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

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 24.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 644,435 shares of the company's stock after selling 206,906 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 2.58% of Palomar worth $61,009,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Palomar in the 3rd quarter valued at $25,000. GAMMA Investing LLC increased its position in shares of Palomar by 48.6% in the third quarter. GAMMA Investing LLC now owns 382 shares of the company's stock worth $36,000 after acquiring an additional 125 shares in the last quarter. Farther Finance Advisors LLC raised its position in Palomar by 490.9% in the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company's stock valued at $43,000 after purchasing an additional 378 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Palomar during the second quarter worth about $49,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of Palomar in the first quarter worth about $59,000. 90.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PLMR shares. Piper Sandler raised their target price on Palomar from $105.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, November 8th. Jefferies Financial Group raised their price target on shares of Palomar from $110.00 to $113.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Truist Financial boosted their price objective on shares of Palomar from $100.00 to $112.00 and gave the stock a "buy" rating in a report on Thursday, August 8th. Keefe, Bruyette & Woods upped their price objective on shares of Palomar from $117.00 to $120.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. Finally, Evercore ISI lifted their target price on Palomar from $90.00 to $99.00 and gave the stock an "in-line" rating in a research report on Tuesday, August 6th. 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, Palomar presently has a consensus rating of "Moderate Buy" and a consensus target price of $109.00.

Palomar Stock Down 0.6 %

Shares of PLMR traded down $0.64 during mid-day trading on Friday, hitting $103.69. The stock had a trading volume of 223,725 shares, compared to its average volume of 163,445. The company has a market cap of $2.74 billion, a PE ratio of 24.48 and a beta of 0.34. Palomar Holdings, Inc. has a fifty-two week low of $54.50 and a fifty-two week high of $107.00. The company's fifty day simple moving average is $95.59 and its two-hundred day simple moving average is $89.97.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.20. The firm had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same quarter in the previous year, the company posted $0.80 earnings per share. Equities analysts expect that Palomar Holdings, Inc. will post 4.32 earnings per share for the current year.

Insider Activity at Palomar

In other Palomar news, President Jon Christianson sold 10,000 shares of the firm's stock in a transaction on Friday, September 6th. The stock was sold at an average price of $94.40, for a total value of $944,000.00. Following the sale, the president now directly owns 51,926 shares in the company, valued at approximately $4,901,814.40. This trade represents a 16.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO T Christopher Uchida sold 1,030 shares of the company's stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $97.65, for a total transaction of $100,579.50. Following the transaction, the chief financial officer now owns 17,543 shares of the company's stock, valued at $1,713,073.95. This represents a 5.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,076 shares of company stock valued at $3,806,029 in the last quarter. Insiders own 4.30% of the company's stock.

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.