Palomar Holdings CFO sells $91,463 in inventory

In a latest transaction, Palomar Holdings Inc . (NASDAQ:PLMR) Chief Monetary Officer T. Christopher Uchida offered shares valued at roughly $91,463. The sale, which passed off on January 1, 2025, concerned 864 shares of frequent inventory at a value of $105.86 per share. The specialty insurance coverage supplier, at present valued at $2.78 billion, has proven outstanding energy with a 79% return over the previous 12 months. Based on InvestingPro evaluation, the inventory is at present buying and selling close to its Truthful Worth.

The transaction was a part of a compulsory sell-to-cover provision related to Uchida’s efficiency inventory unit (PSU) awards. These shares have been robotically offered by the corporate to cowl minimal statutory tax withholding obligations that arose upon the vesting of the PSU awards.

Following this transaction, Uchida holds a complete of 17,288 shares of Palomar Holdings frequent inventory.

In different latest information, Palomar Holdings secured a brand new govt employment settlement with its CEO, Mac Armstrong, extending his tenure by means of 2029. The settlement features a base wage of $1,250,000, with potential bonuses and severance advantages. In analyst information, Piper Sandler elevated its value goal for Palomar to $119, whereas Keefe, Bruyette & Woods raised its value goal to $136, reflecting favorable views of the corporate’s progress prospects.

As well as, Palomar introduced the appointment of Benson Latham as Government Vice President, Head of Crop, as a part of its strategic efforts to broaden its specialty insurance coverage sector. The corporate’s latest monetary efficiency indicated sturdy progress, with 39% improve in adjusted internet revenue and 32% complete premium progress. Palomar additionally raised $160 million in fairness to broaden its crop enterprise.

The corporate anticipates a full-year adjusted internet revenue steering of $124 million to $128 million, a 35% improve from 2023. These latest developments underscore Palomar’s strategic concentrate on progress and growth.

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