In a recent transaction, Palomar Holdings Inc . (NASDAQ:PLMR) Chief Financial Officer T. Christopher Uchida sold shares valued at approximately $91,463. The sale, which took place on January 1, 2025, involved 864 shares of common stock at a price of $105.86 per share. The specialty insurance provider, currently valued at $2.78 billion, has shown remarkable strength with a 79% return over the past year. According to InvestingPro analysis, the stock is currently trading near its Fair Value.
The transaction was part of a mandatory sell-to-cover provision associated with Uchida's performance stock unit (PSU) awards. These shares were automatically sold by the company to cover minimum statutory tax withholding obligations that arose upon the vesting of the PSU awards.
Following this transaction, Uchida holds a total of 17,288 shares of Palomar Holdings common stock.
In other recent news, Palomar Holdings secured a new executive employment agreement with its CEO, Mac Armstrong, extending his tenure through 2029. The agreement includes a base salary of $1,250,000, with potential bonuses and severance benefits. In analyst news, Piper Sandler increased its price target for Palomar to $119, while Keefe, Bruyette & Woods raised its price target to $136, reflecting favorable views of the company's growth prospects.
In addition, Palomar announced the appointment of Benson Latham as Executive Vice President, Head of Crop, as part of its strategic efforts to expand its specialty insurance sector. The company's recent financial performance indicated robust growth, with 39% increase in adjusted net income and 32% total premium growth. Palomar also raised $160 million in equity to expand its crop business.
The company anticipates a full-year adjusted net income guidance of $124 million to $128 million, a 35% increase from 2023. These recent developments underscore Palomar's strategic focus on growth and expansion.
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