Kinsale Capital Group (NYSE:KNSL) Issues Quarterly Earnings Results

Kinsale Capital Group (NYSE:KNSL) issued its earnings results on Thursday. The financial services provider reported $5.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.30 by $0.51, FiscalAI reports. The company had revenue of $483.27 million during the quarter, compared to analysts’ expectations of $467.66 million. Kinsale Capital Group had a net margin of 26.30% and a return on equity of 25.66%. During the same period last year, the company posted $4.62 earnings per share.

Kinsale Capital Group Trading Down 10.5%

NYSE KNSL traded down $41.94 during mid-day trading on Friday, hitting $359.06. The company’s stock had a trading volume of 327,684 shares, compared to its average volume of 215,133. The firm has a market capitalization of $8.35 billion, a P/E ratio of 17.71, a price-to-earnings-growth ratio of 1.43 and a beta of 0.99. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.09 and a quick ratio of 0.09. Kinsale Capital Group has a 52-week low of $341.06 and a 52-week high of $512.76. The stock’s fifty day simple moving average is $394.33 and its two-hundred day simple moving average is $416.97.

Kinsale Capital Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Thursday, February 26th will be issued a $0.25 dividend. The ex-dividend date is Thursday, February 26th. This is an increase from Kinsale Capital Group’s previous quarterly dividend of $0.17. This represents a $1.00 dividend on an annualized basis and a yield of 0.3%. Kinsale Capital Group’s payout ratio is 3.34%.

Kinsale Capital Group announced that its board has initiated a share buyback program on Thursday, December 11th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the financial services provider to buy up to 2.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Kinsale Capital Group

A number of hedge funds have recently made changes to their positions in KNSL. Johnson Financial Group Inc. boosted its position in Kinsale Capital Group by 257.1% during the 3rd quarter. Johnson Financial Group Inc. now owns 75 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 54 shares during the period. Larson Financial Group LLC lifted its stake in shares of Kinsale Capital Group by 225.0% during the third quarter. Larson Financial Group LLC now owns 78 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 54 shares in the last quarter. Darwin Wealth Management LLC purchased a new stake in shares of Kinsale Capital Group in the second quarter worth about $38,000. Los Angeles Capital Management LLC acquired a new stake in shares of Kinsale Capital Group in the fourth quarter valued at about $43,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Kinsale Capital Group by 72.9% in the second quarter. EverSource Wealth Advisors LLC now owns 102 shares of the financial services provider’s stock valued at $49,000 after buying an additional 43 shares in the last quarter. Hedge funds and other institutional investors own 85.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on KNSL shares. Morgan Stanley reaffirmed an “overweight” rating on shares of Kinsale Capital Group in a research note on Tuesday, December 16th. Wall Street Zen raised Kinsale Capital Group from a “sell” rating to a “hold” rating in a research note on Sunday, December 14th. JPMorgan Chase & Co. decreased their price objective on Kinsale Capital Group from $460.00 to $450.00 and set a “neutral” rating on the stock in a report on Monday, October 27th. Cantor Fitzgerald dropped their target price on Kinsale Capital Group from $470.00 to $422.00 and set a “neutral” rating for the company in a research note on Wednesday, January 14th. Finally, Royal Bank Of Canada initiated coverage on Kinsale Capital Group in a research report on Tuesday, November 25th. They set a “sector perform” rating and a $415.00 target price on the stock. Four investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $476.60.

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.