Jonathan Knutzen, the Chief Risk Officer of Palomar Holdings, Inc. (NASDAQ:PLMR), a $2.78 billion market cap insurer that has delivered an impressive 79% return over the past year, recently reported a stock sale valued at $67,326. According to InvestingPro analysis, the company maintains a GREAT financial health score. This transaction, filed with the Securities and Exchange Commission, involved the sale of 636 shares of common stock at a price of $105.86 per share.
The sale was executed on January 1, 2025, as part of a mandatory sell-to-cover provision linked to performance stock units (PSUs) that vested. This provision automatically triggered the sale to cover the minimum statutory tax withholding obligations arising from the vesting event. At the current price of $104.81, InvestingPro data suggests the stock is slightly undervalued, trading at 24.15 times earnings.
Following this transaction, Knutzen’s direct ownership stands at 18,027 shares. Additionally, the report noted an acquisition of 1,778 shares of common stock through the vesting of previously granted PSUs, although this transaction did not involve any cash exchange. For comprehensive insights into PLMR’s valuation and 10+ additional ProTips, access the full research report on InvestingPro.
In other recent news, Palomar Holdings has secured a new employment agreement with its CEO, Mac Armstrong, extending his tenure through 2029. The agreement includes a base salary of $1,250,000 and potential bonuses based on performance objectives. Investment firms Piper Sandler and Keefe, Bruyette & Woods have increased their price targets for Palomar to $119 and $136, respectively, reflecting confidence in the company’s growth prospects.
Palomar has also announced the appointment of Benson Latham as Executive Vice President, Head of Crop. Latham’s three-decade experience in the Crop insurance industry is expected to bolster Palomar’s position in the specialty insurance sector.
In terms of financial performance, Palomar reported substantial growth in its third-quarter performance in 2024, with adjusted net income and total premium growth increasing by 39% and 32% respectively. The company raised $160 million in equity, intending to capitalize on market dislocations and expand its crop business. Palomar anticipates a full-year adjusted net income guidance of $124 million to $128 million, a 35% increase from 2023, and is on track to meet its goal to double its adjusted underwriting income in three years. These developments underscore the recent analyst optimism and highlight Palomar’s strategic focus on growth and expansion.
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