Kinsale Capital Group, Inc. (NYSE:KNSL) Sees Significant Growth in Short Interest

Kinsale Capital Group, Inc. (NYSE:KNSL) was the recipient of a significant growth in short interest in February. As of February 27th, there was short interest totaling 2,396,049 shares, a growth of 38.7% from the February 12th total of 1,727,259 shares. Currently, 11.0% of the shares of the stock are short sold. Based on an average trading volume of 308,327 shares, the days-to-cover ratio is presently 7.8 days. Based on an average trading volume of 308,327 shares, the days-to-cover ratio is presently 7.8 days. Currently, 11.0% of the shares of the stock are short sold.

Kinsale Capital Group Trading Up 0.2%

Shares of NYSE KNSL traded up $0.90 during mid-day trading on Friday, hitting $362.76. The stock had a trading volume of 127,067 shares, compared to its average volume of 271,734. The business has a 50 day moving average price of $389.19 and a two-hundred day moving average price of $406.23. Kinsale Capital Group has a 1 year low of $341.06 and a 1 year high of $512.76. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.08 and a current ratio of 0.08. The firm has a market cap of $8.40 billion, a P/E ratio of 16.74, a price-to-earnings-growth ratio of 1.50 and a beta of 1.01.

Kinsale Capital Group (NYSE:KNSL) last announced its quarterly earnings results on Thursday, February 12th. The financial services provider reported $5.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.30 by $0.51. Kinsale Capital Group had a net margin of 26.87% and a return on equity of 25.45%. The business had revenue of $483.27 million for the quarter, compared to analyst estimates of $467.66 million. During the same quarter last year, the firm earned $4.62 EPS. On average, equities analysts anticipate that Kinsale Capital Group will post 17.72 EPS for the current fiscal year.

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

Kinsale Capital Group Increases Dividend

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on KNSL shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinsale Capital Group in a research note on Monday, December 29th. Truist Financial decreased their target price on shares of Kinsale Capital Group from $510.00 to $450.00 and set a “buy” rating on the stock in a research report on Tuesday, February 17th. Jefferies Financial Group reissued a “hold” rating and issued a $433.00 price target on shares of Kinsale Capital Group in a research note on Friday, February 13th. Morgan Stanley restated an “overweight” rating on shares of Kinsale Capital Group in a research report on Tuesday, December 16th. Finally, Wells Fargo & Company initiated coverage on Kinsale Capital Group in a report on Thursday, January 15th. They issued an “overweight” rating and a $490.00 price objective on the stock. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Kinsale Capital Group currently has a consensus rating of “Hold” and a consensus price target of $441.91.

Institutional Investors Weigh In On Kinsale Capital Group

Several institutional investors and hedge funds have recently bought and sold shares of KNSL. Epoch Investment Partners Inc. increased its stake in shares of Kinsale Capital Group by 1.1% during the second quarter. Epoch Investment Partners Inc. now owns 2,174 shares of the financial services provider’s stock valued at $1,052,000 after buying an additional 23 shares during the period. Vident Advisory LLC boosted its holdings in Kinsale Capital Group by 2.9% in the second quarter. Vident Advisory LLC now owns 825 shares of the financial services provider’s stock valued at $399,000 after acquiring an additional 23 shares in the last quarter. Portside Wealth Group LLC increased its position in Kinsale Capital Group by 1.4% during the 2nd quarter. Portside Wealth Group LLC now owns 1,860 shares of the financial services provider’s stock valued at $900,000 after purchasing an additional 25 shares during the period. Kingswood Wealth Advisors LLC increased its position in Kinsale Capital Group by 3.3% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 867 shares of the financial services provider’s stock valued at $339,000 after purchasing an additional 28 shares during the period. Finally, Smartleaf Asset Management LLC raised its holdings in Kinsale Capital Group by 20.9% in the 2nd quarter. Smartleaf Asset Management LLC now owns 162 shares of the financial services provider’s stock worth $77,000 after purchasing an additional 28 shares in the last quarter. Hedge funds and other institutional investors own 85.36% of the company’s stock.

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.