Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. trimmed its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 24.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 644,435 shares of the company’s stock after selling 206,906 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Palomar were worth $61,009,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in Palomar by 48.6% in the third 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 stake in shares of Palomar by 2.4% during the 2nd quarter. Arizona State Retirement System now owns 6,961 shares of the company’s stock worth $565,000 after buying an additional 164 shares in the last quarter. Covestor Ltd raised its position in Palomar by 20.2% in the third 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 lifted its stake in shares of 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 purchasing an additional 200 shares during the period. Finally, CWM LLC lifted its position in shares of Palomar by 15.7% during the 2nd quarter. CWM LLC now owns 1,601 shares of the company’s stock valued at $130,000 after acquiring an additional 217 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Insider Activity at Palomar

In other Palomar news, President Jon Christianson sold 2,195 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $104.10, for a total value of $228,499.50. Following the transaction, the president now directly owns 51,926 shares of the company’s stock, valued at $5,405,496.60. This trade represents a 4.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 1,030 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $97.65, for a total value of $100,579.50. Following the completion of the sale, the chief financial officer now directly owns 17,543 shares of the company’s stock, valued at $1,713,073.95. The trade was a 5.55 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 39,076 shares of company stock worth $3,806,029. 4.30% of the stock is currently owned by corporate insiders.

Palomar Price Performance

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

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

Analysts Set New Price Targets

A number of analysts recently commented on the company. JPMorgan Chase & Co. lifted their price objective on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Truist Financial lifted their price objective on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Jefferies Financial Group raised their price target on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Evercore ISI upped their price objective on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research note on Tuesday, August 6th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Palomar from $117.00 to $120.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Palomar has an average rating of “Moderate Buy” and a consensus target price of $109.00.

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.