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

Sumitomo Mitsui Trust Group Inc. lowered its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 7.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 659,417 shares of the company’s stock after selling 53,710 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 2.51% of Palomar worth $81,300,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PLMR. Rockefeller Capital Management L.P. boosted its position in Palomar by 81.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock worth $40,000 after purchasing an additional 132 shares during the period. Quantbot Technologies LP purchased a new position in shares of Palomar in the second quarter worth about $43,000. Frazier Financial Advisors LLC bought a new stake in shares of Palomar in the second quarter valued at approximately $51,000. Fortitude Family Office LLC raised its position in shares of Palomar by 5,050.0% in the third quarter. Fortitude Family Office LLC now owns 412 shares of the company’s stock valued at $51,000 after purchasing an additional 404 shares during the period. Finally, Parallel Advisors LLC raised its position in shares of Palomar by 638.3% in the first quarter. Parallel Advisors LLC now owns 443 shares of the company’s stock valued at $53,000 after purchasing an additional 383 shares during the period. 90.25% of the stock is currently owned by institutional investors.

Palomar Stock Performance

Palomar stock opened at $142.21 on Wednesday. Palomar Holdings, Inc. has a 1-year low of $100.81 and a 1-year high of $147.62. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $3.74 billion, a PE ratio of 18.06 and a beta of 0.28. The firm’s 50 day simple moving average is $133.75 and its 200 day simple moving average is $126.55.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Tuesday, August 4th. The company reported $2.36 EPS for the quarter, beating analysts’ consensus estimates of $2.19 by $0.17. Palomar had a net margin of 18.61% and a return on equity of 23.28%. The firm had revenue of $314.42 million during the quarter, compared to analyst estimates of $621.52 million. During the same period in the previous year, the business earned $1.76 EPS. As a group, analysts expect that Palomar Holdings, Inc. will post 9.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on PLMR shares. Weiss Ratings cut shares of Palomar from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday. Zacks Research lowered shares of Palomar from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 29th. Piper Sandler lifted their price objective on shares of Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $166.00 to $167.00 and gave the company an “outperform” rating in a report on Monday, August 10th. Finally, JPMorgan Chase & Co. dropped their target price on Palomar from $167.00 to $156.00 and set an “overweight” rating on the stock in a research report on Friday, October 9th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $160.00.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 3,500 shares of the company’s stock in a transaction dated Wednesday, October 21st. The stock was sold at an average price of $138.31, for a total value of $484,085.00. Following the transaction, the chief executive officer directly owned 315,388 shares in the company, valued at $43,621,314.28. This represents a 1.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jonathan Knutzen sold 296 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $127.75, for a total value of $37,814.00. Following the completion of the sale, the insider directly owned 28,250 shares in the company, valued at approximately $3,608,937.50. The trade was a 1.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 12,115 shares of company stock worth $1,619,923 over the last three months. Corporate insiders own 3.70% of the company’s stock.

About Palomar

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in markets that may be underserved by traditional insurers. The company focuses on risks that are complex, difficult to place or exposed to natural catastrophes, using specialized underwriting and risk-management capabilities.

Its offerings include residential and commercial earthquake insurance, inland marine coverage, specialty property insurance, casualty products, workers’ compensation and other tailored insurance solutions.