Kinsale Capital Group (NYSE:KNSL) Sets New 1-Year Low – Here’s What Happened

Kinsale Capital Group, Inc. (NYSE:KNSL) shares reached a new 52-week low on Wednesday . The stock traded as low as $321.97 and last traded at $324.7930, with a volume of 74916 shares. The stock had previously closed at $326.50.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on KNSL. Weiss Ratings restated a “hold (c)” rating on shares of Kinsale Capital Group in a research note on Monday, December 29th. Morgan Stanley reissued an “overweight” rating on shares of Kinsale Capital Group in a report on Tuesday, December 16th. Cantor Fitzgerald cut their price objective on Kinsale Capital Group from $422.00 to $360.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 17th. Truist Financial reduced their target price on Kinsale Capital Group from $510.00 to $450.00 and set a “buy” rating on the stock in a report on Tuesday, February 17th. Finally, Wells Fargo & Company began coverage on Kinsale Capital Group in a research report on Thursday, January 15th. They issued an “overweight” rating and a $490.00 target price for the company. Four research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Kinsale Capital Group has a consensus rating of “Hold” and an average target price of $430.91.

Kinsale Capital Group Price Performance

The company has a market capitalization of $7.75 billion, a P/E ratio of 15.45, a PEG ratio of 1.07 and a beta of 1.01. 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 business has a 50 day simple moving average of $378.44 and a 200-day simple moving average of $398.82.

Kinsale Capital Group (NYSE:KNSL) last released 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 business 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 prior year, the firm earned $4.62 earnings per share. Analysts predict that Kinsale Capital Group, Inc. will post 17.72 EPS for the current fiscal year.

Kinsale Capital Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 12th. Shareholders of record on Thursday, February 26th were given a $0.25 dividend. This is a positive change from Kinsale Capital Group’s previous quarterly dividend of $0.17. The ex-dividend date was Thursday, February 26th. This represents a $1.00 annualized dividend and a yield of 0.3%. Kinsale Capital Group’s payout ratio is currently 4.61%.

Kinsale Capital Group announced that its Board of Directors has approved a stock repurchase plan on Thursday, December 11th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 2.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Kinsale Capital Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cresset Asset Management LLC raised its stake in shares of Kinsale Capital Group by 145.3% during the second quarter. Cresset Asset Management LLC now owns 5,667 shares of the financial services provider’s stock valued at $2,743,000 after purchasing an additional 3,357 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Kinsale Capital Group by 6.0% in the third quarter. JPMorgan Chase & Co. now owns 450,044 shares of the financial services provider’s stock worth $191,386,000 after purchasing an additional 25,428 shares during the period. Oppenheimer Asset Management Inc. grew its position in Kinsale Capital Group by 17.2% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 22,501 shares of the financial services provider’s stock valued at $9,569,000 after buying an additional 3,305 shares in the last quarter. Ascent Group LLC grew its position in Kinsale Capital Group by 26.4% in the 3rd quarter. Ascent Group LLC now owns 16,148 shares of the financial services provider’s stock valued at $6,867,000 after buying an additional 3,375 shares in the last quarter. Finally, Leibman Financial Services Inc. increased its stake in Kinsale Capital Group by 109.9% during the 4th quarter. Leibman Financial Services Inc. now owns 9,438 shares of the financial services provider’s stock valued at $3,691,000 after buying an additional 4,942 shares during the period. 85.36% of the stock is currently owned by institutional investors and hedge funds.

About Kinsale Capital Group

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.