Christopher T. Uchida, Chief Financial Officer of Palomar Holdings, Inc. (NASDAQ: ), recently sold some of its shares in the company. According to a filing with the Securities and Exchange Commission, Uchida sold 1,030 shares of common stock at a price of $109.65 per share on January 22, 2025. This transaction had a total sales value of approximately $112,939. The sale comes as Palomar, with a market cap of $2.85 billion, has performed strongly with a 75% return over the past year. InvestingPro data shows that the company maintains an “EXCELLENT” financial health rating.
Following the sale, Uchida retains ownership of 16,258 shares of Palomar Holdings. The filing also states that Uchida’s remaining shares include 1,666 shares acquired through the 2019 employee stock purchase plan. According to InvestingProthe stock is currently trading close to its fair value, with 8 additional exclusive expert tips available to subscribers, including insights into earnings revisions and profitability metrics. Access the comprehensive Pro Research Report for an in-depth analysis of PLMR’s financial position and growth prospects.
In other recent news, Piper Sandler and Keefe, Bruyette & Woods raised their price targets on shares of Palomar Holdings, reflecting an optimistic view of the company’s growth prospects. Piper Sandler analyst Paul Newsome raised his price target to $133, maintaining an Overweight rating, while Keefe, Bruyette & Woods raised his price target to $136, reaffirming their Outperform rating. The adjustments are based on projected earnings per share for the years 2025 and 2026.
In other developments, Palomar Holdings has entered into a new executive employment agreement with its CEO and Chairman of the Board, Mac Armstrong, extending his term through 2029. The contract includes provisions for annual renewal, base salary, target bonuses and long-term incentive awards.
Palomar Holdings also announced the appointment of Benson Latham as executive vice president, head of crops. With three decades of experience in the crop insurance industry, Latham’s appointment is part of Palomar’s strategic efforts to expand its position in the specialty insurance sector.
The company’s Q3 2024 performance reported significant growth, with adjusted net profit and total premium growing 39% and 32%, respectively. Palomar successfully raised $160 million in capital, intending to capitalize on market dislocations and expand its crop business. The company anticipates full-year adjusted net income guidance of $124 million to $128 million, up 35% from 2023. These recent developments reflect analyst optimism and underscore Palomar’s strategic focus on growth and expansion.
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