Palomar Holdings, Inc. $PLMR Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 17.9% in the second quarter, Holdings Channel.com reports. The firm owned 410,507 shares of the company’s stock after selling 89,726 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Palomar were worth $63,321,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PLMR. Cookson Peirce & Co. Inc. lifted its holdings in Palomar by 8.1% in the 2nd quarter. Cookson Peirce & Co. Inc. now owns 8,351 shares of the company’s stock worth $1,288,000 after buying an additional 624 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in shares of Palomar by 152.0% during the second quarter. DekaBank Deutsche Girozentrale now owns 1,779 shares of the company’s stock worth $274,000 after acquiring an additional 1,073 shares during the last quarter. New York State Teachers Retirement System lifted its stake in shares of Palomar by 1.0% in the second quarter. New York State Teachers Retirement System now owns 22,667 shares of the company’s stock worth $3,496,000 after acquiring an additional 225 shares in the last quarter. TD Asset Management Inc purchased a new position in Palomar in the second quarter valued at about $1,000,000. Finally, Axxcess Wealth Management LLC purchased a new position in Palomar in the second quarter valued at about $1,300,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Insider Buying and Selling at Palomar

In related news, Director Richard H. Taketa bought 500 shares of the company’s stock in a transaction on Monday, August 18th. The shares were purchased at an average cost of $121.14 per share, with a total value of $60,570.00. Following the completion of the transaction, the director directly owned 44,226 shares of the company’s stock, valued at approximately $5,357,537.64. This represents a 1.14% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the firm’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $116.02, for a total value of $580,100.00. Following the completion of the sale, the chief executive officer owned 372,388 shares in the company, valued at $43,204,455.76. The trade was a 1.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,432 shares of company stock worth $2,561,154. 3.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

PLMR has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their price objective on Palomar from $158.00 to $137.00 and set an “overweight” rating on the stock in a report on Thursday, October 9th. Piper Sandler dropped their price target on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a research note on Wednesday, August 6th. Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Weiss Ratings reissued a “hold (c+)” rating on shares of Palomar in a report on Saturday. Finally, Keefe, Bruyette & Woods cut their target price on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a research note on Friday, August 8th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Palomar has an average rating of “Moderate Buy” and a consensus price target of $156.67.

Palomar Stock Performance

NASDAQ PLMR opened at $113.25 on Monday. Palomar Holdings, Inc. has a one year low of $85.00 and a one year high of $175.85. The company has a 50-day simple moving average of $118.34 and a 200-day simple moving average of $137.82. The firm has a market capitalization of $3.03 billion, a PE ratio of 19.90 and a beta of 0.30.

Palomar (NASDAQ:PLMR) last issued its earnings results on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The firm had revenue of $65.74 million for the quarter. Equities analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Palomar Company Profile

Palomar Holdings, Inc, a specialty insurance company, provides property and casualty insurance to residential and businesses in the United States. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, fronting, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance.