Christopher T. Uchida, CFO of Palomar Holdings, Inc. (NASDAQ:), recently sold a portion of its 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. The total sale value of this transaction was approximately $112,939. The sale comes as Palomar, which has a market capitalization of $2.85 billion, has shown 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 will retain 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 InvestingProthe stock is currently trading near its fair value, with 8 additional exclusive ProTips available to subscribers, including insights into earnings revisions and profitability metrics. Access the comprehensive Pro Research report for a 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 upbeat view on the company's growth prospects. Piper Sandler analyst Paul Newsom raised the price target to $133, maintaining an Overweight rating, while Keefe, Bruyette & Woods raised the price target to $136, reaffirming an Outperform rating. Adjustments are based on projected 2025 and 2026 earnings per share.
In other developments, Palomar Holdings has entered into a new executive employment agreement with its CEO and Chairman of the Board, Mac Armstrong, extending his term through 2029. The agreement includes provisions for annual renewals, base salary, targeted bonuses and long-term bonuses. Incentive awards.
Palomar Holdings also announced the appointment of Benson Latham to the position of Executive Vice President and 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 Q3 2024 performance saw significant growth, with adjusted net income and total premium growth increasing by 39% and 32%, respectively. Palomar has raised $160 million in equity, aiming to take advantage of market turmoil and expand its crop business. The company expects to guide full-year adjusted net income of $124 million to $128 million, an increase of 35% from 2023. These latest developments reflect analyst optimism and underscore Palomar's strategic focus on growth and expansion.
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