Kinsale Capital Group (NYSE:KNSL) Trading 5.7% Higher After Strong Earnings

Shares of Kinsale Capital Group, Inc. (NYSE:KNSL) shot up 5.7% during mid-day trading on Friday following a stronger than expected earnings report. The company traded as high as $355.15 and last traded at $351.3010. 97,180 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 282,728 shares. The stock had previously closed at $332.28.

The financial services provider reported $5.54 earnings per share for the quarter, topping analysts’ consensus estimates of $5.11 by $0.43. Kinsale Capital Group had a return on equity of 25.82% and a net margin of 27.48%.The firm had revenue of $548.52 million during the quarter, compared to analyst estimates of $445.13 million. During the same quarter in the prior year, the company posted $4.78 earnings per share. The business’s quarterly revenue was up 16.8% compared to the same quarter last year.

Kinsale Capital Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Thursday, May 28th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.3%. The ex-dividend date was Thursday, May 28th. Kinsale Capital Group’s dividend payout ratio is presently 4.40%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on KNSL shares. Cantor Fitzgerald cut their price objective on shares of Kinsale Capital Group from $360.00 to $280.00 and set a “neutral” rating for the company in a report on Thursday, April 9th. TD Cowen reaffirmed a “hold” rating on shares of Kinsale Capital Group in a research note on Tuesday, June 16th. Weiss Ratings downgraded shares of Kinsale Capital Group from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, June 26th. Morgan Stanley reduced their price target on shares of Kinsale Capital Group from $350.00 to $330.00 and set an “equal weight” rating on the stock in a report on Thursday, May 21st. Finally, Royal Bank Of Canada decreased their price target on shares of Kinsale Capital Group from $385.00 to $375.00 and set a “sector perform” rating on the stock in a research note on Monday, April 27th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $373.80.

Insider Transactions at Kinsale Capital Group

In other news, CAO Christopher R. Tangard acquired 330 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were acquired at an average cost of $304.00 per share, with a total value of $100,320.00. Following the acquisition, the chief accounting officer directly owned 380 shares of the company’s stock, valued at approximately $115,520. The trade was a 660.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael P. Kehoe sold 22,576 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $302.66, for a total value of $6,832,852.16. Following the transaction, the chief executive officer owned 308,048 shares of the company’s stock, valued at $93,233,807.68. This represents a 6.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Kinsale Capital Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bayban bought a new stake in shares of Kinsale Capital Group in the 4th quarter worth about $25,000. V Square Quantitative Management LLC purchased a new stake in shares of Kinsale Capital Group during the 4th quarter valued at about $25,000. eCIO Inc. bought a new position in shares of Kinsale Capital Group in the 4th quarter valued at about $29,000. International Assets Investment Management LLC bought a new position in shares of Kinsale Capital Group in the 4th quarter valued at about $29,000. Finally, Johnson Financial Group Inc. grew its position in Kinsale Capital Group by 257.1% in the third quarter. Johnson Financial Group Inc. now owns 75 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 54 shares in the last quarter. 85.36% of the stock is owned by hedge funds and other institutional investors.

Kinsale Capital Group Trading Up 5.8%

The company has a 50-day moving average of $320.42 and a 200 day moving average of $349.36. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.10 and a quick ratio of 0.10. The company has a market cap of $8.11 billion, a PE ratio of 15.45, a price-to-earnings-growth ratio of 1.05 and a beta of 0.90.

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.