210,635 Shares in Kinsale Capital Group, Inc. $KNSL Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 210,635 shares of Kinsale Capital Group during the second quarter, worth approximately $69.5 million and representing about 0.92% of the company. Institutional investors collectively own 85.36% of Kinsale’s stock.
• Kinsale reported strong quarterly results, with earnings of $5.54 per share beating estimates of $5.11 and revenue of $548.52 million surpassing expectations. Revenue increased 16.8% year over year, while analysts project full-year EPS of $21.10.
• The stock opened at $356.95, below the analyst consensus target of $368.78. Analysts remain cautious, with one Buy, seven Hold, and two Sell ratings; Kinsale also pays a $0.25 quarterly dividend, yielding approximately 0.3%.

Bank of America Corp DE purchased a new stake in Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 210,635 shares of the financial services provider's stock, valued at approximately $69,470,000. Bank of America Corp DE owned approximately 0.92% of Kinsale Capital Group at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in KNSL. PNC Financial Services Group Inc. raised its position in shares of Kinsale Capital Group by 1.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,161 shares of the financial services provider's stock worth $1,236,000 after purchasing an additional 35 shares during the period. Fifth Third Wealth Advisors LLC lifted its holdings in shares of Kinsale Capital Group by 4.9% in the first quarter. Fifth Third Wealth Advisors LLC now owns 793 shares of the financial services provider's stock valued at $271,000 after buying an additional 37 shares during the period. Strategic Advisors LLC grew its position in Kinsale Capital Group by 0.4% in the fourth quarter. Strategic Advisors LLC now owns 8,553 shares of the financial services provider's stock worth $3,346,000 after buying an additional 38 shares during the last quarter. Florida Financial Advisors LLC raised its holdings in shares of Kinsale Capital Group by 8.8% during the fourth quarter. Florida Financial Advisors LLC now owns 579 shares of the financial services provider's stock valued at $227,000 after acquiring an additional 47 shares during the period. Finally, Sanctuary Advisors LLC boosted its position in Kinsale Capital Group by 3.6% during the 1st quarter. Sanctuary Advisors LLC now owns 1,361 shares of the financial services provider's stock worth $465,000 after acquiring an additional 47 shares during the period. Institutional investors and hedge funds own 85.36% of the company's stock.

Kinsale Capital Group Stock Performance

Shares of KNSL opened at $356.95 on Friday. The stock has a market capitalization of $8.13 billion, a price-to-earnings ratio of 14.46, a PEG ratio of 1.13 and a beta of 0.89. The firm has a fifty day simple moving average of $365.00 and a 200 day simple moving average of $343.37. The company has a current ratio of 0.09, a quick ratio of 0.09 and a debt-to-equity ratio of 0.11. Kinsale Capital Group, Inc. has a 12 month low of $287.20 and a 12 month high of $485.00.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) last issued its quarterly earnings results 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. The firm had revenue of $548.52 million during the quarter, compared to analysts' expectations of $445.13 million. Kinsale Capital Group had a return on equity of 25.54% and a net margin of 28.49%.The business's quarterly revenue was up 16.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.78 earnings per share. Research analysts forecast that Kinsale Capital Group, Inc. will post 21.1 EPS for the current fiscal year.

Kinsale Capital Group Announces Dividend

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

Analyst Ratings Changes

Several research firms have commented on KNSL. Wells Fargo & Company boosted 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 research report on Monday, July 27th. Weiss Ratings raised Kinsale Capital Group from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, August 19th. JPMorgan Chase & Co. upped their target price on shares of Kinsale Capital Group from $380.00 to $390.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. Morgan Stanley raised their target price on Kinsale Capital Group from $345.00 to $390.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 19th. Finally, TD Cowen reiterated a "hold" rating on shares of Kinsale Capital Group in a report on Tuesday, June 16th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Reduce" and a consensus target price of $368.78.

Kinsale Capital Group Company Profile

Kinsale Capital Group, Inc NYSE: KNSL is a specialty insurance company headquartered in Richmond, Virginia. Through its principal subsidiary, Kinsale Insurance Company, the company provides property and casualty insurance products in the excess and surplus lines market, which serves risks that may not be covered by standard insurance carriers.

Kinsale's offerings include commercial property, casualty and specialty insurance for businesses and organizations with complex or higher-risk exposures.

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