In a current transaction, Palomar Holdings Inc . (NASDAQ:PLMR) Chief Monetary Officer T. Christopher Uchida offered shares valued at roughly $91,463. The sale, which occurred on January 1, 2025, concerned 864 shares of widespread inventory at a value of $105.86 per share. The specialty insurance coverage supplier, at the moment valued at $2.78 billion, has proven outstanding energy with a 79% return over the previous yr. In accordance with InvestingPro evaluation, the inventory is at the moment buying and selling close to its Honest 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 widespread inventory.
In different current information, Palomar Holdings secured a brand new government 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 development prospects.
As well as, Palomar introduced the appointment of Benson Latham as Govt Vice President, Head of Crop, as a part of its strategic efforts to broaden its specialty insurance coverage sector. The corporate’s current monetary efficiency indicated strong development, with 39% enhance in adjusted web revenue and 32% complete premium development. Palomar additionally raised $160 million in fairness to broaden its crop enterprise.
The corporate anticipates a full-year adjusted web revenue steering of $124 million to $128 million, a 35% enhance from 2023. These current developments underscore Palomar’s strategic deal with development and growth.
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