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

On January 1st, Jon Christianson, the President of Palomar Holdings, Inc. (NASDAQ:PLMR), sold a total of 819 shares of the company’s stock. The shares were traded at an average price of $105.86, resulting in a transaction totaling $86,699.34. After this sale, Christianson holds 55,126 shares of Palomar, valued at around $5,835,638.36. This transaction indicates a 1.46% reduction in his ownership stake in the company. Details of this sale were filed with the SEC and can be reviewed in the respective legal documentation.

Recently, Jon Christianson has engaged in a few other significant stock transactions. On November 11th, he sold 2,195 shares at an average price of $104.10, amounting to $228,499.50. Prior to that, on October 15th, he sold another 2,000 shares at an average price of $98.45, which totaled $196,900.00.

Current Stock Performance

As of Friday, shares of Palomar traded up by $0.43, bringing the price to $104.81. In this period, the trading volume reached 74,754 shares, compared with the stock’s average volume of 92,577 shares. The 50-day simple moving average stands at $103.86, while the 200-day simple moving average is $95.96. Palomar’s market capitalization is approximately $2.77 billion, with a price-to-earnings (P/E) ratio of 24.90. The stock has seen a low of $54.81 and a high of $112.90 in the past twelve months.

Recent Earnings Results

Palomar recently reported its quarterly earnings on November 4th. The company recorded earnings of $1.23 per share, exceeding analysts' expectations which forecasted $1.03. Moreover, the revenue for the quarter was $148.50 million, surpassing the estimated revenue of $134.72 million. The firm posted a net margin of 21.55% and a return on equity of 19.65%. This reflects a significant increase from the previous year, where the earnings per share were $0.80. Analysts anticipate that Palomar Holdings, Inc. will achieve earnings of $4.33 per share for the current year.

Analyst Ratings

Several financial analysts have recently updated their ratings for Palomar. Keefe, Bruyette & Woods raised their price target from $120.00 to $136.00 and issued an “outperform” rating on December 6th. Jefferies Financial Group increased their target from $110.00 to $113.00, giving Palomar a “buy” rating. Piper Sandler also lifted their target price from $105.00 to $110.00 with an “overweight” rating. Similarly, JPMorgan Chase & Co. revised their price target up from $93.00 to $100.00, rating the stock as “neutral.” Currently, three analysts rate the stock as hold, while four recommend it as a buy, resulting in a consensus rating of “Moderate Buy” with an average target price of $111.67.

Institutional Investment Trends

Institutional investors have made notable changes to their holdings in Palomar. Recently, Whittier Trust Co. of Nevada Inc. acquired a new stake valued at around $25,000. GAMMA Investing LLC increased its position by 48.6%, bringing their total shares to 382 with a valuation nearing $36,000. Farther Finance Advisors LLC significantly increased their stake by 490.9%, now owning 455 shares valued at $43,000. Other institutional investments included International Assets Investment Management LLC and Covestor Ltd, which have also boosted their holdings. Currently, approximately 90.25% of Palomar’s stock is owned by institutional investors and hedge funds.

About Palomar Holdings, Inc.

Palomar Holdings, Inc. is a specialty insurance provider that offers property and casualty insurance solutions to residential and commercial clients across the United States. The company specializes in various niche insurance products including earthquake insurance, commercial all-risk policies, specialty homeowners insurance, flood insurance, and assumes reinsurance contracts.

Palomar, Stock, Transaction