Kinsale Capital Group (NYSE:KNSL) Downgraded by BMO Capital Markets to “Underperform”

BMO Capital Markets cut shares of Kinsale Capital Group (NYSE:KNSL) from a market perform rating to an underperform rating in a report published on Wednesday, Marketbeat.com reports. The brokerage currently has $348.00 price target on the financial services provider’s stock.

Several other research analysts also recently weighed in on KNSL. TD Cowen reduced their price target on shares of Kinsale Capital Group from $448.00 to $442.00 and set a “hold” rating for the company in a research report on Tuesday, November 4th. Wall Street Zen raised Kinsale Capital Group from a “sell” rating to a “hold” rating in a report on Sunday, December 14th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $433.00 price target on shares of Kinsale Capital Group in a research note on Friday, February 13th. Morgan Stanley reaffirmed an “overweight” rating on shares of Kinsale Capital Group in a research note on Tuesday, December 16th. Finally, Truist Financial dropped their price objective on shares of Kinsale Capital Group from $510.00 to $450.00 and set a “buy” rating for the company in a research note on Tuesday, February 17th. Four equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $441.91.

Kinsale Capital Group Stock Down 1.9%

Kinsale Capital Group stock opened at $373.45 on Wednesday. Kinsale Capital Group has a 12 month low of $341.06 and a 12 month high of $512.76. The stock has a market capitalization of $8.69 billion, a PE ratio of 17.23, a price-to-earnings-growth ratio of 1.57 and a beta of 0.99. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.08 and a quick ratio of 0.09. The business has a 50 day simple moving average of $393.92 and a 200-day simple moving average of $412.27.

Kinsale Capital Group (NYSE:KNSL) last issued its quarterly earnings results on Thursday, February 12th. The financial services provider reported $5.81 EPS for the quarter, topping the consensus estimate of $5.30 by $0.51. The company had revenue of $483.27 million during the quarter, compared to analyst estimates of $467.66 million. Kinsale Capital Group had a net margin of 26.87% and a return on equity of 25.45%. During the same quarter in the previous year, the firm earned $4.62 EPS. On average, analysts anticipate that Kinsale Capital Group will post 17.72 EPS for the current fiscal year.

Kinsale Capital Group announced that its board has approved a stock buyback plan on Thursday, December 11th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 2.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Kinsale Capital Group Increases Dividend

The company also recently declared 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. This represents a $1.00 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Thursday, February 26th. This is a boost from Kinsale Capital Group’s previous quarterly dividend of $0.17. Kinsale Capital Group’s dividend payout ratio is presently 3.14%.

Hedge Funds Weigh In On Kinsale Capital Group

A number of hedge funds have recently modified their holdings of the business. Virtu Financial LLC raised its holdings in Kinsale Capital Group by 175.2% in the 4th quarter. Virtu Financial LLC now owns 3,118 shares of the financial services provider’s stock valued at $1,219,000 after buying an additional 1,985 shares during the period. Vancity Investment Management Ltd lifted its stake in Kinsale Capital Group by 11.9% during the fourth quarter. Vancity Investment Management Ltd now owns 2,423 shares of the financial services provider’s stock worth $947,000 after purchasing an additional 258 shares in the last quarter. Invesco Ltd. boosted its position in shares of Kinsale Capital Group by 0.5% during the fourth quarter. Invesco Ltd. now owns 276,090 shares of the financial services provider’s stock worth $107,984,000 after buying an additional 1,366 shares during the period. Mercer Global Advisors Inc. ADV boosted its holdings in Kinsale Capital Group by 8.8% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 2,491 shares of the financial services provider’s stock valued at $974,000 after acquiring an additional 201 shares during the period. Finally, Cim LLC increased its stake in Kinsale Capital Group by 4.5% during the fourth quarter. Cim LLC now owns 3,146 shares of the financial services provider’s stock worth $1,230,000 after purchasing an additional 136 shares during the period. 85.36% of the stock is currently owned by hedge funds and other institutional investors.

Kinsale Capital Group Company 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.