Bullish indicating open at $55-$60, IPO prices at $37
In a recent transaction, Christopher Uchida, Chief Financial Officer of Palomar Holdings, Inc. (NASDAQ:PLMR), a $3.68 billion market cap insurance company that has delivered an impressive 63.5% return over the past year, sold 1,000 shares of the company’s common stock. The shares were sold at a price of $139.00 each, totaling $139,000, with the transaction occurring near the stock’s 52-week high of $139.21. Following this transaction, Uchida holds 10,172 shares, which includes 1,666 shares acquired through the company’s 2019 Employee Stock Purchase Plan. This sale is part of regular financial activities and provides insight into insider trading at the company, which currently trades at Fair Value according to InvestingPro analysis. InvestingPro subscribers can access 12 additional key insights about Palomar Holdings, including detailed financial health metrics that earned the company a "GREAT" overall rating.
In other recent news, Palomar Holdings has made significant strides with its financial and strategic plans. The company announced its definitive agreement to acquire Advanced AgProtection, a Texas-based Crop Managing General Agent, as part of its strategy to strengthen its position in the crop insurance sector. This acquisition is expected to close in the second quarter of this year and aims to enhance Palomar’s growth within the specialty insurance market. In terms of financial performance, Keefe, Bruyette & Woods analysts have revised their price target for Palomar to $155, up from $152, while maintaining an Outperform rating. This adjustment follows a comprehensive investor day presentation that outlined Palomar’s growth strategy, including the ambitious "Palomar 2X" plan, which aims to double key financial metrics.
Piper Sandler also reaffirmed its Overweight rating on Palomar with a price target of $150, highlighting confidence in the company’s strategic direction and growth prospects. The firm’s focus on casualty and crop insurance segments was noted as key drivers for the current year’s growth. Keefe, Bruyette & Woods further adjusted their earnings per share estimates for 2025 and 2026 to $6.50 and $8.00, respectively, based on expectations of increased earned premium and investment income. These recent developments underscore Palomar’s commitment to its growth objectives and strategic initiatives.
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