Palomar Holdings CFO sells shares worth over $94k

Palomar Holdings, Inc.'s (NASDAQ:PLMR) Chief Financial Officer, T Christopher Uchida, has recently engaged in transactions involving the company's common stock, according to the latest SEC filings. On August 21, Uchida sold a total of 1,000 shares at prices ranging from $94.1465 to $94.65, resulting in a total sale value of approximately $94,171.

The sales took place in multiple transactions, with prices for the bulk of the shares averaging $94.1465 and a smaller portion being sold at a consistent price of $94.65. These sales come alongside Uchida's acquisition of 1,000 shares at $15.00 per share, amounting to a total purchase value of $15,000.

Following these transactions, Uchida's direct ownership in Palomar Holdings includes an adjusted total of 22,344 shares, which also accounts for shares purchased through the company's 2019 Employee Stock Purchase Plan (ESPP).

Investors often monitor insider buying and selling activities as they may provide insights into a company's financial health and future prospects. The transactions by Palomar Holdings' CFO are part of regular disclosures required by company insiders.

Palomar Holdings, Inc., based in La Jolla, California, specializes in providing insurance solutions in the fire, marine, and casualty insurance sector. The company's stock is publicly traded on the NASDAQ exchange under the ticker symbol PLMR.

In other recent news, Palomar Holdings has announced a successful secondary share offering of 1.2 million primary shares, which raised a total of $115 million. JPMorgan, acting as an advisor, responded to this development by upgrading Palomar's stock price target from $91.00 to $94.00, while maintaining a neutral rating. The funds raised are set to be used for strategic financial initiatives, including the acquisition of First Indemnity of America, a surety insurer, and other general corporate purposes.

In addition to this, several analyst firms have updated their price targets for Palomar Holdings. Keefe, Bruyette & Woods and Piper Sandler have raised their price targets to $96 and $99, respectively, following the company's announcement of successful completion of its reinsurance program at lower than anticipated costs. Truist Securities also adjusted its outlook, raising its shares target to $100, citing an increase in the earnings per share forecast for the years 2024 and 2025.

Furthermore, Palomar Holdings has recently made significant changes to its executive team, appointing Tim Carter as Chief People Officer and Rodolphe "Rudy" Herve as Chief Operating Officer. These appointments are expected to bolster Palomar's operational capabilities and support the company's growth strategies.

These are the recent developments for Palomar Holdings. As always, investors are advised to consider these facts in the context of their individual investment strategies.

InvestingPro Insights

As investors digest the recent insider transactions at Palomar Holdings, Inc. (NASDAQ:PLMR), it's essential to look at the company's financial metrics and performance. According to real-time data from InvestingPro, Palomar Holdings is trading near its 52-week high, with a previous close at $94.32, reflecting a strong uptrend with a one-year price total return of 85.2%. This bullish sentiment is echoed by the company's substantial year-to-date price total return of 69.95%, indicating robust investor confidence.

From a valuation standpoint, Palomar Holdings is currently trading at a P/E ratio of 24.81, which InvestingPro Tips suggest is low relative to the company's near-term earnings growth. This could indicate that the stock is undervalued, presenting a potentially attractive opportunity for investors looking for growth at a reasonable price. Additionally, the company's revenue growth over the last twelve months as of Q2 2024 stands at an impressive 27.81%, with a quarterly surge of 44.99%, highlighting Palomar's ability to increase its top-line figures significantly.

However, it's important to note that the company does not pay a dividend to shareholders, which might be a consideration for income-focused investors. Moreover, short-term obligations exceed liquid assets, suggesting a closer look at the company's liquidity may be warranted. For those interested in a deeper dive into Palomar Holdings' financials and performance, InvestingPro offers additional insights with 11 more InvestingPro Tips available at https://www.investing.com/pro/PLMR.

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