Palomar Holdings, Inc. (NASDAQ:PLMR) Chief Financial Officer, T Christopher Uchida, has sold a portion of his company stock, totaling over $200,000. The transactions occurred on March 14, 2024, and were reported in a recent filing with the Securities and Exchange Commission.
Uchida sold a total of 2,500 shares of Palomar Holdings common stock in multiple transactions, with prices ranging from $79.5733 to $84.00. The total value of the shares sold by the CFO amounted to approximately $204,970. The sales were executed in three separate transactions, with 700 shares sold at a weighted average price of $79.5733, 550 shares at an average of $80.4893, and the largest batch of 1,250 shares sold at a flat rate of $84.00 per share.
Following the sales, Uchida's remaining ownership in the company stands at 25,344 shares of common stock, which includes 1,666 shares acquired through the Palomar Holdings, Inc. 2019 Employee Stock Purchase Plan (ESPP). The transactions were disclosed in footnotes to the SEC filing, which also provided additional details on the range of prices for the shares sold.
The filing did not state the reason for the stock sale by Uchida, and as with any insider transaction, it could be related to a variety of personal financial considerations.
Investors often monitor insider sales as they can provide insights into an executive's perspective on the company's current valuation and future prospects. However, it's important to note that insider transactions are not necessarily indicative of the company's operational performance or long-term trajectory.
Palomar Holdings is a specialty insurance company that provides coverage in niche markets such as residential and commercial earthquake, specialty homeowners, and commercial all-risk property insurance. The company is headquartered in La Jolla, California, and operates under the fire, marine, and casualty insurance industry.
InvestingPro Insights
As Palomar Holdings, Inc. (NASDAQ:PLMR) experiences insider stock transactions, investors might seek additional context on the company's financial health and market performance. According to InvestingPro, the company's market capitalization stands at $2.06 billion, with a P/E ratio of 26.12, reflecting investor sentiment about its earnings potential.
Significantly, Palomar Holdings has shown robust performance metrics, with a 14.93% revenue growth in the last twelve months as of Q4 2023, and an even stronger quarterly revenue growth of 18.92% in Q4 2023. Moreover, the company's gross profit margin remains solid at 32.54%, indicating efficient control over costs relative to its revenue.
InvestingPro Tips highlight that Palomar Holdings is trading at a low P/E ratio relative to near-term earnings growth, suggesting that it may be undervalued by the market. Additionally, analysts have revised their earnings upwards for the upcoming period, indicating potential optimism about the company's financial prospects. For those interested in deeper analysis, there are more than 10 additional InvestingPro Tips available, which can provide further insights into Palomar's financial metrics and market position.
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