Sumitomo Mitsui Trust Group Inc. Lowers Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Sumitomo Mitsui Trust Group Inc. reduced its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 7.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 500,233 shares of the company's stock after selling 37,999 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 1.87% of Palomar worth $68,572,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in PLMR. Artemis Investment Management LLP grew its stake in Palomar by 17.0% in the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock valued at $73,003,000 after purchasing an additional 77,472 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Palomar by 30.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,907 shares of the company's stock valued at $6,854,000 after buying an additional 14,965 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Palomar by 27,543.8% in the first quarter. GAMMA Investing LLC now owns 99,794 shares of the company's stock valued at $13,680,000 after buying an additional 99,433 shares in the last quarter. Yorktown Management & Research Co Inc acquired a new position in Palomar during the first quarter worth $274,000. Finally, Atlas Capital Advisors Inc. increased its holdings in Palomar by 175.5% during the fourth quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company's stock worth $14,918,000 after buying an additional 90,000 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Wall Street Zen raised shares of Palomar from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Truist Financial lifted their price target on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a report on Tuesday, April 15th. Evercore ISI upped their price objective on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a report on Friday, May 30th. JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Finally, Piper Sandler boosted their target price on shares of Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a research report on Friday, May 30th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Palomar currently has an average rating of "Moderate Buy" and an average target price of $174.17.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $161.96, for a total transaction of $809,800.00. Following the completion of the sale, the chief executive officer owned 392,388 shares in the company, valued at approximately $63,551,160.48. The trade was a 1.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Timothy Carter sold 473 shares of the company's stock in a transaction on Saturday, June 28th. The stock was sold at an average price of $153.65, for a total transaction of $72,676.45. Following the transaction, the insider owned 361 shares in the company, valued at approximately $55,467.65. The trade was a 56.71% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,175 shares of company stock valued at $3,420,251. 3.70% of the stock is owned by company insiders.

Palomar Price Performance

Shares of Palomar stock traded up $2.45 on Friday, hitting $146.10. 247,177 shares of the company's stock traded hands, compared to its average volume of 215,883. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of 29.16 and a beta of 0.46. The company has a fifty day moving average of $158.04 and a two-hundred day moving average of $134.44. Palomar Holdings, Inc. has a one year low of $79.82 and a one year high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.26. The firm had revenue of $174.63 million for the quarter, compared to analyst estimates of $161.97 million. Palomar had a net margin of 21.99% and a return on equity of 20.56%. During the same quarter in the prior year, the business earned $1.09 earnings per share. Equities research analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

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.