Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 7.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 500,233 shares of the company's stock after selling 37,999 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 1.87% of Palomar worth $68,572,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of PLMR. New York State Common Retirement Fund grew its holdings in Palomar by 7.1% during the 4th quarter. New York State Common Retirement Fund now owns 15,177 shares of the company's stock valued at $1,603,000 after buying an additional 1,000 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Palomar by 536.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock worth $43,000 after purchasing an additional 349 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of Palomar by 63.2% during the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock worth $52,000 after purchasing an additional 191 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Palomar by 4.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 240,176 shares of the company's stock worth $25,360,000 after purchasing an additional 9,624 shares during the period. Finally, Cookson Peirce & Co. Inc. lifted its stake in shares of Palomar by 63.0% during the 4th quarter. Cookson Peirce & Co. Inc. now owns 6,497 shares of the company's stock worth $686,000 after purchasing an additional 2,512 shares during the period. Institutional investors and hedge funds own 90.25% of the company's stock.

Palomar Trading Down 3.5%

NASDAQ:PLMR traded down $5.46 during mid-day trading on Tuesday, hitting $148.79. The company had a trading volume of 329,156 shares, compared to its average volume of 213,374. The business has a fifty day simple moving average of $158.33 and a 200-day simple moving average of $134.04. Palomar Holdings, Inc. has a 1 year low of $79.82 and a 1 year high of $175.85. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of 29.70 and a beta of 0.50.

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

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PLMR. Truist Financial increased their target price on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research report on Tuesday, April 15th. Wall Street Zen raised Palomar from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Piper Sandler increased their target price on Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research report on Friday, May 30th. Finally, Jefferies Financial Group increased their target price on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $174.17.

Insider Activity

In other news, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was 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 directly owned 392,388 shares in the company, valued at $63,551,160.48. This trade represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO T Christopher Uchida sold 1,000 shares of the firm's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $150.24, for a total value of $150,240.00. Following the sale, the chief financial officer owned 8,172 shares of the company's stock, valued at $1,227,761.28. This represents a 10.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,702 shares of company stock worth $3,347,574 over the last three months. 3.70% of the stock is currently owned by corporate insiders.

Palomar Profile

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.