PNC Financial Services Group Inc. Boosts Stake in Kinsale Capital Group, Inc. (NYSE:KNSL)

Posted by Defense World Staff on Jun 1st, 2023

PNC Financial Services Group Inc. raised its position in Kinsale Capital Group, Inc. (NYSE:KNSL – Get Rating) by 84.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,016 shares of the financial services provider’s stock after purchasing an additional 1,377 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Kinsale Capital Group were worth $789,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Roble Belko & Company Inc acquired a new stake in Kinsale Capital Group during the 4th quarter worth approximately $26,000. Almanack Investment Partners LLC. purchased a new position in shares of Kinsale Capital Group in the 3rd quarter valued at about $33,000. Lazard Asset Management LLC acquired a new position in shares of Kinsale Capital Group during the first quarter worth about $31,000. CI Investments Inc. increased its stake in shares of Kinsale Capital Group by 141.0% during the fourth quarter. CI Investments Inc. now owns 147 shares of the financial services provider’s stock worth $38,000 after buying an additional 86 shares during the period. Finally, National Bank of Canada FI acquired a new position in Kinsale Capital Group during the 4th quarter worth approximately $40,000. 85.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

KNSL has been the subject of several analyst reports. Jefferies Financial Group upped their price objective on Kinsale Capital Group from $313.00 to $315.00 and gave the stock a “hold” rating in a research report on Monday, April 10th. Royal Bank of Canada increased their target price on shares of Kinsale Capital Group from $350.00 to $360.00 and gave the company an “outperform” rating in a research report on Tuesday, February 21st. Truist Financial boosted their price target on shares of Kinsale Capital Group from $335.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, February 21st. BMO Capital Markets raised their price objective on Kinsale Capital Group from $230.00 to $245.00 and gave the stock an “underperform” rating in a report on Wednesday, April 5th. Finally, Compass Point cut Kinsale Capital Group from a “buy” rating to a “neutral” rating and upped their target price for the company from $330.00 to $350.00 in a research report on Tuesday, February 21st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Kinsale Capital Group presently has an average rating of “Hold” and a consensus target price of $334.00.

Kinsale Capital Group Price Performance

KNSL stock opened at $302.87 on Thursday. Kinsale Capital Group, Inc. has a 52-week low of $202.00 and a 52-week high of $345.75. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $7.01 billion, a PE ratio of 38.34 and a beta of 0.86. The stock’s 50 day moving average is $320.12 and its two-hundred day moving average is $301.53.

Kinsale Capital Group (NYSE:KNSL – Get Rating) last issued its quarterly earnings results on Friday, April 28th. The financial services provider reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.24 by $0.20. The company had revenue of $299.03 million for the quarter, compared to analyst estimates of $252.84 million. Kinsale Capital Group had a return on equity of 28.34% and a net margin of 20.44%. The company’s quarterly revenue was up 38.1% compared to the same quarter last year. During the same period last year, the company earned $1.63 earnings per share. Analysts predict that Kinsale Capital Group, Inc. will post 10.37 earnings per share for the current fiscal year.

Kinsale Capital Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 13th. Stockholders of record on Wednesday, May 31st will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 0.18%. The ex-dividend date is Tuesday, May 30th. Kinsale Capital Group’s dividend payout ratio (DPR) is presently 7.09%.

Insider Buying and Selling

In other news, COO Brian D. Haney sold 5,750 shares of the firm’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $317.92, for a total transaction of $1,828,040.00. Following the completion of the transaction, the chief operating officer now owns 74,831 shares in the company, valued at approximately $23,790,271.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, COO Brian D. Haney sold 5,750 shares of the stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $317.92, for a total transaction of $1,828,040.00. Following the completion of the sale, the chief operating officer now owns 74,831 shares in the company, valued at approximately $23,790,271.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Anne C. Kronenberg sold 930 shares of the business’s stock in a transaction on Thursday, March 9th. The stock was sold at an average price of $311.40, for a total value of $289,602.00. Following the sale, the director now directly owns 9,292 shares in the company, valued at $2,893,528.80. The disclosure for this sale can be found here. Insiders have sold a total of 19,180 shares of company stock valued at $6,194,452 over the last quarter. Corporate insiders own 6.00% of the company’s stock.

Kinsale Capital Group Profile

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Kinsale Capital Group, Inc is a holding company, which engages in the provision of property and casualty insurance services. It operates the Excess and Surplus Lines Insurance segment. The Excess and Surplus Lines Insurance segment provides commercial excess and surplus lines liability and property insurance products through underwriting divisions.