Sumitomo Mitsui Trust Group Inc. Has $85.60 Million Stock Holdings in Palomar Holdings, Inc. $PLMR

Sumitomo Mitsui Trust Group Inc. reduced its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 8.8% during the first quarter, Holdings Channel.com reports. The fund owned 716,335 shares of the company’s stock after selling 68,830 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Palomar were worth $85,602,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PLMR. HighTower Advisors LLC raised its position in shares of Palomar by 652.7% in the 4th quarter. HighTower Advisors LLC now owns 17,613 shares of the company’s stock worth $2,374,000 after acquiring an additional 15,273 shares in the last quarter. Moran Wealth Management LLC bought a new stake in shares of Palomar during the 4th quarter valued at about $2,473,000. Stephens Investment Management Group LLC grew its stake in Palomar by 19.8% during the fourth quarter. Stephens Investment Management Group LLC now owns 694,317 shares of the company’s stock worth $93,566,000 after purchasing an additional 114,859 shares during the period. Danske Bank A S grew its stake in Palomar by 69.9% during the fourth quarter. Danske Bank A S now owns 138,295 shares of the company’s stock worth $18,637,000 after purchasing an additional 56,898 shares during the period. Finally, Vanguard Group Inc. increased its holdings in Palomar by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company’s stock worth $363,620,000 after purchasing an additional 67,038 shares in the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Palomar

In related news, CEO Mac Armstrong sold 3,500 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $112.96, for a total value of $395,360.00. Following the transaction, the chief executive officer directly owned 329,388 shares in the company, valued at $37,207,668.48. This trade represents a 1.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 6,863 shares of Palomar stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $139.50, for a total transaction of $957,388.50. Following the completion of the sale, the president directly owned 66,478 shares of the company’s stock, valued at approximately $9,273,681. The trade was a 9.36% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,977 shares of company stock valued at $2,933,488 over the last ninety days. 3.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

PLMR has been the topic of several recent analyst reports. Weiss Ratings raised Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, June 18th. JPMorgan Chase & Co. lowered their price objective on shares of Palomar from $160.00 to $150.00 and set an “overweight” rating for the company in a research note on Tuesday, May 26th. Evercore set a $152.00 price objective on shares of Palomar in a research note on Friday. Piper Sandler dropped their target price on shares of Palomar from $151.00 to $132.00 and set an “overweight” rating on the stock in a research report on Monday, May 11th. Finally, Zacks Research cut shares of Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $150.00.

Palomar Stock Down 2.2%

Palomar stock traded down $3.11 during midday trading on Friday, reaching $136.07. The stock had a trading volume of 338,476 shares, compared to its average volume of 306,925. The company has a fifty day moving average price of $117.14 and a two-hundred day moving average price of $123.25. Palomar Holdings, Inc. has a 12 month low of $100.81 and a 12 month high of $147.62. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $3.61 billion, a P/E ratio of 18.95 and a beta of 0.41.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The business had revenue of $278.94 million for the quarter, compared to analyst estimates of $557.79 million. During the same quarter in the prior year, the company earned $1.87 earnings per share. The company’s quarterly revenue was up 59.7% on a year-over-year basis. As a group, equities analysts expect that Palomar Holdings, Inc. will post 8.93 EPS for the current fiscal year.

Palomar Company Profile

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.