stock has an average rating of "Moderate Buy" with an average target price of $111.67.

Institutional Investment Activity

There have been notable changes in institutional investments in Palomar Holdings. Whittier Trust Co. of Nevada Inc. acquired a new stake in Palomar worth approximately $25,000 in the third quarter. GAMMA Investing LLC increased their position by 48.6%, owning 382 shares worth $36,000 after acquiring an additional 125 shares. Another firm, Farther Finance Advisors LLC, boosted their stake by 490.9%, now holding 455 shares valued at $43,000. Other institutional investors have also adjusted their investments, resulting in 90.25% of the company's stock being held by institutional investors and hedge funds.

Company Overview

Palomar Holdings, Inc. is a specialized insurance company offering property and casualty insurance products to both residential and commercial clients across the United States. The company provides various specialty property insurance products, which include residential and commercial earthquake insurance, specialty homeowners insurance, inland marine, and coverage for hurricanes and floods.

Palomar, Stock, Transaction