Palomar Holdings’ chief risk officer sells $28,269 in stock

In a recent transaction, Jonathan Knutzen, the Chief Risk Officer of Palomar Holdings, Inc. (NASDAQ:PLMR), sold shares of the company’s stock valued at approximately $28,269. The sale involved 278 shares at a price of $101.69 per share. This transaction was conducted on January 26, 2025. The stock, currently trading near its 52-week high of $112.90, has delivered an impressive 79% return over the past year. According to InvestingPro, analysts have set price targets ranging from $100 to $136.

The sale was part of a mandatory sell-to-cover provision in the restricted stock unit (RSU) award agreement, which automatically sells shares to cover tax obligations upon vesting. Following this transaction, Knutzen holds 18,638 shares of Palomar Holdings.

Additionally, Knutzen acquired 889 shares through the exercise of RSUs, which were converted at no cost. These shares are part of a grant originally issued on January 26, 2022, with a vesting schedule over three years.

In other recent news, Palomar Holdings has seen several significant developments. The company’s earnings and revenue growth have been robust, with a 39% increase in adjusted net income and a 32% rise in total premium growth in the third quarter of 2024. This growth was fueled by gains in the Earthquake, Casualty, and Crop insurance segments. Palomar also successfully raised $160 million in equity, aiming to capitalize on market dislocations and expand its crop business.

Investment firms Piper Sandler and Keefe, Bruyette & Woods have both upgraded their price targets for Palomar, reflecting confidence in the company’s growth potential. Piper Sandler increased its price target to $133, based on an estimated 19 times the projected earnings per share (EPS) of $6.80 for 2026. Keefe, Bruyette & Woods raised its price target to $136, based on a Discounted Cash Flow (DCF) analysis, valuing the stock at 22.9 times the firm’s updated 2025 estimated EPS, and 19.4 times the 2026 estimated EPS.

Palomar has also secured a new executive employment agreement with its CEO and Chair of the Board, Mac Armstrong. The agreement, effective January 1, 2025, extends Armstrong’s tenure through January 1, 2029, providing stability at the executive level. Additionally, Palomar announced the appointment of Benson Latham as Executive Vice President, Head of Crop, as part of its strategic efforts to expand its position in the specialty insurance sector.

These are all recent developments, demonstrating Palomar’s commitment to growth and expansion. However, the company’s focus on niche lines of business may be affected by changes in competition and regulatory adjustments, which could influence its performance and the accuracy of the price target.

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