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This sale was a part of a compulsory sell-to-cover provision to satisfy tax obligations associated to a efficiency inventory unit (PSU) vesting occasion. The transaction adopted the vesting of three,936 shares from a beforehand granted PSU award, which was contingent upon assembly particular firm monetary efficiency standards and finishing the required service interval. Following these transactions, Grant holds 2,534 shares of Palomar Holdings (NASDAQ:PLMR)’ frequent inventory instantly. For deeper insights into PLMR’s valuation metrics and extra monetary evaluation, traders can entry the great Professional Analysis Report out there on InvestingPro. For deeper insights into PLMR’s valuation metrics and extra monetary evaluation, traders can entry the great Professional Analysis Report out there on InvestingPro. This sale was a part of a compulsory sell-to-cover provision to satisfy tax obligations associated to a efficiency inventory unit (PSU) vesting occasion.
The transaction adopted the vesting of three,936 shares from a beforehand granted PSU award, which was contingent upon assembly particular firm monetary efficiency standards and finishing the required service interval. Following these transactions, Grant holds 2,534 shares of Palomar Holdings’ frequent inventory instantly.
In different current information, Palomar Holdings, Inc. has secured a brand new govt employment settlement with its CEO, Mac Armstrong, extending his tenure by January 2029. This settlement features a base wage of $1,250,000, potential bonuses, and severance advantages. Funding corporations Piper Sandler and Keefe, Bruyette & Woods have additionally elevated their value targets for Palomar based mostly on anticipated earnings, reflecting an optimistic view of the corporate’s development prospects.
As well as, Palomar Holdings not too long ago appointed Benson Latham as Govt Vice President, Head of Crop. This appointment is a part of Palomar’s strategic efforts to broaden its place within the specialty insurance coverage sector. Palomar’s third-quarter efficiency in 2024 confirmed important development, with adjusted web revenue and complete premium development rising by 39% and 32% respectively. The corporate additionally raised $160 million in fairness with the intention to capitalize on market dislocations and broaden its crop enterprise.
Lastly, Palomar anticipates a full-year adjusted web revenue steering of $124 million to $128 million, a 35% improve from 2023. The corporate can be on observe to satisfy its Palomar 2X objective, which goals to double its adjusted underwriting revenue in three years. These developments replicate current analyst optimism and underline Palomar’s strategic deal with development and growth.
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