LA JOLLA, Calif.—Christopher T. Uchida, Chief Financial Officer of Palomar Holdings, Inc. (NASDAQ:PLMR), recently sold 1,030 shares of the company's common stock. The transaction, which took place on October 15, 2024, was conducted at an average price of $97.65 per share, resulting in a total sale value of $100,579.
Following this transaction, Uchida holds 17,543 shares of Palomar Holdings, including 1,666 shares acquired through the company's 2019 Employee Stock Purchase Plan. The sale was reported in a Form 4 filing with the Securities and Exchange Commission.
In other recent news, Palomar Holdings announced its second quarter earnings and successfully closed an offering of 1.2 million primary shares, raising a total of $115 million. The funds are earmarked for strategic financial initiatives, including the acquisition of First Indemnity of America, a surety insurer. Simultaneously, Palomar has welcomed David Sapia as the new Executive Vice President, Head of E&S Casualty, who is expected to spearhead the development of the company's E&S casualty division.
In response to these developments, several analyst firms have revised their assessments of Palomar. JPMorgan (NYSE:JPM) raised Palomar Holdings' stock price target to $94.00, maintaining a neutral stance, while other firms such as Keefe, Bruyette & Woods, Piper Sandler, and Truist Securities also increased their price targets citing factors like increased operating income guidance and successful completion of its reinsurance program. Evercore ISI raised its price target for Palomar to $99, maintaining an In Line rating, following the company's recent financial performance.
Finally, Palomar announced the appointments of Tim Carter as Chief People Officer and Rodolphe "Rudy" Herve as Chief Operating Officer, expected to bolster the company's growth strategies and operational capabilities. These are recent developments for Palomar Holdings.
InvestingPro Insights
As Christopher T. Uchida reduces his stake in Palomar Holdings, Inc. (NASDAQ:PLMR), investors may find value in examining the company's current financial position and market performance. According to InvestingPro data, Palomar boasts a market capitalization of $2.57 billion and has demonstrated impressive revenue growth, with a 44.99% increase in quarterly revenue as of Q2 2024.
The company's strong financial performance is further underscored by its robust profitability metrics. Palomar's operating income margin stands at 28.79% for the last twelve months, indicating efficient operational management. This aligns with an InvestingPro Tip highlighting that Palomar has been profitable over the last twelve months.
Investors should note that Palomar is trading at a P/E ratio of 25.26, which may be considered attractive given its growth prospects. An InvestingPro Tip suggests that the company is trading at a low P/E ratio relative to its near-term earnings growth, potentially signaling an opportunity for value investors.
While Uchida's stock sale might raise questions, it's worth noting that Palomar has shown a strong return over the last year, with a 1-year price total return of 86.53% as of the latest data. This performance is complemented by another InvestingPro Tip indicating a large price uptick over the last six months.
For those seeking a more comprehensive analysis, InvestingPro offers 11 additional tips on Palomar Holdings, providing deeper insights into the company's financial health and market position.
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