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Jonathan Knutzen, the Chief Risk Officer of Palomar Holdings, Inc. (NASDAQ:PLMR), recently sold shares valued at $29,457. The transaction, which took place on January 31, involved the sale of 282 shares at a price of $104.46 each. Following this sale, Knutzen retains ownership of 20,098 shares in the company. The sale comes as Palomar, now valued at $2.82 billion, has demonstrated remarkable performance with an 82.7% return over the past year. According to InvestingPro analysis, the company maintains a GREAT financial health score, with the stock currently trading near its 52-week high of $112.90.
Additionally, on the same day, Knutzen acquired 890 shares of common stock through the vesting of Restricted Stock Units (RSUs), which were part of a previous grant. These RSUs were converted at no cost, as per the terms of the original grant agreement dated January 31, 2023. The acquisition of these shares was part of a scheduled vesting plan, where one-third of the total RSUs granted vested on the first anniversary of the grant date. For deeper insights into Palomar’s valuation and comprehensive analysis, including additional ProTips and detailed metrics, check out the full research report available on InvestingPro.
In other recent news, Palomar Holdings has seen a flurry of activity in its stock market projections and executive leadership. Piper Sandler, an investment firm, has raised the price target on Palomar Holdings to $133 from $119, maintaining an Overweight rating. This adjustment is based on an anticipated favorable environment for primary insurers in 2025. In addition, Palomar Holdings has secured a new executive employment agreement with its CEO and Chair of the Board, Mac Armstrong, extending his tenure through 2029 with options for annual renewals.
Further, Keefe, Bruyette & Woods, a financial services firm, increased its price target for Palomar to $136, up from $120, reaffirming its Outperform rating. The firm’s new target is based on a Discounted Cash Flow analysis and an optimistic view of the company’s growth prospects. Meanwhile, Piper Sandler also increased its price target for Palomar to $119 from $110, using a valuation multiple that aligns more closely with the company’s peers in the market.
In another significant development, Palomar Holdings announced the appointment of Benson Latham as Executive Vice President, Head of Crop. Latham, with his extensive experience in the Crop insurance industry, is expected to steer Palomar’s Crop franchise to become a market leader. These are the latest developments in Palomar Holdings’ strategic efforts to expand and strengthen its position in the specialty insurance sector.
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