Sumitomo Mitsui Trust Group Inc. Has $105.81 Million Stock Position in Palomar Holdings, Inc. $PLMR

Key Points

• Sumitomo Mitsui Trust Group boosted its stake in Palomar by 72.1% to 785,165 shares (about 2.96% ownership) worth roughly $105.81 million, according to its latest 13F filing.
• Insider selling has been notable recently: President Jon Christianson and CEO Mac Armstrong sold shares (3,000 and 11,484 respectively), and insiders disposed of 63,808 shares valued at $7.81 million over the past three months, leaving insiders with 3.70% ownership.
• Fundamentals and analyst view: Palomar beat Q4 estimates with $2.24 EPS (vs. $2.06 expected) and revenue of $253.36M (+62.7% y/y), and Wall Street’s consensus is a "Moderate Buy" with a $165 target while several firms have raised price targets (e.g., KBW to $186).

Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 72.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 785,165 shares of the company's stock after buying an additional 328,993 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 2.96% of Palomar worth $105,809,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Salomon & Ludwin LLC acquired a new stake in Palomar during the 3rd quarter worth approximately $25,000. Richardson Financial Services Inc. raised its holdings in Palomar by 210.0% during the 3rd quarter. Richardson Financial Services Inc. now owns 217 shares of the company's stock worth $25,000 after buying an additional 147 shares during the period. Hollencrest Capital Management raised its holdings in Palomar by 56.5% during the 2nd quarter. Hollencrest Capital Management now owns 313 shares of the company's stock worth $48,000 after buying an additional 113 shares during the period. Clearstead Advisors LLC raised its holdings in shares of Palomar by 31.0% in the third quarter. Clearstead Advisors LLC now owns 397 shares of the company's stock valued at $46,000 after purchasing an additional 94 shares during the last quarter. Finally, NewEdge Advisors LLC acquired a new stake in shares of Palomar in the first quarter valued at approximately $66,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Palomar

In related news, President Jon Christianson sold 3,000 shares of the firm's stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $125.00, for a total value of $375,000.00. Following the completion of the transaction, the president directly owned 62,919 shares of the company's stock, valued at approximately $7,864,875. This trade represents a 4.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mac Armstrong sold 11,484 shares of the firm's stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total transaction of $1,376,701.92. Following the completion of the transaction, the chief executive officer directly owned 91,737 shares of the company's stock, valued at $10,997,431.56. This represents a 11.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 63,808 shares of company stock valued at $7,814,365 over the last three months. 3.70% of the stock is owned by company insiders.

Palomar Trading Up 0.5%

NASDAQ:PLMR opened at $128.38 on Tuesday. Palomar Holdings, Inc. has a 1-year low of $107.75 and a 1-year high of $175.85. The firm has a fifty day simple moving average of $123.61 and a 200 day simple moving average of $123.59. The stock has a market capitalization of $3.43 billion, a PE ratio of 17.88 and a beta of 0.54.

Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share for the quarter, beating the consensus estimate of $2.06 by $0.18. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The business had revenue of $253.36 million during the quarter, compared to analysts' expectations of $204.58 million. During the same period last year, the business earned $1.52 earnings per share. The firm's revenue was up 62.7% on a year-over-year basis. On average, equities analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PLMR has been the topic of a number of recent research reports. Keefe, Bruyette & Woods lifted their price objective on shares of Palomar from $183.00 to $186.00 and gave the company an "outperform" rating in a report on Tuesday, April 7th. Wall Street Zen downgraded shares of Palomar from a "buy" rating to a "hold" rating in a report on Sunday, March 1st. JPMorgan Chase & Co. lifted their price objective on shares of Palomar from $155.00 to $160.00 and gave the company an "overweight" rating in a report on Monday, February 23rd. Weiss Ratings downgraded shares of Palomar from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, April 7th. Finally, Evercore initiated coverage on shares of Palomar in a report on Monday, February 9th. They issued an "outperform" rating and a $150.00 price objective on the stock. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $165.00.

Palomar 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.

Want to see what other hedge funds are holding PLMR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.