Royal Bank of Canada Reaffirms Sector Perform Rating for Kinsale Capital Group (NYSE:KNSL)

Royal Bank of Canada reissued their sector perform rating on shares of Kinsale Capital Group (NYSE:KNSL) in a research report released on Monday morning, MarketBeat reports. The firm currently has a $425.00 target price on the financial services provider’s stock, down from their previous target price of $555.00.

Several other brokerages have also weighed in on KNSL. BMO Capital Markets lowered shares of Kinsale Capital Group from an outperform rating to a market perform rating and upped their price objective for the company from $434.00 to $544.00 in a report on Wednesday, February 28th. JPMorgan Chase & Co. boosted their target price on shares of Kinsale Capital Group from $375.00 to $420.00 and gave the stock a neutral rating in a research report on Monday, February 26th. Finally, Truist Financial boosted their target price on shares of Kinsale Capital Group from $450.00 to $600.00 and gave the stock a buy rating in a research report on Tuesday, February 20th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $438.43.

Kinsale Capital Group Price Performance

Shares of NYSE KNSL opened at $378.61 on Monday. The firm’s 50-day moving average price is $483.69 and its 200-day moving average price is $414.21. Kinsale Capital Group has a 1-year low of $297.33 and a 1-year high of $548.47. The firm has a market capitalization of $8.78 billion, a P/E ratio of 25.16 and a beta of 0.89. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.16.

Kinsale Capital Group (NYSE:KNSL) last announced its quarterly earnings data on Thursday, April 25th. The financial services provider reported $3.50 earnings per share for the quarter, beating the consensus estimate of $3.33 by $0.17. Kinsale Capital Group had a net margin of 26.33% and a return on equity of 31.21%. The firm had revenue of $372.79 million for the quarter, compared to analyst estimates of $366.45 million. During the same quarter in the prior year, the business earned $2.44 earnings per share. The business’s quarterly revenue was up 41.7% compared to the same quarter last year. Equities research analysts anticipate that Kinsale Capital Group will post 15.27 earnings per share for the current fiscal year.

Kinsale Capital Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Shareholders of record on Tuesday, February 27th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.16%. This is an increase from Kinsale Capital Group’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Monday, February 26th. Kinsale Capital Group’s dividend payout ratio is presently 3.99%.

Insiders Place Their Bets

In other Kinsale Capital Group news, Director Frederick L. Jr. Russell sold 2,000 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $524.09, for a total value of $1,048,180.00. Following the completion of the sale, the director now directly owns 887 shares of the company’s stock, valued at approximately $464,867.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Kinsale Capital Group news, COO Brian D. Haney sold 3,778 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $367.74, for a total value of $1,389,321.72. Following the transaction, the chief operating officer now directly owns 95,850 shares in the company, valued at $35,247,879. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Frederick L. Jr. Russell sold 2,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $524.09, for a total transaction of $1,048,180.00. Following the completion of the transaction, the director now owns 887 shares in the company, valued at $464,867.83. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,778 shares of company stock valued at $4,532,422. Corporate insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Kinsale Capital Group by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 2,090,492 shares of the financial services provider’s stock valued at $700,127,000 after acquiring an additional 30,729 shares during the last quarter. Invesco Ltd. boosted its stake in Kinsale Capital Group by 15.4% in the third quarter. Invesco Ltd. now owns 694,070 shares of the financial services provider’s stock valued at $287,435,000 after acquiring an additional 92,496 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in Kinsale Capital Group in the first quarter valued at about $196,358,000. DAVENPORT & Co LLC boosted its stake in Kinsale Capital Group by 154.5% in the fourth quarter. DAVENPORT & Co LLC now owns 326,378 shares of the financial services provider’s stock valued at $109,362,000 after acquiring an additional 198,129 shares during the last quarter. Finally, Riverbridge Partners LLC lifted its stake in shares of Kinsale Capital Group by 25.4% during the 1st quarter. Riverbridge Partners LLC now owns 311,664 shares of the financial services provider’s stock valued at $163,543,000 after buying an additional 63,141 shares in the last quarter. 85.36% of the stock is currently owned by hedge funds and other institutional investors.

About Kinsale Capital Group

Kinsale Capital Group, Inc, a specialty insurance company, engages in the provision of property and casualty insurance products in the United States. The company's commercial lines offerings include commercial property, small business casualty and property, excess and general casualty, construction, allied health, life sciences, entertainment, energy, environmental, excess professional, health care, public entity, commercial auto, inland marine, aviation, ocean marine, product recall, and railroad, as well as product, professional, and management liability insurance.