Sumitomo Mitsui Trust Group Inc. Buys 328,993 Shares of Palomar Holdings, Inc. $PLMR

Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 72.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 785,165 shares of the company’s stock after purchasing an additional 328,993 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Palomar were worth $105,809,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Palomar by 3.0% during the third quarter. Vanguard Group Inc. now owns 2,631,240 shares of the company’s stock worth $307,197,000 after purchasing an additional 77,515 shares during the period. Westfield Capital Management Co. LP boosted its position in Palomar by 81.0% during the third quarter. Westfield Capital Management Co. LP now owns 738,528 shares of the company’s stock worth $86,223,000 after purchasing an additional 330,592 shares during the period. Dimensional Fund Advisors LP boosted its position in Palomar by 1.7% during the third quarter. Dimensional Fund Advisors LP now owns 596,050 shares of the company’s stock worth $69,584,000 after purchasing an additional 9,731 shares during the period. Stephens Investment Management Group LLC boosted its position in Palomar by 3.6% during the third quarter. Stephens Investment Management Group LLC now owns 579,458 shares of the company’s stock worth $67,652,000 after purchasing an additional 19,908 shares during the period. Finally, Alliancebernstein L.P. boosted its position in Palomar by 290.2% during the second quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock worth $76,675,000 after purchasing an additional 369,697 shares during the period. 90.25% of the stock is owned by institutional investors.

Palomar Stock Up 0.5%

PLMR stock opened at $128.38 on Tuesday. The company has a market cap of $3.43 billion, a PE ratio of 17.88 and a beta of 0.54. The business has a 50-day simple moving average of $123.61 and a 200 day simple moving average of $123.59. Palomar Holdings, Inc. has a 52 week low of $107.75 and a 52 week high of $175.85.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $2.24 EPS for the quarter, beating analysts’ consensus estimates of $2.06 by $0.18. The business had revenue of $253.36 million during the quarter, compared to the consensus estimate of $204.58 million. Palomar had a return on equity of 22.77% and a net margin of 22.50%.Palomar’s revenue for the quarter was up 62.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.52 earnings per share. On average, analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Weiss Ratings cut shares of Palomar from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, April 7th. Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $183.00 to $186.00 and gave the company an “outperform” rating in a research report on Tuesday, April 7th. JPMorgan Chase & Co. boosted their target price on shares of Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Evercore assumed coverage on shares of Palomar in a research report on Monday, February 9th. They issued an “outperform” rating and a $150.00 target price for the company. Finally, Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a research report on Sunday, March 1st. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $165.00.

Insider Transactions at Palomar

In other Palomar news, President Jon Christianson sold 3,000 shares of the business’s stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $125.00, for a total transaction of $375,000.00. Following the completion of the transaction, the president owned 62,919 shares of the company’s stock, valued at approximately $7,864,875. The trade was a 4.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mac Armstrong sold 11,484 shares of the business’s stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total value of $1,376,701.92. Following the transaction, the chief executive officer directly owned 91,737 shares of the company’s stock, valued at approximately $10,997,431.56. The trade was a 11.13% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 63,808 shares of company stock valued at $7,814,365. 3.70% of the stock is owned by insiders.

About Palomar

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.