Palomar Holdings, Inc. $PLMR Shares Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. raised its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 11.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 456,172 shares of the company’s stock after purchasing an additional 45,665 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 1.70% of Palomar worth $53,258,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Conestoga Capital Advisors LLC boosted its stake in Palomar by 63.1% during the third quarter. Conestoga Capital Advisors LLC now owns 17,585 shares of the company’s stock valued at $2,053,000 after buying an additional 6,805 shares in the last quarter. Peregrine Capital Management LLC boosted its position in shares of Palomar by 9.8% during the 3rd quarter. Peregrine Capital Management LLC now owns 75,894 shares of the company’s stock valued at $8,861,000 after purchasing an additional 6,792 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Palomar by 456.4% in the 3rd quarter. SG Americas Securities LLC now owns 11,001 shares of the company’s stock worth $1,284,000 after purchasing an additional 9,024 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Palomar by 29.5% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 38,205 shares of the company’s stock worth $4,460,000 after purchasing an additional 8,710 shares in the last quarter. Finally, Salomon & Ludwin LLC bought a new stake in shares of Palomar in the 3rd quarter worth approximately $25,000. Institutional investors own 90.25% of the company’s stock.

Palomar Trading Up 0.1%

Shares of PLMR stock opened at $130.41 on Friday. The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 20.34 and a beta of 0.42. Palomar Holdings, Inc. has a 1-year low of $101.64 and a 1-year high of $175.85. The stock’s fifty day simple moving average is $128.14 and its 200-day simple moving average is $125.34.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Thursday, November 6th. The company reported $2.01 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.45. The firm had revenue of $244.66 million during the quarter, compared to analyst estimates of $207.98 million. Palomar had a return on equity of 21.93% and a net margin of 22.59%.During the same period last year, the company posted $1.23 EPS. On average, sell-side analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Weiss Ratings upgraded shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday. Evercore ISI reduced their price objective on Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Keefe, Bruyette & Woods boosted their target price on Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 6th. JPMorgan Chase & Co. upped their target price on Palomar from $145.00 to $155.00 and gave the company an “overweight” rating in a report on Wednesday, January 7th. Finally, Wall Street Zen raised Palomar from a “hold” rating to a “buy” rating in a research note on Saturday, January 10th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Palomar presently has a consensus rating of “Moderate Buy” and a consensus price target of $159.50.

Insider Activity at Palomar

In other Palomar news, President Jon Christianson sold 1,691 shares of the business’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $139.50, for a total value of $235,894.50. Following the transaction, the president owned 59,631 shares in the company, valued at $8,318,524.50. The trade was a 2.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jonathan Knutzen sold 281 shares of the company’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $128.84, for a total value of $36,204.04. Following the completion of the transaction, the insider directly owned 21,565 shares in the company, valued at approximately $2,778,434.60. The trade was a 1.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,276 shares of company stock worth $1,630,956 in the last 90 days. 3.70% of the stock is owned by corporate insiders.

About Palomar

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.