Bullish indicating open at $55-$60, IPO prices at $37
Armstrong Mac, the CEO and Chairman of Palomar Holdings, Inc. (NASDAQ:PLMR), recently sold shares of the company, according to a filing with the Securities and Exchange Commission. The transactions took place on March 21, 2025, involving the sale of 5,000 shares of common stock. The sale comes as Palomar shows strong momentum, with the stock up 57% over the past year and maintaining a "GREAT" financial health score according to InvestingPro analysis.
The shares were sold at weighted average prices ranging from $129.6605 to $130.3048 per share, resulting in a total transaction value of approximately $648,575. Following these transactions, Armstrong Mac holds 402,388 shares indirectly through the Armstrong Family Trust.
Additionally, the filing notes that Mac directly owns 67,138 shares, which includes 2,555 shares acquired through the Palomar Holdings, Inc. 2019 Employee Stock Purchase Plan.
In other recent news, Palomar Holdings has been the focus of several analyst updates and strategic developments. Piper Sandler reaffirmed its Overweight rating on Palomar, maintaining a price target of $150, following insights shared during the company’s analyst day. This event highlighted Palomar’s focus on doubling its size by 2025, emphasizing growth in its casualty and crop insurance segments. Meanwhile, Keefe, Bruyette & Woods (KBW) raised their price target for Palomar to $155, citing confidence in the company’s ability to double its adjusted underwriting profit and net income in the coming years.
Palomar’s recent investor day presentation also led KBW to adjust their earnings per share estimates for 2025 and 2026 to $6.50 and $8.00, respectively, based on expectations of higher premium retention rates and increased investment income. In addition to analyst ratings, Palomar announced its acquisition of Advanced AgProtection (AAP), a Texas-based Crop Managing General Agent, as part of its strategy to expand in the crop insurance market. This acquisition is expected to enhance Palomar’s infrastructure and growth potential in the specialty insurance sector.
KBW analysts have also maintained an Outperform rating with a $152 price target, following a review of Palomar’s year-end 2024 GAAP loss triangles, which indicated a modest reserve redundancy. These developments reflect the analysts’ confidence in Palomar’s strategic positioning and financial outlook, with a focus on premium growth and favorable underwriting conditions. Palomar’s recent moves, including the AAP acquisition, are seen as steps to bolster its market presence and achieve its ambitious growth objectives.
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