Kinsale Capital Group, Inc. (NYSE:KNSL) Shares Sold by Bank of New York Mellon Corp

Posted by Defense World Staff on Aug 19th, 2023

Bank of New York Mellon Corp cut its stake in Kinsale Capital Group, Inc. (NYSE:KNSL – Free Report) by 1.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 236,786 shares of the financial services provider’s stock after selling 4,317 shares during the period. Bank of New York Mellon Corp owned 1.02% of Kinsale Capital Group worth $71,071,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Bank of Montreal Can boosted its stake in Kinsale Capital Group by 5.1% during the 1st quarter. Bank of Montreal Can now owns 1,663 shares of the financial services provider’s stock valued at $386,000 after purchasing an additional 80 shares during the period. Panagora Asset Management Inc. increased its position in Kinsale Capital Group by 119.7% in the 1st quarter. Panagora Asset Management Inc. now owns 3,219 shares of the financial services provider’s stock valued at $734,000 after acquiring an additional 1,754 shares during the period. Rhumbline Advisers raised its stake in Kinsale Capital Group by 2.5% during the 1st quarter. Rhumbline Advisers now owns 58,459 shares of the financial services provider’s stock valued at $13,330,000 after acquiring an additional 1,422 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Kinsale Capital Group by 10.5% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,861 shares of the financial services provider’s stock worth $1,792,000 after acquiring an additional 749 shares during the period. Finally, BlackRock Inc. grew its stake in shares of Kinsale Capital Group by 1.0% in the first quarter. BlackRock Inc. now owns 2,301,709 shares of the financial services provider’s stock worth $524,835,000 after purchasing an additional 23,604 shares in the last quarter. 86.40% of the stock is currently owned by institutional investors.

Kinsale Capital Group Stock Performance

KNSL opened at $367.63 on Friday. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.22. The firm has a market cap of $8.52 billion, a PE ratio of 37.32 and a beta of 0.90. The business has a fifty day simple moving average of $369.09 and a 200-day simple moving average of $331.71. Kinsale Capital Group, Inc. has a fifty-two week low of $239.82 and a fifty-two week high of $393.20.

Kinsale Capital Group (NYSE:KNSL – Get Free Report) last issued its quarterly earnings results on Thursday, July 27th. The financial services provider reported $2.88 EPS for the quarter, beating the consensus estimate of $2.48 by $0.40. Kinsale Capital Group had a net margin of 22.60% and a return on equity of 29.11%. The business had revenue of $295.77 million during the quarter, compared to the consensus estimate of $282.01 million. During the same quarter in the prior year, the firm earned $1.92 EPS. As a group, equities analysts predict that Kinsale Capital Group, Inc. will post 11.53 EPS for the current fiscal year.

Kinsale Capital Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Tuesday, August 29th will be given a $0.14 dividend. The ex-dividend date of this dividend is Monday, August 28th. This represents a $0.56 annualized dividend and a dividend yield of 0.15%. Kinsale Capital Group’s dividend payout ratio (DPR) is presently 5.69%.

Insider Activity

In related news, COO Brian D. Haney sold 1,500 shares of the stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $349.94, for a total value of $524,910.00. Following the completion of the sale, the chief operating officer now directly owns 70,831 shares of the company’s stock, valued at approximately $24,786,600.14. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Kinsale Capital Group news, COO Brian D. Haney sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $349.94, for a total value of $524,910.00. Following the transaction, the chief operating officer now owns 70,831 shares in the company, valued at approximately $24,786,600.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Brian D. Haney sold 2,500 shares of Kinsale Capital Group stock in a transaction on Friday, June 30th. The shares were sold at an average price of $375.00, for a total transaction of $937,500.00. Following the sale, the chief operating officer now directly owns 68,331 shares of the company’s stock, valued at approximately $25,624,125. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Royal Bank of Canada lifted their price objective on shares of Kinsale Capital Group from $425.00 to $435.00 and gave the company an “outperform” rating in a research note on Monday, July 31st. BMO Capital Markets raised shares of Kinsale Capital Group from an “underperform” rating to an “outperform” rating and upped their price target for the stock from $270.00 to $389.00 in a research note on Friday, June 2nd. JPMorgan Chase & Co. raised their price objective on shares of Kinsale Capital Group from $300.00 to $340.00 in a research note on Thursday, July 6th. Truist Financial upped their target price on Kinsale Capital Group from $400.00 to $450.00 and gave the stock a “buy” rating in a research report on Monday, July 31st. Finally, StockNews.com initiated coverage on Kinsale Capital Group in a research report on Thursday. They set a “hold” rating on the stock. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $379.83.

View Our Latest Analysis on KNSL

Kinsale Capital Group Profile

(Free Report)

Kinsale Capital Group, Inc, a specialty insurance company, provides property and casualty insurance products in the United States. The company's commercial lines offerings include construction, small business, excess and general casualty, commercial property, allied health, life sciences, energy, environmental, health care, inland marine, public entity, and commercial insurance, as well as product, professional, and management liability insurance.