Sumitomo Mitsui Trust Group Inc. Has $56.83 Million 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 (SEC). The fund owned 538,232 shares of the company’s stock after selling 106,203 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Palomar were worth $56,832,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PLMR. State Street Corp increased its stake in Palomar by 3.0% in the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after purchasing an additional 32,151 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Palomar by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock valued at $56,822,000 after buying an additional 18,335 shares during the period. JPMorgan Chase & Co. increased its position in shares of Palomar by 9.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company’s stock valued at $12,133,000 after buying an additional 11,140 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in Palomar by 58.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock worth $3,109,000 after buying an additional 12,147 shares during the period. Finally, HighTower Advisors LLC bought a new position in Palomar during the third quarter worth about $1,711,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Stock Performance

Shares of Palomar stock opened at $109.92 on Monday. The firm has a market cap of $2.91 billion, a PE ratio of 26.11 and a beta of 0.38. The business’s 50 day simple moving average is $106.95 and its 200 day simple moving average is $100.10. Palomar Holdings, Inc. has a 52-week low of $58.77 and a 52-week high of $112.90.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Piper Sandler increased their price target on Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods increased their target price on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Palomar has an average rating of “Moderate Buy” and an average target price of $115.50.

Insider Activity

In other news, CFO T Christopher Uchida sold 1,030 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $110.85, for a total value of $114,175.50. Following the completion of the transaction, the chief financial officer now owns 15,994 shares in the company, valued at $1,772,934.90. This trade represents a 6.05 % decrease in their position. The sale was disclosed in a legal filing 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, December 23rd. The shares were sold at an average price of $103.04, for a total value of $721,280.00. Following the completion of the sale, the chief executive officer now directly owns 419,388 shares in the company, valued at approximately $43,213,739.52. This represents a 1.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,933 shares of company stock worth $4,030,156 over the last ninety days. Insiders own 4.30% of the company’s stock.

About Palomar

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.