Norges Bank acquired a new position in shares of Kinsale Capital Group, Inc. (NYSE:KNSL – Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 275,916 shares of the financial services provider’s stock, valued at approximately $107,916,000. Norges Bank owned 1.19% of Kinsale Capital Group at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Bamco Inc. NY grew its stake in Kinsale Capital Group by 1.4% in the 3rd quarter. Bamco Inc. NY now owns 1,788,590 shares of the financial services provider’s stock valued at $760,616,000 after acquiring an additional 24,796 shares during the period. Life Cycle Investment Partners Ltd acquired a new stake in Kinsale Capital Group in the 4th quarter valued at $229,653,000. DAVENPORT & Co LLC grew its stake in Kinsale Capital Group by 1.9% in the 4th quarter. DAVENPORT & Co LLC now owns 530,043 shares of the financial services provider’s stock valued at $208,443,000 after acquiring an additional 10,137 shares during the period. JPMorgan Chase & Co. grew its stake in Kinsale Capital Group by 6.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 450,044 shares of the financial services provider’s stock valued at $191,386,000 after acquiring an additional 25,428 shares during the period. Finally, Invesco Ltd. grew its stake in Kinsale Capital Group by 2.6% in the 3rd quarter. Invesco Ltd. now owns 274,724 shares of the financial services provider’s stock valued at $116,829,000 after acquiring an additional 6,934 shares during the period. Institutional investors and hedge funds own 85.36% of the company’s stock.
Insider Buying and Selling at Kinsale Capital Group
In other news, CEO Michael P. Kehoe sold 22,576 shares of Kinsale Capital Group stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $302.66, for a total transaction of $6,832,852.16. Following the transaction, the chief executive officer owned 308,048 shares in the company, valued at $93,233,807.68. The trade was a 6.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Salmaan K. Allibhai sold 250 shares of Kinsale Capital Group stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $311.17, for a total value of $77,792.50. Following the transaction, the insider owned 3,645 shares in the company, valued at approximately $1,134,214.65. This represents a 6.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 5.60% of the company’s stock.
Kinsale Capital Group Trading Up 1.7%
Kinsale Capital Group (NYSE:KNSL – Get Free Report) last announced its earnings results on Thursday, April 23rd. The financial services provider reported $5.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.41. Kinsale Capital Group had a net margin of 27.48% and a return on equity of 25.82%. The company had revenue of $466.71 million for the quarter, compared to analysts’ expectations of $410.25 million. During the same quarter in the previous year, the company posted $3.71 EPS. The firm’s quarterly revenue was down .5% on a year-over-year basis. Research analysts forecast that Kinsale Capital Group, Inc. will post 20.54 earnings per share for the current fiscal year.
Kinsale Capital Group Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 11th. Shareholders of record on Thursday, May 28th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Thursday, May 28th. Kinsale Capital Group’s payout ratio is 4.40%.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on KNSL. Truist Financial dropped their price target on shares of Kinsale Capital Group from $450.00 to $405.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. JPMorgan Chase & Co. dropped their price target on shares of Kinsale Capital Group from $450.00 to $410.00 and set a “neutral” rating on the stock in a research note on Monday, February 23rd. Cantor Fitzgerald dropped their price target on shares of Kinsale Capital Group from $360.00 to $280.00 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. Morgan Stanley dropped their price target on shares of Kinsale Capital Group from $350.00 to $330.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 21st. Finally, Jefferies Financial Group cut shares of Kinsale Capital Group from a “hold” rating to an “underperform” rating and dropped their price target for the company from $392.00 to $312.00 in a research note on Thursday, March 19th. Two equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $390.18.
View Our Latest Report on Kinsale Capital Group
About Kinsale Capital Group
Kinsale Capital Group, Inc (NYSE:KNSL) is a specialty property and casualty insurance company headquartered in Richmond, Virginia. Established in 2009, the company focuses on underwriting complex and underserved risks across the United States. Kinsale operates through a network of wholesale brokers and independent agencies, offering tailored coverage solutions for a range of niche industries.
The company’s product portfolio includes general liability, business auto, professional liability, environmental liability, inland marine, cyber liability, and other specialty lines.
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