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LA JOLLA, CA—Palomar Holdings, Inc. (NASDAQ:PLMR), a $3.2 billion market cap insurer showing a remarkable 63% return over the past year, saw its Chief Financial Officer T. Christopher Uchida execute a series of stock transactions, according to a recent SEC filing. On February 18 and 19, Uchida sold a total of 1,582 shares of the company’s common stock. The sales, which were executed at prices ranging from $123.2587 to $123.26 per share, amounted to a total value of approximately $195,995. According to InvestingPro analysis, the stock is currently trading near its Fair Value.
The sales were part of a pre-arranged trading plan, as indicated by a footnote in the filing. In addition to the sales, Uchida also acquired 1,530 shares of common stock through the exercise of restricted stock units (RSUs) on February 18. These RSUs were acquired at no cost as part of his compensation package.
Following these transactions, Uchida holds 14,653 shares of Palomar Holdings. The transactions are a part of routine financial management and compensation strategies often employed by corporate executives. Palomar Holdings, based in La Jolla, California, operates in the fire, marine, and casualty insurance sector.
In other recent news, Palomar Holdings reported its fourth-quarter 2024 earnings, exceeding analyst expectations with an earnings per share (EPS) of $1.52, compared to the forecasted $1.22. However, the company’s revenue slightly missed expectations, coming in at $373.7 million against a forecast of $377.97 million. Despite this, Palomar’s adjusted net income for the year grew by 43%, highlighting robust financial performance. In response to the earnings report, Keefe, Bruyette & Woods (KBW) raised the price target for Palomar shares from $136.00 to $152.00, maintaining an Outperform rating. KBW’s decision reflects confidence in Palomar’s ability to sustain growth, particularly in net earned premiums and favorable underwriting outcomes. Furthermore, Palomar’s guidance for 2025 projects adjusted net income between $180 million and $192 million, with expectations of mid-to-high teens growth in earthquake premiums. The company also anticipates significant growth in its crop insurance premiums, aiming for $200 million in 2025. These developments indicate a positive outlook for Palomar, supported by strategic initiatives and strong operational execution.
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