Palomar Holdings, Inc. (NASDAQ:PLMR) Chief Financial Officer, T Christopher Uchida, has recently engaged in transactions involving the company's stock, according to a new SEC filing. On April 17, 2024, Uchida sold 1,000 shares of Palomar Holdings at prices ranging up to $76.30, culminating in a total value of over $76,296.
The same filing also disclosed that Uchida exercised options to acquire 1,000 shares of common stock at $15.00 per share, amounting to a transaction total of $15,000. This purchase was part of a scheduled plan, as indicated by the footnotes in the filing, which also mentioned that some of the shares now owned by Uchida include those bought through the company's Employee Stock Purchase Plan (ESPP).
Following these transactions, the CFO's direct ownership in the company includes an increased total of shares, factoring in the newly purchased stock from the ESPP. The filing did not disclose any transactions involving derivative securities on the same date.
These transactions were executed amidst the normal course of trading and represent the ongoing financial activities of Palomar Holdings' executives. Investors often monitor such filings to gain insight into the actions of a company's insiders, which can include buying and selling of the firm's stock.
InvestingPro Insights
As investors examine the recent stock transactions by Palomar Holdings, Inc. (NASDAQ:PLMR) CFO T Christopher Uchida, they may also consider the current financial metrics and market performance of the company to gain a more comprehensive understanding of its position. Palomar Holdings is currently trading at a P/E ratio of 24.31, which is low relative to its near-term earnings growth. This could suggest that the stock is undervalued considering its earnings potential. An InvestingPro Tip highlights that the company is trading at a high Price / Book multiple of 4.11, which may indicate investor confidence in the firm's asset value or future growth prospects.
InvestingPro Data shows that Palomar Holdings has experienced a robust 3 Month Price Total Return of 24.64%, complemented by a strong 6 Month Price Total Return of 46.34%. This performance is a testament to the company's recent market success and could be a factor in the CFO's decision to engage in stock transactions. Additionally, with a notable 14.93% revenue growth in the last twelve months as of Q4 2023, the company demonstrates a solid trajectory in financial growth.
It's also worth noting that analysts predict the company will be profitable this year, an InvestingPro Tip that aligns with the positive trend in the company's earnings and market valuation. For investors looking for more in-depth analysis and additional tips, there are 10 more InvestingPro Tips available at https://www.investing.com/pro/PLMR. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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