10,259 Kinsale Capital Group, Inc. $KNSL Shares Sold by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel reduced its Kinsale Capital Group stake by 15.5%, selling 10,259 shares in the third quarter and retaining 56,095 shares valued at approximately $18.1 million. Institutional investors collectively own 85.36% of the company.
• Kinsale reported strong quarterly results, with EPS of $5.54 versus the $5.11 consensus estimate and revenue of $548.52 million, up 16.8% year over year. The company also pays a quarterly dividend of $0.25, yielding about 0.3% annually.
• Analyst sentiment remains cautious: the stock carries an average “Reduce” rating, with seven Hold, two Sell and one Buy recommendation. The average price target is $357.67, below the reported share price of $371.62.

Carnegie Investment Counsel lessened its stake in Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report) by 15.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 56,095 shares of the financial services provider's stock after selling 10,259 shares during the quarter. Carnegie Investment Counsel owned 0.25% of Kinsale Capital Group worth $18,105,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. TD Waterhouse Canada Inc. raised its holdings in shares of Kinsale Capital Group by 296.7% in the third quarter. TD Waterhouse Canada Inc. now owns 119 shares of the financial services provider's stock valued at $40,000 after buying an additional 89 shares during the last quarter. Parallel Advisors LLC raised its position in Kinsale Capital Group by 185.7% in the first quarter. Parallel Advisors LLC now owns 120 shares of the financial services provider's stock worth $41,000 after acquiring an additional 78 shares in the last quarter. Western Wealth Management LLC purchased a new stake in Kinsale Capital Group during the first quarter worth $60,000. Flputnam Investment Management Co. acquired a new stake in Kinsale Capital Group during the 2nd quarter valued at $101,000. Finally, Avalon Trust Co purchased a new stake in shares of Kinsale Capital Group in the second quarter valued at $115,000. Institutional investors and hedge funds own 85.36% of the company's stock.

Kinsale Capital Group Trading Up 1.6%

Shares of KNSL opened at $371.62 on Wednesday. The stock has a fifty day moving average price of $359.70 and a two-hundred day moving average price of $341.58. 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, Inc. has a 52-week low of $287.20 and a 52-week high of $462.82. The company has a market cap of $8.47 billion, a price-to-earnings ratio of 16.87, a PEG ratio of 1.15 and a beta of 0.88.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $5.54 earnings per share for the quarter, topping the consensus estimate of $5.11 by $0.43. The firm had revenue of $548.52 million during the quarter, compared to analysts' expectations of $445.13 million. Kinsale Capital Group had a net margin of 28.49% and a return on equity of 25.54%. Kinsale Capital Group's revenue was up 16.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.78 EPS. Analysts predict that Kinsale Capital Group, Inc. will post 21.17 EPS for the current fiscal year.

Kinsale Capital Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Friday, August 28th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Friday, August 28th. Kinsale Capital Group's dividend payout ratio is 4.05%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Morgan Stanley lowered their price objective on Kinsale Capital Group from $390.00 to $350.00 and set an "equal weight" rating for the company in a report on Tuesday, October 6th. Weiss Ratings upgraded shares of Kinsale Capital Group from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, October 6th. JPMorgan Chase & Co. lowered their target price on Kinsale Capital Group from $390.00 to $375.00 and set a "neutral" rating on the stock in a research note on Friday, October 9th. Wells Fargo & Company dropped their price target on shares of Kinsale Capital Group from $377.00 to $348.00 and set an "equal weight" rating on the stock in a research note on Monday, October 12th. Finally, Cantor Fitzgerald raised their price objective on shares of Kinsale Capital Group from $259.00 to $264.00 and gave the company a "neutral" rating in a research report on Wednesday, October 7th. One equities 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's stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $357.67.

About Kinsale Capital Group

Kinsale Capital Group, Inc is a specialty insurance company headquartered in Richmond, Virginia. Through its insurance subsidiaries, the company focuses primarily on the excess and surplus lines market, providing coverage for risks that may be difficult to insure through standard commercial insurance channels.

Kinsale offers a range of commercial property and casualty products, including coverage for commercial property, general liability, professional liability, inland marine, commercial auto, workers' compensation and other specialty risks.

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