New York State Common Retirement Fund Sells 1,400 Shares of Kinsale Capital Group, Inc. $KNSL

New York State Common Retirement Fund reduced its position in shares of Kinsale Capital Group, Inc. (NYSE:KNSL) by 7.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 16,359 shares of the financial services provider’s stock after selling 1,400 shares during the quarter. New York State Common Retirement Fund owned 0.07% of Kinsale Capital Group worth $6,957,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cresset Asset Management LLC increased its holdings in Kinsale Capital Group by 145.3% in the 2nd quarter. Cresset Asset Management LLC now owns 5,667 shares of the financial services provider’s stock worth $2,743,000 after acquiring an additional 3,357 shares in the last quarter. Ascent Group LLC boosted its position in shares of Kinsale Capital Group by 26.4% in the third quarter. Ascent Group LLC now owns 16,148 shares of the financial services provider’s stock worth $6,867,000 after purchasing an additional 3,375 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Kinsale Capital Group by 2.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 164,618 shares of the financial services provider’s stock worth $79,659,000 after purchasing an additional 3,448 shares in the last quarter. Riverbridge Partners LLC increased its stake in shares of Kinsale Capital Group by 11.1% in the third quarter. Riverbridge Partners LLC now owns 290,524 shares of the financial services provider’s stock worth $123,548,000 after purchasing an additional 29,053 shares in the last quarter. Finally, Munro Partners raised its position in shares of Kinsale Capital Group by 90.8% during the 3rd quarter. Munro Partners now owns 9,275 shares of the financial services provider’s stock valued at $3,944,000 after purchasing an additional 4,415 shares during the period. Hedge funds and other institutional investors own 85.36% of the company’s stock.

Kinsale Capital Group Trading Up 0.2%

KNSL stock opened at $409.75 on Friday. The firm has a fifty day moving average price of $391.59 and a 200 day moving average price of $419.63. Kinsale Capital Group, Inc. has a fifty-two week low of $349.00 and a fifty-two week high of $512.76. The firm has a market cap of $9.53 billion, a PE ratio of 20.13, a price-to-earnings-growth ratio of 1.44 and a beta of 0.99. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.09 and a current ratio of 0.09.

Kinsale Capital Group announced that its Board of Directors has authorized a stock buyback program on Thursday, December 11th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 2.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Kinsale Capital Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 12th. Stockholders of record on Thursday, February 26th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, February 26th. This represents a $1.00 annualized dividend and a dividend yield of 0.2%. This is a positive change from Kinsale Capital Group’s previous quarterly dividend of $0.17. Kinsale Capital Group’s dividend payout ratio is currently 3.34%.

Analysts Set New Price Targets

KNSL has been the subject of several recent analyst reports. Morgan Stanley reaffirmed an “overweight” rating on shares of Kinsale Capital Group in a report on Tuesday, December 16th. Cantor Fitzgerald dropped their price objective on Kinsale Capital Group from $470.00 to $422.00 and set a “neutral” rating for the company in a research note on Wednesday, January 14th. Wall Street Zen raised Kinsale Capital Group from a “sell” rating to a “hold” rating in a research note on Sunday, December 14th. TD Cowen lowered their price target on Kinsale Capital Group from $448.00 to $442.00 and set a “hold” rating on the stock in a report on Tuesday, November 4th. Finally, JPMorgan Chase & Co. dropped their price target on Kinsale Capital Group from $460.00 to $450.00 and set a “neutral” rating for the company in a research note on Monday, October 27th. Four equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, Kinsale Capital Group has an average rating of “Hold” and a consensus price target of $476.60.

Kinsale Capital Group Profile

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.