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

Sumitomo Mitsui Trust Holdings Inc. lowered its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 8.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 851,341 shares of the company’s stock after selling 75,929 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 3.42% of Palomar worth $69,086,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Palomar by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 2,403,520 shares of the company’s stock valued at $201,487,000 after acquiring an additional 40,453 shares in the last quarter. Champlain Investment Partners LLC raised its stake in Palomar by 5.5% during the 1st quarter. Champlain Investment Partners LLC now owns 1,340,795 shares of the company’s stock valued at $112,399,000 after acquiring an additional 69,615 shares in the last quarter. Stephens Investment Management Group LLC raised its stake in Palomar by 11.3% during the 4th quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock valued at $59,752,000 after acquiring an additional 109,261 shares in the last quarter. Westfield Capital Management Co. LP raised its stake in Palomar by 6.3% during the 4th quarter. Westfield Capital Management Co. LP now owns 460,545 shares of the company’s stock valued at $25,560,000 after acquiring an additional 27,199 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Palomar by 14.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company’s stock valued at $23,407,000 after acquiring an additional 52,659 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Trading Down 0.3 %

Shares of NASDAQ PLMR traded down $0.25 during mid-day trading on Friday, reaching $94.66. The company had a trading volume of 213,119 shares, compared to its average volume of 168,468. The stock has a market cap of $2.36 billion, a PE ratio of 27.20 and a beta of 0.31. The company has a 50-day moving average price of $86.36 and a two-hundred day moving average price of $80.70. Palomar Holdings, Inc. has a 1-year low of $48.08 and a 1-year high of $96.44.

Palomar (NASDAQ:PLMR) last issued its earnings results on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.16. The business had revenue of $123.08 million for the quarter, compared to analysts’ expectations of $338.74 million. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The company’s quarterly revenue was up 47.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.72 EPS. On average, research analysts expect that Palomar Holdings, Inc. will post 4.29 EPS for the current year.

Insider Activity

In related news, CFO T Christopher Uchida sold 1,250 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $89.00, for a total transaction of $111,250.00. Following the transaction, the chief financial officer now directly owns 24,094 shares of the company’s stock, valued at $2,144,366. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Mac Armstrong sold 12,773 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $88.19, for a total transaction of $1,126,450.87. Following the transaction, the chief executive officer now directly owns 59,309 shares of the company’s stock, valued at $5,230,460.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO T Christopher Uchida sold 1,250 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $89.00, for a total value of $111,250.00. Following the transaction, the chief financial officer now directly owns 24,094 shares in the company, valued at $2,144,366. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,000 shares of company stock worth $4,162,026. 4.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PLMR. Truist Financial lifted their target price on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Evercore ISI boosted their price objective on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research note on Tuesday, August 6th. Keefe, Bruyette & Woods boosted their price objective on Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. Piper Sandler boosted their price objective on Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. boosted their price objective on Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $101.33.

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.