Wells Fargo & Company Cuts Kinsale Capital Group (NYSE:KNSL) Price Target to $420.00

Kinsale Capital Group (NYSE:KNSL) had its price target decreased by Wells Fargo & Company from $447.00 to $420.00 in a research report sent to investors on Thursday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the financial services provider’s stock.

KNSL has been the subject of several other reports. Morgan Stanley restated an “equal weight” rating and issued a $350.00 target price (down from $450.00) on shares of Kinsale Capital Group in a research note on Monday, April 6th. JPMorgan Chase & Co. lowered their price objective on shares of Kinsale Capital Group from $450.00 to $410.00 and set a “neutral” rating for the company in a research note on Monday, February 23rd. Wall Street Zen upgraded shares of Kinsale Capital Group from a “sell” rating to a “hold” rating in a research note on Saturday, April 4th. Cantor Fitzgerald lowered their price objective on shares of Kinsale Capital Group from $360.00 to $280.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Truist Financial lowered 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. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $405.45.

Kinsale Capital Group Price Performance

Shares of KNSL opened at $348.68 on Thursday. The company has a market cap of $8.07 billion, a price-to-earnings ratio of 16.09, a price-to-earnings-growth ratio of 1.14 and a beta of 1.08. Kinsale Capital Group has a twelve month low of $321.97 and a twelve month high of $512.76. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.11. The company has a 50 day moving average of $366.60 and a two-hundred day moving average of $391.95.

Kinsale Capital Group (NYSE:KNSL) last announced its earnings results on Thursday, February 12th. The financial services provider reported $5.81 earnings per share for the quarter, beating the consensus estimate of $5.30 by $0.51. The company had revenue of $483.27 million during the quarter, compared to the consensus estimate 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 period last year, the firm earned $4.62 earnings per share. As a group, analysts predict that Kinsale Capital Group will post 17.72 earnings per share for the current fiscal year.

Kinsale Capital Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 12th. Stockholders of record on Thursday, February 26th were paid a dividend of $0.25 per share. The ex-dividend date was Thursday, February 26th. This is an increase from Kinsale Capital Group’s previous quarterly dividend of $0.17. This represents a $1.00 annualized dividend and a dividend yield of 0.3%. Kinsale Capital Group’s payout ratio is presently 4.61%.

Institutional Investors Weigh In On Kinsale Capital Group

Several institutional investors and hedge funds have recently made changes to their positions in KNSL. Life Cycle Investment Partners Ltd acquired a new stake in shares of Kinsale Capital Group during the fourth quarter worth $229,653,000. Capital World Investors raised its holdings in shares of Kinsale Capital Group by 117.4% during the fourth quarter. Capital World Investors now owns 987,844 shares of the financial services provider’s stock worth $386,366,000 after purchasing an additional 533,499 shares during the last quarter. Norges Bank purchased a new position in shares of Kinsale Capital Group during the fourth quarter worth $107,916,000. First Manhattan CO. LLC. raised its holdings in shares of Kinsale Capital Group by 19.6% during the fourth quarter. First Manhattan CO. LLC. now owns 614,647 shares of the financial services provider’s stock worth $240,401,000 after purchasing an additional 100,600 shares during the last quarter. Finally, M&T Bank Corp raised its holdings in shares of Kinsale Capital Group by 2,621.6% during the fourth quarter. M&T Bank Corp now owns 91,118 shares of the financial services provider’s stock worth $35,638,000 after purchasing an additional 87,770 shares during the last quarter. 85.36% of the stock is currently owned by institutional investors and hedge funds.

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.