Palomar Holdings CFO Uchida sells $112,939 in inventory

Christopher T. Uchida, the Chief Monetary Officer of Palomar Holdings, Inc. (NASDAQ:PLMR), lately offered a portion of his shares within the firm. In keeping with a submitting with the Securities and Trade Fee, Uchida offered 1,030 shares of frequent inventory on January 22, 2025, at a worth of $109.65 per share. This transaction amounted to a complete sale worth of roughly $112,939. The sale comes as Palomar, with a market capitalization of $2.85 billion, has demonstrated sturdy efficiency with a 75% return over the previous 12 months. InvestingPro information reveals the corporate maintains a “GREAT” monetary well being score.

Following the sale, Uchida retains possession of 16,258 shares in Palomar Holdings. The submitting additionally notes that Uchida’s remaining shares embody 1,666 shares acquired by the corporate’s 2019 Worker Inventory Buy Plan. In keeping with InvestingPro, the inventory is at present buying and selling close to its Honest Worth, with 8 further unique ProTips out there for subscribers, together with insights on earnings revisions and profitability metrics. Entry the great Professional Analysis Report for deeper evaluation of PLMR’s monetary place and development prospects.

In different latest information, Palomar Holdings noticed its share worth goal raised by each Piper Sandler and Keefe, Bruyette & Woods, reflecting an optimistic view of the corporate’s development prospects. Piper Sandler’s analyst Paul Newsome elevated the worth goal to $133, sustaining an Obese score, whereas Keefe, Bruyette & Woods raised its worth goal to $136, reaffirming its Outperform score. The changes are based mostly on projected earnings per share for the years 2025 and 2026.

In different developments, Palomar Holdings entered into a brand new government employment settlement with its CEO and Chair of the Board, Mac Armstrong, extending his tenure by 2029. The settlement consists of provisions for annual renewals, a base wage, goal bonuses, and long-term incentive awards.

Palomar Holdings additionally introduced the appointment of Benson Latham as Govt Vice President, Head of Crop. With three many years of expertise within the Crop insurance coverage trade, Latham’s appointment is a part of Palomar’s strategic efforts to broaden its place within the specialty insurance coverage sector.

The corporate’s third-quarter efficiency in 2024 reported important development, with adjusted internet revenue and whole premium development growing by 39% and 32% respectively. Palomar efficiently raised $160 million in fairness, desiring to capitalize on market dislocations and broaden its crop enterprise. The corporate anticipates a full-year adjusted internet revenue steering of $124 million to $128 million, a 35% enhance from 2023. These latest developments mirror analyst optimism and underline Palomar’s strategic deal with development and growth.

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