Sumitomo Mitsui Trust Group Inc. reduced its position in Palomar Holdings, Inc. (NASDAQ:PLMR – Free Report) by 7.5% in the third quarter, Holdings Channel.com reports. The firm owned 659,417 shares of the company’s stock after selling 53,710 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Palomar were worth $81,300,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Rockefeller Capital Management L.P. increased its position in shares of Palomar by 81.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock valued at $40,000 after purchasing an additional 132 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Palomar during the 2nd quarter valued at about $43,000. Frazier Financial Advisors LLC bought a new stake in Palomar in the 2nd quarter worth approximately $51,000. Fortitude Family Office LLC lifted its position in Palomar by 5,050.0% in the 3rd quarter. Fortitude Family Office LLC now owns 412 shares of the company’s stock worth $51,000 after buying an additional 404 shares during the last quarter. Finally, Parallel Advisors LLC lifted its position in Palomar by 638.3% in the 1st quarter. Parallel Advisors LLC now owns 443 shares of the company’s stock worth $53,000 after buying an additional 383 shares during the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other news, insider Jonathan Knutzen sold 296 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total transaction of $37,814.00. Following the completion of the sale, the insider owned 28,250 shares of the company’s stock, valued at approximately $3,608,937.50. This represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mac Armstrong sold 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 21st. The stock was sold at an average price of $138.31, for a total transaction of $484,085.00. Following the completion of the transaction, the chief executive officer owned 315,388 shares in the company, valued at $43,621,314.28. This represents a 1.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 12,115 shares of company stock worth $1,619,923. 3.70% of the stock is owned by company insiders.
Analyst Ratings Changes
Several analysts have issued reports on the company. Keefe, Bruyette & Woods upped their target price on Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a research note on Monday, August 10th. Piper Sandler lifted their price target on shares of Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Evercore set a $152.00 price objective on shares of Palomar in a report on Friday, July 10th. JPMorgan Chase & Co. cut their price objective on shares of Palomar from $167.00 to $156.00 and set an “overweight” rating for the company in a research note on Friday, October 9th. Finally, Zacks Research lowered shares of Palomar from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 29th. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $160.00.
View Our Latest Stock Report on Palomar
Palomar Trading Down 1.9%
Shares of PLMR stock opened at $142.21 on Wednesday. The stock has a market capitalization of $3.74 billion, a PE ratio of 18.06 and a beta of 0.28. Palomar Holdings, Inc. has a 1-year low of $100.81 and a 1-year high of $147.62. The business has a 50-day moving average of $133.75 and a 200 day moving average of $126.55. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.50 and a quick ratio of 0.50.
Palomar (NASDAQ:PLMR – Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $2.19 by $0.17. Palomar had a return on equity of 23.28% and a net margin of 18.61%. The business had revenue of $314.42 million for the quarter, compared to analysts’ expectations of $621.52 million. During the same period in the previous year, the firm earned $1.76 EPS. As a group, sell-side analysts anticipate that Palomar Holdings, Inc. will post 9.27 earnings per share for the current year.
Palomar Profile
Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in markets that may be underserved by traditional insurers. The company focuses on risks that are complex, difficult to place or exposed to natural catastrophes, using specialized underwriting and risk-management capabilities.
Its offerings include residential and commercial earthquake insurance, inland marine coverage, specialty property insurance, casualty products, workers’ compensation and other tailored insurance solutions.
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