Sumitomo Mitsui Trust Holdings Inc. Has $52.96 Million Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 1.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 954,290 shares of the company’s stock after purchasing an additional 9,462 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 3.86% of Palomar worth $52,963,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PLMR. Alliancebernstein L.P. raised its position in Palomar by 2,612.5% during the third quarter. Alliancebernstein L.P. now owns 799,369 shares of the company’s stock valued at $66,923,000 after purchasing an additional 769,899 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Palomar during the fourth quarter worth $16,058,000. Atlas Capital Advisors LLC grew its stake in shares of Palomar by 614.2% during the fourth quarter. Atlas Capital Advisors LLC now owns 366,284 shares of the company’s stock worth $16,541,000 after buying an additional 315,000 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Palomar by 52.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 748,928 shares of the company’s stock worth $41,342,000 after buying an additional 256,378 shares during the last quarter. Finally, Millennium Management LLC bought a new stake in shares of Palomar during the fourth quarter worth $9,260,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Trading Up 1.1 %

Shares of PLMR opened at $77.77 on Friday. The stock has a market capitalization of $1.94 billion, a P/E ratio of 24.93 and a beta of 0.21. The firm’s fifty day simple moving average is $76.59 and its two-hundred day simple moving average is $63.86. Palomar Holdings, Inc. has a 12 month low of $46.09 and a 12 month high of $86.25.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Wednesday, February 14th. The company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.09. Palomar had a net margin of 21.07% and a return on equity of 19.35%. The business had revenue of $102.35 million for the quarter, compared to analysts’ expectations of $95.07 million. As a group, research analysts predict that Palomar Holdings, Inc. will post 3.84 EPS for the current fiscal year.

Insider Activity

In other news, CEO Mac Armstrong sold 952 shares of the company’s stock in a transaction dated Saturday, January 27th. The shares were sold at an average price of $60.13, for a total transaction of $57,243.76. Following the transaction, the chief executive officer now owns 44,117 shares in the company, valued at $2,652,755.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, President Jon Christianson sold 423 shares of the company’s stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $60.13, for a total value of $25,434.99. Following the sale, the president now owns 70,612 shares in the company, valued at approximately $4,245,899.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mac Armstrong sold 952 shares of the company’s stock in a transaction dated Saturday, January 27th. The stock was sold at an average price of $60.13, for a total transaction of $57,243.76. Following the completion of the sale, the chief executive officer now owns 44,117 shares in the company, valued at approximately $2,652,755.21. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 39,509 shares of company stock worth $2,999,157. Company insiders own 4.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PLMR shares. Evercore ISI boosted their target price on shares of Palomar from $68.00 to $86.00 and gave the stock an “in-line” rating in a research note on Thursday, April 11th. Jefferies Financial Group raised shares of Palomar from a “hold” rating to a “buy” rating and boosted their target price for the stock from $78.00 to $88.00 in a research note on Thursday, March 14th. Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $88.00 to $89.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Piper Sandler boosted their target price on shares of Palomar from $80.00 to $89.00 and gave the stock an “overweight” rating in a research note on Monday, April 1st. Finally, Truist Financial boosted their price objective on shares of Palomar from $72.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $87.50.

Palomar Company 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.