Palomar Holdings chief legal officer sells $298,320 in stock

Angela L. Grant, Chief Legal Officer at Palomar Holdings, Inc. (NASDAQ:PLMR), recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. The specialty insurance provider, with a market capitalization of $3.49 billion, has shown remarkable momentum with a 24.26% gain year-to-date. On March 11, Grant sold a total of 2,368 shares of Palomar’s common stock at a price of $125.98 per share, amounting to approximately $298,320.

In addition to the sales, Grant exercised options to acquire 297 shares in total, with transaction prices ranging from $49.53 to $66.10 per share. The total value of these option exercises was approximately $17,079. The transactions were part of routine management of her equity holdings in the company, which provides specialty property insurance. Following these transactions, Grant retains direct ownership of 2,862 shares of Palomar common stock. For deeper insights into insider trading patterns and comprehensive analysis, InvestingPro subscribers can access the detailed Pro Research Report, one of 1,400+ available for top US stocks.

In other recent news, Palomar Holdings reported its fourth-quarter 2024 earnings, surpassing analyst expectations with an earnings per share (EPS) of $1.52, higher than the projected $1.22. However, the company’s revenue slightly missed forecasts, coming in at $373.7 million against an expected $377.97 million. Analysts at Keefe, Bruyette & Woods (KBW) responded to Palomar’s earnings release by raising the stock’s price target from $136 to $152, maintaining an Outperform rating. KBW’s revised price target reflects confidence in Palomar’s projected growth, particularly in net earned premiums and improved underwriting results. Palomar’s adjusted net income for 2024 showed a significant year-over-year increase of 43%, reaching $133.5 million. The company also provided guidance for 2025, projecting adjusted net income between $180 million and $192 million. Palomar’s strategic initiatives include anticipated growth in earthquake and crop insurance premiums, with expectations of crop insurance premiums reaching $200 million in 2025. These developments indicate a strong operational performance and strategic positioning for future growth.

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