Kinsale Capital Group (NYSE:KNSL) Price Target Cut to $350.00 by Analysts at Morgan Stanley

Key Points

• Morgan Stanley cut Kinsale Capital Group’s price target to $350 from $390 while maintaining an “equal weight” rating, implying roughly 5% upside from the prior close.
• Analyst sentiment remains cautious: the consensus rating is “Reduce,” based on one Buy, seven Hold, and two Sell ratings, with an average target price of $364.33.
• Kinsale reported strong quarterly results, earning $5.54 per share versus the $5.11 estimate and generating $548.52 million in revenue, up 16.8% year over year.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) had its price objective dropped by equities research analysts at Morgan Stanley from $390.00 to $350.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an "equal weight" rating on the financial services provider's stock. Morgan Stanley's price target points to a potential upside of 4.99% from the stock's previous close.

A number of other brokerages also recently issued reports on KNSL. Wall Street Zen raised shares of Kinsale Capital Group from a "sell" rating to a "hold" rating in a report on Saturday, June 20th. JPMorgan Chase & Co. increased their price objective on shares of Kinsale Capital Group from $380.00 to $390.00 and gave the company a "neutral" rating in a research report on Monday, July 20th. Wells Fargo & Company raised their target price on shares of Kinsale Capital Group from $366.00 to $377.00 and gave the stock an "equal weight" rating in a report on Monday, July 27th. TD Cowen reaffirmed a "hold" rating on shares of Kinsale Capital Group in a research report on Tuesday, June 16th. Finally, Weiss Ratings upgraded shares of Kinsale Capital Group from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, August 19th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus target price of $364.33.

Kinsale Capital Group Stock Up 0.3%

Shares of KNSL stock traded up $0.96 during mid-day trading on Tuesday, hitting $333.38. The company's stock had a trading volume of 38,902 shares, compared to its average volume of 269,926. The stock has a market cap of $7.59 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 1.04 and a beta of 0.88. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.09 and a current ratio of 0.09. Kinsale Capital Group has a 52-week low of $287.20 and a 52-week high of $485.00. The business has a 50-day moving average price of $363.98 and a 200 day moving average price of $340.45.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $5.54 EPS for the quarter, beating the consensus estimate of $5.11 by $0.43. Kinsale Capital Group had a return on equity of 25.54% and a net margin of 28.49%.The company had revenue of $548.52 million for the quarter, compared to analysts' expectations of $445.13 million. During the same period last year, the firm posted $4.78 earnings per share. Kinsale Capital Group's revenue was up 16.8% compared to the same quarter last year. Research analysts predict that Kinsale Capital Group will post 21.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of KNSL. Hsbc Holdings PLC purchased a new stake in Kinsale Capital Group during the 2nd quarter valued at approximately $10,035,000. Legal & General Group Plc bought a new position in shares of Kinsale Capital Group during the second quarter worth $9,462,000. Public Employees Retirement System of Ohio bought a new position in shares of Kinsale Capital Group during the second quarter worth $2,081,000. Virtu Financial LLC grew its stake in Kinsale Capital Group by 175.2% during the fourth quarter. Virtu Financial LLC now owns 3,118 shares of the financial services provider's stock valued at $1,219,000 after acquiring an additional 1,985 shares in the last quarter. Finally, United Capital Financial Advisors LLC purchased a new position in Kinsale Capital Group during the second quarter valued at $4,704,000. Hedge funds and other institutional investors own 85.36% of the company's stock.

Kinsale Capital Group Company Profile

Kinsale Capital Group, Inc is a specialty insurance company headquartered in Richmond, Virginia. Through its insurance subsidiaries, including Kinsale Insurance Company, the company provides commercial property and casualty insurance in the United States.

Kinsale focuses primarily on the excess and surplus lines market, which serves businesses with risks that may not be accommodated by standard insurance carriers. Its offerings include coverage for commercial property, general liability, professional liability, commercial auto, and other specialized risks.

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