Kinsale Capital Group (NYSE:KNSL) to Buyback $250.00 million in Outstanding Stock

Kinsale Capital Group (NYSE:KNSL) declared that its Board of Directors has initiated a share buyback program on Thursday, December 11th, RTT News reports. The company plans to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 2.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Kinsale Capital Group Stock Up 2.6%

KNSL traded up $9.65 during mid-day trading on Thursday, reaching $387.55. 261,912 shares of the stock were exchanged, compared to its average volume of 232,877. The stock has a market capitalization of $9.01 billion, a PE ratio of 19.03, a price-to-earnings-growth ratio of 1.35 and a beta of 0.96. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.09 and a current ratio of 0.09. The company has a 50 day moving average price of $410.03 and a two-hundred day moving average price of $441.32. Kinsale Capital Group has a 1 year low of $349.00 and a 1 year high of $521.13.

Kinsale Capital Group (NYSE:KNSL) last released its earnings results on Thursday, October 23rd. The financial services provider reported $5.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.79 by $0.42. Kinsale Capital Group had a return on equity of 25.66% and a net margin of 26.30%.The business had revenue of $497.51 million during the quarter, compared to the consensus estimate of $446.00 million. During the same period last year, the business posted $4.20 earnings per share. The business’s revenue for the quarter was up 19.0% on a year-over-year basis. As a group, research analysts anticipate that Kinsale Capital Group will post 17.72 EPS for the current year.

Kinsale Capital Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 11th. Investors of record on Friday, November 28th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Friday, November 28th. Kinsale Capital Group’s dividend payout ratio is currently 3.34%.

Analyst Ratings Changes

Several brokerages recently commented on KNSL. Weiss Ratings reissued a “hold (c)” rating on shares of Kinsale Capital Group in a report on Monday. JPMorgan Chase & Co. lowered their target price on shares of Kinsale Capital Group from $460.00 to $450.00 and set a “neutral” rating on the stock in a research report on Monday, October 27th. Cantor Fitzgerald raised shares of Kinsale Capital Group to a “hold” rating in a report on Wednesday, August 13th. Morgan Stanley reduced their target price on shares of Kinsale Capital Group from $490.00 to $480.00 and set an “overweight” rating on the stock in a research note on Monday, November 17th. Finally, Royal Bank Of Canada started coverage on Kinsale Capital Group in a research note on Tuesday, November 25th. They set a “sector perform” rating and a $415.00 price target on the stock. Three investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $483.78.

Kinsale Capital Group Company Profile

Kinsale Capital Group, Inc, a specialty insurance company, engages in the provision of property and casualty insurance products in the United States. The company’s commercial lines offerings include commercial property, small business casualty and property, excess and general casualty, construction, allied health, life sciences, entertainment, energy, environmental, excess professional, health care, public entity, commercial auto, inland marine, aviation, ocean marine, product recall, and railroad, as well as product, professional, and management liability insurance.