Bullish indicating open at $55-$60, IPO prices at $37
In a recent transaction, Christopher T. Uchida, the Chief Financial Officer of Palomar Holdings, Inc. (NASDAQ:PLMR), sold 1,000 shares of the company's common stock. The shares were sold at a price of $144.00 each, totaling $144,000. Following this sale, Uchida retains ownership of 9,172 shares. This total includes 1,666 shares acquired through the 2019 Employee Stock Purchase Plan. Palomar Holdings, based in La Jolla, CA, operates in the fire, marine, and casualty insurance sector.The sale comes as Palomar, with a market capitalization of $3.8 billion, trades near its 52-week high of $144.46. InvestingPro data shows the company has delivered impressive returns, with revenue growing 47% in the last twelve months and maintaining a "GREAT" overall financial health score. For deeper insights into insider transactions and 12 additional ProTips, including detailed valuation metrics, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Palomar Holdings announced its definitive agreement to acquire Advanced AgProtection, a Texas-based Crop Managing General Agent. This acquisition is expected to close in the second quarter of the year and aims to strengthen Palomar's position in the crop insurance market. The move follows Palomar's strategic investment in AAP in 2023, and company President Jon Christianson described it as a "natural progression" for expanding their portfolio.
JPMorgan has upgraded Palomar's stock rating to Overweight from Neutral, raising the price target to $150, reflecting confidence in the company's growth trajectory. Piper Sandler also maintained its Overweight rating with a $150 price target, emphasizing Palomar's strategic goals, including its "Palomar 2X" objective to double the company's size in capital, premium, and net adjusted income within three to five years.
Keefe, Bruyette & Woods adjusted their price target to $145 from $155, maintaining an Outperform rating due to Palomar's strategic initiatives and expected growth in gross written premiums. The firm also previously increased the price target to $155, highlighting the company's "Multiple Growth Engines" and the potential to double adjusted underwriting profit and net income. These developments underscore Palomar's strategic direction and growth potential in the competitive insurance market.
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