In a recent stock transaction, Armstrong Mac, the CEO and Chairman of Palomar Holdings, Inc. (NASDAQ:PLMR), a company with a market capitalization of $2.85 billion and rated "GREAT" by InvestingPro's financial health scoring system, sold shares totaling $768,301. The sales took place on January 21, 2025, with prices ranging from $109.55 to $110.92 per share. These transactions were executed through the Armstrong Family Trust, which is noted for indirect ownership. Following the sales, Mac retains ownership of 412,388 shares of Palomar Holdings. The stock has shown remarkable strength with a 76% return over the past year, trading near its 52-week high of $112.90. Get deeper insights into PLMR's valuation and 8 additional key metrics with InvestingPro's comprehensive research report.
In other recent news, Palomar Holdings has seen several significant developments. The company has entered a new executive employment agreement with CEO Mac Armstrong, extending his tenure through 2029. In addition, Piper Sandler and Keefe, Bruyette & Woods have both raised their price targets for Palomar to $133 and $136 respectively, reflecting confidence in the company's growth potential.
Palomar has also appointed Benson Latham as Executive Vice President, Head of Crop, bolstering its strategic expansion in the specialty insurance sector. The company reported a 39% increase in adjusted net income and a 32% rise in total premium growth in the third quarter of 2024, driven by gains in the Earthquake, Casualty, and Crop insurance segments. Palomar successfully raised $160 million in equity with the aim to capitalize on market dislocations and expand its crop business.
The company anticipates a full-year adjusted net income guidance of $124 million to $128 million, marking a 35% increase from 2023. Furthermore, Palomar is on track to meet its Palomar 2X goal, which aims to double its adjusted underwriting income in three years. These developments underscore recent analyst optimism and highlight Palomar's strategic focus on growth and expansion.
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