Sumitomo Mitsui Trust Group Inc. Lowers Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 24.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 644,435 shares of the company’s stock after selling 206,906 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 2.58% of Palomar worth $61,009,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of PLMR. GAMMA Investing LLC lifted its stake in shares of Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after purchasing an additional 125 shares during the period. Arizona State Retirement System raised its position in shares of Palomar by 2.4% in the second quarter. Arizona State Retirement System now owns 6,961 shares of the company’s stock worth $565,000 after acquiring an additional 164 shares during the period. Covestor Ltd boosted its stake in shares of Palomar by 20.2% during the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after acquiring an additional 181 shares in the last quarter. Louisiana State Employees Retirement System grew its position in shares of Palomar by 1.6% during the 3rd quarter. Louisiana State Employees Retirement System now owns 12,700 shares of the company’s stock valued at $1,202,000 after acquiring an additional 200 shares during the period. Finally, CWM LLC increased its stake in shares of Palomar by 15.7% in the 2nd quarter. CWM LLC now owns 1,601 shares of the company’s stock valued at $130,000 after purchasing an additional 217 shares in the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Price Performance

PLMR stock opened at $104.33 on Friday. The business has a 50 day simple moving average of $95.42 and a 200-day simple moving average of $89.86. The firm has a market capitalization of $2.76 billion, a PE ratio of 24.78 and a beta of 0.34. Palomar Holdings, Inc. has a 1 year low of $54.50 and a 1 year high of $107.00.

Palomar (NASDAQ:PLMR) last posted its earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.20. The company had revenue of $148.50 million for the quarter, compared to analyst estimates of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same period in the previous year, the business posted $0.80 EPS. On average, equities research analysts expect that Palomar Holdings, Inc. will post 4.32 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PLMR. Jefferies Financial Group raised their price objective on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Evercore ISI boosted their price target on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a report on Tuesday, August 6th. Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $117.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Truist Financial upped their price target on shares of Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Finally, Piper Sandler lifted their price objective on Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Palomar presently has an average rating of “Moderate Buy” and an average target price of $109.00.

Insider Transactions at Palomar

In other Palomar news, President Jon Christianson sold 2,195 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $104.10, for a total transaction of $228,499.50. Following the transaction, the president now directly owns 51,926 shares in the company, valued at $5,405,496.60. This represents a 4.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $95.49, for a total value of $668,430.00. Following the completion of the transaction, the chief executive officer now directly owns 440,388 shares of the company’s stock, valued at approximately $42,052,650.12. This represents a 1.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 39,076 shares of company stock worth $3,806,029. 4.30% of the stock is currently owned by company insiders.

Palomar 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.