Bank of Nova Scotia Buys Shares of 4,476 Kinsale Capital Group, Inc. $KNSL

Bank of Nova Scotia purchased a new stake in shares of Kinsale Capital Group, Inc. (NYSE:KNSL) in the second quarter, according to its most recent filing with the SEC. The firm purchased 4,476 shares of the financial services provider’s stock, valued at approximately $1,476,000.

Several other institutional investors have also modified their holdings of KNSL. BlackRock Inc. acquired a new stake in shares of Kinsale Capital Group in the 2nd quarter worth approximately $671,457,000. Life Cycle Investment Partners Ltd acquired a new position in Kinsale Capital Group during the fourth quarter worth $229,653,000. Capital World Investors raised its holdings in 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 stake in Kinsale Capital Group during the fourth quarter worth $107,916,000. Finally, Bank of New York Mellon Corp purchased a new stake in Kinsale Capital Group during the second quarter worth $45,595,000. Hedge funds and other institutional investors own 85.36% of the company’s stock.

Kinsale Capital Group Price Performance

KNSL stock opened at $387.61 on Thursday. The stock’s 50 day moving average price is $351.48 and its 200 day moving average price is $344.96. The firm has a market cap of $8.83 billion, a P/E ratio of 15.71, a PEG ratio of 1.23 and a beta of 0.89. 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, Inc. has a 1 year low of $287.20 and a 1 year high of $485.00.

Kinsale Capital Group (NYSE:KNSL) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $5.54 earnings per share for the quarter, topping the consensus estimate of $5.11 by $0.43. Kinsale Capital Group had a return on equity of 25.54% and a net margin of 28.49%.The company had revenue of $548.52 million during the quarter, compared to the consensus estimate of $445.13 million. During the same quarter last year, the business posted $4.78 earnings per share. Kinsale Capital Group’s revenue was up 16.8% compared to the same quarter last year. On average, sell-side analysts expect that Kinsale Capital Group, Inc. will post 21.1 earnings per share for the current fiscal year.

Kinsale Capital Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Friday, August 28th. Kinsale Capital Group’s dividend payout ratio (DPR) is currently 4.05%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Wall Street Zen upgraded Kinsale Capital Group from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Weiss Ratings upgraded shares of Kinsale Capital Group from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, August 19th. Morgan Stanley boosted their price objective on shares of Kinsale Capital Group from $345.00 to $390.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 19th. Wells Fargo & Company increased their price objective on shares of Kinsale Capital Group from $366.00 to $377.00 and gave the company an “equal weight” rating in a research note on Monday, July 27th. Finally, JPMorgan Chase & Co. raised their target price on shares of Kinsale Capital Group from $380.00 to $390.00 and gave the company a “neutral” rating in a report on Monday, July 20th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $368.78.

Insider Buying and Selling

In other news, CAO Christopher R. Tangard bought 330 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was purchased at an average price of $304.00 per share, with a total value of $100,320.00. Following the purchase, the chief accounting officer owned 380 shares of the company’s stock, valued at $115,520. This trade represents a 660.00% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 5.60% of the company’s stock.

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.