Palomar Holdings chief threat officer Jonathan Knutzen sells $67,326 in inventory

Jonathan Knutzen, the Chief Threat Officer of Palomar Holdings, Inc. (NASDAQ:PLMR), a $2.78 billion market cap insurer that has delivered a powerful 79% return over the previous 12 months, just lately reported a inventory sale valued at $67,326. In keeping with InvestingPro evaluation, the corporate maintains a GREAT monetary well being rating. This transaction, filed with the Securities and Trade Fee, concerned the sale of 636 shares of frequent inventory at a worth of $105.86 per share.

The sale was executed on January 1, 2025, as a part of a compulsory sell-to-cover provision linked to efficiency inventory items (PSUs) that vested. This provision robotically triggered the sale to cowl the minimal statutory tax withholding obligations arising from the vesting occasion. On the present worth of $104.81, InvestingPro information suggests the inventory is barely undervalued, buying and selling at 24.15 occasions earnings.

Following this transaction, Knutzen’s direct possession stands at 18,027 shares. Moreover, the report famous an acquisition of 1,778 shares of frequent inventory via the vesting of beforehand granted PSUs, though this transaction didn’t contain any money change. For complete insights into PLMR’s valuation and 10+ further ProTips, entry the total analysis report on InvestingPro.

In different current information, Palomar Holdings has secured a brand new employment settlement with its CEO, Mac Armstrong, extending his tenure via 2029. The settlement features a base wage of $1,250,000 and potential bonuses primarily based on efficiency goals. Funding companies Piper Sandler and Keefe, Bruyette & Woods have elevated their worth targets for Palomar to $119 and $136, respectively, reflecting confidence within the firm’s development prospects.

Palomar has additionally introduced the appointment of Benson Latham as Government Vice President, Head of Crop. Latham’s three-decade expertise within the Crop insurance coverage trade is anticipated to bolster Palomar’s place within the specialty insurance coverage sector.

By way of monetary efficiency, Palomar reported substantial development in its third-quarter efficiency in 2024, with adjusted internet revenue and whole premium development rising by 39% and 32% respectively. The corporate raised $160 million in fairness, aspiring to capitalize on market dislocations and increase its crop enterprise. Palomar anticipates a full-year adjusted internet revenue steering of $124 million to $128 million, a 35% improve from 2023, and is on observe to fulfill its aim to double its adjusted underwriting revenue in three years. These developments underscore the current analyst optimism and spotlight Palomar’s strategic give attention to development and growth.

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