Palomar Holdings chief legal officer sells $72,918 in stock

Angela L. Grant, the Chief Legal Officer of Palomar Holdings, Inc. (NASDAQ:PLMR), sold shares of the company in transactions dated January 26, 2025. The transactions involved the sale of 717 shares at a price of $101.70 per share, amounting to a total value of approximately $72,918. These sales were made to cover tax obligations related to vested restricted stock units (RSUs). The transaction comes as Palomar’s stock trades near its 52-week high of $112.90, having delivered an impressive 79% return over the past year. According to InvestingPro, the $2.9B market cap company maintains a GREAT financial health score.

In addition to the sales, Grant also acquired shares through the vesting of RSUs. A total of 1,968 RSUs were converted into common stock without any cash transaction. Following these transactions, Grant now holds 3,785 shares of Palomar Holdings directly.

The transactions were reported in a Form 4 filing with the U.S. Securities and Exchange Commission, providing transparency to investors and stakeholders regarding insider activities within the company.

In other recent news, Palomar Holdings has experienced significant developments. The company’s CEO, Mac Armstrong, secured a new executive employment agreement extending his tenure through 2029. The agreement includes an annual base salary of $1,250,000, eligible for a target bonus of 175% of this base salary, with a potential maximum bonus of 200% of the target amount.

Piper Sandler increased the price target on Palomar’s shares to $133, maintaining an Overweight rating. The revised price target is based on an estimated 19 times the projected earnings per share (EPS) of $6.80 for the year 2026. Similarly, financial services firm Keefe, Bruyette & Woods raised its price target for Palomar to $136, reflecting an optimistic view of the company’s growth prospects.

The company has also made a strategic appointment, with Benson Latham taking the role of Executive Vice President, Head of Crop. Latham brings three decades of experience in the Crop insurance industry to Palomar.

In terms of financial performance, Palomar reported robust growth in its third-quarter performance in 2024, with adjusted net income and total premium growth increasing by 39% and 32% respectively. The company also successfully raised $160 million in equity, intending to capitalize on market dislocations and expand its crop business.

Lastly, Palomar anticipates a full-year adjusted net income guidance of $124 million to $128 million, a 35% increase from 2023. These developments reflect recent analyst optimism and underline Palomar’s strategic focus on growth and expansion.

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