Christopher T. Uchida, the Chief Financial Officer of Palomar Holdings, Inc. (NASDAQ:PLMR), recently sold a portion of his shares in the company. According to a filing with the Securities and Exchange Commission, Uchida sold 1,030 shares of common stock on January 22, 2025, at a price of $109.65 per share. This transaction amounted to a total sale value of approximately $112,939. The sale comes as Palomar, with a market capitalization of $2.85 billion, has demonstrated strong performance with a 75% return over the past year. InvestingPro data shows the company maintains a "GREAT" financial health rating.
Following the sale, Uchida retains ownership of 16,258 shares in Palomar Holdings. The filing also notes that Uchida's remaining shares include 1,666 shares acquired through the company's 2019 Employee Stock Purchase Plan. According to InvestingPro, the stock is currently trading near its Fair Value, with 8 additional exclusive ProTips available for subscribers, including insights on earnings revisions and profitability metrics. Access the comprehensive Pro Research Report for deeper analysis of PLMR's financial position and growth prospects.
In other recent news, Palomar Holdings saw its share price target raised by both Piper Sandler and Keefe, Bruyette & Woods, reflecting an optimistic view of the company's growth prospects. Piper Sandler's analyst Paul Newsome increased the price target to $133, maintaining an Overweight rating, while Keefe, Bruyette & Woods raised its price target to $136, reaffirming its Outperform rating. The adjustments are based on projected earnings per share for the years 2025 and 2026.
In other developments, Palomar Holdings entered into a new executive employment agreement with its CEO and Chair of the Board, Mac Armstrong, extending his tenure through 2029. The agreement includes provisions for annual renewals, a base salary, target bonuses, and long-term incentive awards.
Palomar Holdings also announced the appointment of Benson Latham as Executive Vice President, Head of Crop. With three decades of experience in the Crop insurance industry, Latham's appointment is part of Palomar's strategic efforts to expand its position in the specialty insurance sector.
The company's third-quarter performance in 2024 reported significant growth, with adjusted net income and total premium growth increasing by 39% and 32% respectively. Palomar successfully raised $160 million in equity, intending to capitalize on market dislocations and expand its crop business. The company anticipates a full-year adjusted net income guidance of $124 million to $128 million, a 35% increase from 2023. These recent developments reflect analyst optimism and underline Palomar's strategic focus on growth and expansion.
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