Palomar Holdings, Inc. President's Stock Sale

On January 1st, 2023, Jon Christianson, the President of Palomar Holdings, Inc. (NASDAQ:PLMR), sold 819 shares of the company's stock. This transaction was executed at an average price of $105.86 per share, culminating in a total sale amount of $86,699.34. Following this sale, Christianson now holds 55,126 shares of the company, which are currently valued at around $5,835,638.36. This sale reflects a 1.46% reduction in his stock position. The details of this transaction were formally documented and disclosed in a filing with the Securities and Exchange Commission (SEC).

Recent Transactions by the President

Jon Christianson has also been active in trading Palomar shares in the recent past. Notably, on November 11th, he sold 2,195 shares at an average price of $104.10, which brought the total value of that transaction to $228,499.50. Additionally, on October 15th, he sold another 2,000 shares for an average price of $98.45, totaling $196,900.00.

Current Stock Performance

As of midday trading on a recent Friday, shares of Palomar were up by 0.4%, trading at $104.81. A total of 74,754 shares were exchanged during this trading session, while the average volume is about 92,577 shares. The company's 50-day simple moving average stands at $103.86, and the 200-day simple moving average is $95.96. Palomar Holdings, Inc. has a market capitalization of approximately $2.77 billion, a price-to-earnings (P/E) ratio of 24.90, and a beta of 0.36. Over the past twelve months, the stock has ranged from a low of $54.81 to a high of $112.90.

Earnings and Analyst Ratings

Palomar last reported its quarterly earnings on November 4th, where it posted earnings per share (EPS) of $1.23, exceeding analysts' expectations of $1.03 by $0.20. The company's revenue for the quarter was $148.50 million, surpassing the predicted $134.72 million. Palomar achieved a net margin of 21.55% and a return on equity of 19.65%. Analysts forecast that Palomar Holdings, Inc. will report an EPS of 4.33 for the current fiscal year.

Analyst Ratings Update

Recent evaluations from equity research analysts on Palomar have been positive. Keefe, Bruyette & Woods raised their price target from $120.00 to $136.00 and maintained an "outperform" rating as of December 6th. Similarly, Jefferies Financial Group increased their price target from $110.00 to $113.00, issuing a "buy" rating on October 9th. Piper Sandler also increased their price target from $105.00 to $110.00, rating it as "overweight." Additionally, JPMorgan Chase raised their target from $93.00 to $100.00 and rated the stock as "neutral." In total, three analysts provide a hold rating, while four analysts have given a buy rating. According to MarketBeat, the overall rating for the stock is "Moderate Buy" with an average target price of $111.67.

Institutional Investment Trends

Recently, there have been notable movements among institutional investors regarding Palomar. Whittier Trust Co. of Nevada Inc. established a new position in the company during the third quarter, valued at about $25,000. Meanwhile, GAMMA Investing LLC increased their holdings by 48.6%, acquiring a total of 382 shares worth $36,000. Farther Finance Advisors observed a significant increase of 490.9% in their position during the same period, now holding 455 shares valued at $43,000. Other significant changes included new investments from International Assets Investment Management LLC and Covestor Ltd. Overall, institutional investors and hedge funds own approximately 90.25% of Palomar's stock.

About Palomar Holdings, Inc.

Founded as a specialty insurance provider, Palomar Holdings, Inc. offers property and casualty insurance solutions targeted at residential and commercial clients across the United States. Their offerings encompass personal and commercial specialty property insurance products, including but not limited to residential and commercial earthquake coverage, specialty homeowners insurance, and residential flood insurance, as well as assumed reinsurance products.

Palomar, Stock, Sale