Sumitomo Mitsui Trust Holdings Inc. Trims Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Sumitomo Mitsui Trust Holdings Inc. lowered its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 2.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 927,270 shares of the company’s stock after selling 27,020 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 3.72% of Palomar worth $77,733,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Allspring Global Investments Holdings LLC bought a new position in shares of Palomar in the first quarter worth approximately $4,417,000. Diversified Trust Co grew its stake in Palomar by 35.7% in the 1st quarter. Diversified Trust Co now owns 11,400 shares of the company’s stock worth $956,000 after buying an additional 3,000 shares in the last quarter. Artemis Investment Management LLP bought a new position in shares of Palomar in the 1st quarter worth $20,904,000. Atwood & Palmer Inc. raised its position in shares of Palomar by 66.7% during the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after buying an additional 300 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new stake in shares of Palomar during the 4th quarter worth $493,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Stock Down 0.2 %

Shares of Palomar stock opened at $82.27 on Friday. The company’s fifty day simple moving average is $82.53 and its two-hundred day simple moving average is $74.02. Palomar Holdings, Inc. has a 12-month low of $48.08 and a 12-month high of $89.22. The firm has a market cap of $2.05 billion, a PE ratio of 23.64 and a beta of 0.31.

Palomar (NASDAQ:PLMR) last posted its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.28. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The company had revenue of $108.39 million for the quarter, compared to analysts’ expectations of $322.10 million. During the same period last year, the firm earned $0.80 earnings per share. Palomar’s quarterly revenue was up 29.1% on a year-over-year basis. As a group, sell-side analysts expect that Palomar Holdings, Inc. will post 4.2 earnings per share for the current fiscal year.

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $76.30, for a total value of $76,300.00. Following the sale, the chief financial officer now owns 25,344 shares in the company, valued at $1,933,747.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, President Jon Christianson sold 2,000 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $81.21, for a total value of $162,420.00. Following the completion of the transaction, the president now directly owns 53,761 shares of the company’s stock, valued at $4,365,930.81. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $76.30, for a total value of $76,300.00. Following the sale, the chief financial officer now directly owns 25,344 shares in the company, valued at $1,933,747.20. The disclosure for this sale can be found here. Insiders sold a total of 29,250 shares of company stock worth $2,355,740 over the last quarter. 4.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Keefe, Bruyette & Woods increased their target price on Palomar from $93.00 to $96.00 and gave the company an “outperform” rating in a research note on Wednesday, May 29th. JMP Securities restated a “market perform” rating on shares of Palomar in a report on Monday, April 15th. JPMorgan Chase & Co. cut shares of Palomar from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $79.00 to $85.00 in a research note on Monday, April 8th. Truist Financial lifted their target price on shares of Palomar from $97.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, May 29th. Finally, Jefferies Financial Group upgraded shares of Palomar from a “hold” rating to a “buy” rating and upped their price target for the company from $78.00 to $88.00 in a research report on Thursday, March 14th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $92.83.

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.