Sumitomo Mitsui Trust Group Inc. Has $56.83 Million Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Sumitomo Mitsui Trust Group Inc. cut its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 16.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 538,232 shares of the company’s stock after selling 106,203 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 2.03% of Palomar worth $56,832,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of PLMR. Dakota Wealth Management grew its position in Palomar by 3.1% in the fourth quarter. Dakota Wealth Management now owns 3,070 shares of the company’s stock valued at $324,000 after acquiring an additional 92 shares during the period. State of Alaska Department of Revenue grew its holdings in shares of Palomar by 0.7% in the 4th quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company’s stock worth $1,588,000 after purchasing an additional 100 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after purchasing an additional 125 shares in the last quarter. Covestor Ltd lifted its holdings in Palomar by 20.2% during the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company’s stock valued at $102,000 after purchasing an additional 181 shares during the last quarter. Finally, Louisiana State Employees Retirement System boosted its position in Palomar by 1.6% in the third quarter. Louisiana State Employees Retirement System now owns 12,700 shares of the company’s stock valued at $1,202,000 after buying an additional 200 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

Palomar Price Performance

Shares of Palomar stock opened at $109.92 on Monday. The firm has a 50 day simple moving average of $106.95 and a 200 day simple moving average of $100.10. Palomar Holdings, Inc. has a fifty-two week low of $58.77 and a fifty-two week high of $112.90. The firm has a market cap of $2.91 billion, a P/E ratio of 26.11 and a beta of 0.38.

Insider Activity

In other news, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $103.04, for a total value of $721,280.00. Following the transaction, the chief executive officer now owns 419,388 shares of the company’s stock, valued at approximately $43,213,739.52. This trade represents a 1.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 390 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $104.47, for a total transaction of $40,743.30. Following the sale, the chief financial officer now directly owns 18,509 shares of the company’s stock, valued at approximately $1,933,635.23. This trade represents a 2.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,933 shares of company stock valued at $4,030,156. Company insiders own 4.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PLMR. Keefe, Bruyette & Woods raised their price objective on shares of Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. JPMorgan Chase & Co. raised their price target on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, Piper Sandler boosted their price objective on Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Palomar has a consensus rating of “Moderate Buy” and an average target price of $115.50.

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.