Kingstone Companies, Inc (KINS) Hits New 52-Week High on Earnings Beat
Shares of Kingstone Companies, Inc (NASDAQ:KINS) hit a new 52-week high during trading on Friday following a better than expected earnings announcement. The stock traded as high as $17.10 and last traded at $17.15, with a volume of 44604 shares. The stock had previously closed at $15.35.
The insurance provider reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.06. Kingstone Companies had a return on equity of 12.89% and a net margin of 11.59%. The company had revenue of $21.50 million for the quarter, compared to the consensus estimate of $22.15 million. During the same period last year, the business posted $0.41 EPS. The company’s revenue was up 37.4% on a year-over-year basis.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.85%. Kingstone Companies’s dividend payout ratio (DPR) is presently 31.37%.
A number of analysts recently weighed in on the company. Boenning Scattergood restated a “buy” rating on shares of Kingstone Companies in a research note on Friday, August 11th. Zacks Investment Research upgraded Kingstone Companies from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a research note on Tuesday, August 15th.
Institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company purchased a new stake in shares of Kingstone Companies in the second quarter valued at approximately $139,000. JPMorgan Chase & Co. boosted its stake in shares of Kingstone Companies by 300.3% in the second quarter. JPMorgan Chase & Co. now owns 9,098 shares of the insurance provider’s stock valued at $139,000 after buying an additional 6,825 shares in the last quarter. New York State Common Retirement Fund purchased a new stake in shares of Kingstone Companies in the second quarter valued at approximately $148,000. Eagle Global Advisors LLC boosted its stake in shares of Kingstone Companies by 23.2% in the second quarter. Eagle Global Advisors LLC now owns 13,108 shares of the insurance provider’s stock valued at $201,000 after buying an additional 2,468 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. purchased a new stake in shares of Kingstone Companies in the second quarter valued at approximately $225,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.
The stock has a market capitalization of $163.12, a P/E ratio of 15.20 and a beta of 0.70.
Kingstone Companies Company Profile
Kingstone Companies, Inc offers property and casualty insurance products to small businesses and individuals in New York State. The Company offers these products through its subsidiary, Kingstone Insurance Company (KICO). KICO is a licensed property and casualty insurance company. The Company operates through property and casualty insurances segment, which offers a range of property and casualty policies to its producers.
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