Palomar Holdings, Inc. (NASDAQ:PLMR) CEO and Chairman Armstrong Mac has sold a total of $549,602 worth of company stock on June 21, according to a recent SEC filing. The transactions occurred in multiple trades with prices ranging from $78.1885 to $79.9563.
The filing detailed that Mac sold shares in three separate transactions. In the first transaction, 5,129 shares were sold at a weighted average price of $78.1885. The second transaction involved the sale of 1,350 shares at an average price of $79.1971, and the third comprised 521 shares sold at an average of $79.9563. These sales were executed within price ranges of $77.63 to $78.62, $78.63 to $79.62, and $79.63 to $80.33 respectively, as noted in the footnotes of the filing.
Post these transactions, the SEC report indicated that Armstrong Mac, through direct and indirect holdings by the Armstrong Family Trust, now owns a total of 454,388 shares of Palomar Holdings. The report also mentioned that the indirect holdings include 2,263 shares purchased through the Palomar Holdings, Inc. 2019 Employee Stock Purchase Plan (ESPP).
The recent filing provides transparency into the trading activities of Palomar's top executive, offering investors insight into executive stock ownership and changes therein. Armstrong's significant sale of stock may catch the attention of investors and analysts following the insurance company's financial health and leadership's stake in its future.
Palomar Holdings, Inc., based in La Jolla, California, operates in the specialty insurance sector, focusing on markets that are underserved by traditional insurance companies.
In other recent news, Palomar Holdings has seen a series of positive developments. The company's improved 2024 operating income guidance has led Keefe, Bruyette & Woods to maintain an Outperform rating, raising the stock's price target to $96. The firm also revised its 2024 and 2025 earnings per share (EPS) estimates for Palomar, reflecting the company's proactive risk management and financial strategy.
Following the successful completion of its reinsurance program, Palomar's shares received an updated price target from Piper Sandler, rising to $99. The firm noted the positive outcome of the reinsurance negotiations, which resulted in lower-than-expected costs for Palomar. This favorable reinsurance pricing led to an increase in the company's earnings guidance.
Truist Securities adjusted its outlook on Palomar, increasing its shares target to $100. The firm's analyst cited an increase in the earnings per share (EPS) forecast for the years 2024 and 2025 as a key reason for the price target revision. This revised forecast is based on Palomar's recently updated management guidance.
Evercore ISI updated its outlook on Palomar shares, increasing the price target to $89. The adjustment reflects a positive perspective on the company's June 1 renewals, which included better-than-expected pricing and retention for Southeast wind coverage. These renewals led Palomar to increase its full-year adjusted net income guidance by approximately $10 million.
Finally, Piper Sandler increased the price target for Palomar to $90, following the company's first-quarter earnings, which surpassed expectations. The firm adjusted its earnings per share (EPS) estimates for Palomar for the years 2024 and 2025 to reflect the company's strong financial outcomes.
InvestingPro Insights
Palomar Holdings, Inc. (NASDAQ:PLMR) has been making notable strides in the financial world, and recent data from InvestingPro provides a deeper understanding of the company's current market position. As of the last twelve months as of Q1 2024, Palomar boasts a market capitalization of $1.93 billion, reflecting its standing in the specialty insurance sector.
InvestingPro Tips highlight that analysts have recently revised their earnings upwards for the upcoming period, which could indicate a positive outlook on the company's performance. Additionally, Palomar is trading at a low P/E ratio of 22.01 relative to near-term earnings growth, suggesting that the stock may be undervalued compared to its growth potential.
Key InvestingPro Data metrics present a more detailed financial picture:
- The company's revenue has grown by 19.84% over the last twelve months, with an even more impressive quarterly growth of 32.88% in Q1 2023, indicating robust business expansion.
- Palomar's gross profit margin stands at 33.1%, which shows the company's ability to maintain profitability.
- With a PEG ratio of 0.35, the company's growth rate is considered favorable compared to its earnings multiples, potentially signaling a good investment opportunity.
For investors interested in further insights and tips, InvestingPro offers additional information on Palomar Holdings, Inc. There are 9 more InvestingPro Tips available that could provide valuable guidance for your investment decisions. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and discover how these insights could benefit your portfolio. Visit https://www.investing.com/pro/PLMR for more details.
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