Armstrong Mac, the CEO and Chairman of Palomar Holdings, Inc. (NASDAQ:PLMR), recently sold shares of the company, according to a recent SEC filing. On December 23, 2024, Armstrong executed two separate transactions involving the sale of a total of 7,000 shares of common stock. The sale comes as Palomar, with a market capitalization of $2.79 billion, has demonstrated remarkable performance, posting an 89% gain year-to-date according to InvestingPro data.
The shares were sold at prices ranging from $102.75 to $103.55, with the total value of the transactions amounting to $721,250. Following these sales, Armstrong holds 419,388 shares indirectly through the Armstrong Family Trust and 50,312 shares directly, which includes purchases made through the company's 2019 Employee Stock Purchase Plan. With the stock currently trading at $105.34 and near its InvestingPro Fair Value, investors can access detailed analysis and 8 additional ProTips about Palomar's financial health and growth prospects through InvestingPro's comprehensive research reports.
In other recent news, Palomar Holdings has seen notable developments in its financial performance and strategic growth. 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. Piper Sandler's revised price target is based on a multiple of 17 times the forward earnings estimate, while Keefe, Bruyette & Woods' target is based on a Discounted Cash Flow analysis.
Palomar has also reported robust growth in its third-quarter performance in 2024, with a 39% increase in adjusted net income and a 32% increase in total premium growth. The company successfully raised $160 million in equity, intending to capitalize on market dislocations and expand its crop business.
Furthermore, Palomar has appointed Benson Latham as Executive Vice President, Head of Crop, as part of its strategic efforts to expand and strengthen its position in the specialty insurance sector. Latham, with three decades of experience in the Crop insurance industry, is expected to lead Palomar’s Crop insurance operations effectively. These are among the recent developments that investors might find noteworthy.
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