297,996 Shares in Kingsway Financial Services Inc $KWY Acquired by State Street Corp

Key Points

• State Street Corp acquired 297,996 shares of Kingsway Financial Services in the second quarter, valued at approximately $3.1 million and representing a 1.03% stake. Other institutions also initiated or increased positions, while institutional investors collectively own 72.38% of the company.
• Kingsway holds a consensus “Sell” rating; Weiss Ratings upgraded its assessment from “sell (e+)” to “sell (d-).” The company reported a quarterly loss of $0.03 per share, negative net margin of 6.69%, and negative return on equity of 61.62%.
• The stock opened at $9.09, near its 52-week low of $8.41 and below its 50-day and 200-day moving averages. Insider activity was mixed, with Director Joshua Horowitz buying shares while Director Joseph Stilwell sold 100,000 shares.

State Street Corp purchased a new position in Kingsway Financial Services Inc (NYSE:KWY - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 297,996 shares of the company's stock, valued at approximately $3,105,000. State Street Corp owned 1.03% of Kingsway Financial Services at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of KWY. Squarepoint Ops LLC purchased a new position in Kingsway Financial Services during the second quarter valued at $791,000. Citadel Advisors LLC purchased a new stake in Kingsway Financial Services in the second quarter worth about $1,197,000. Bank of America Corp DE raised its stake in shares of Kingsway Financial Services by 6.7% in the first quarter. Bank of America Corp DE now owns 46,605 shares of the company's stock worth $486,000 after buying an additional 2,923 shares during the period. Waverly Advisors LLC bought a new position in shares of Kingsway Financial Services in the first quarter worth about $1,304,000. Finally, Renaissance Technologies LLC lifted its position in shares of Kingsway Financial Services by 22.3% during the 1st quarter. Renaissance Technologies LLC now owns 319,670 shares of the company's stock valued at $3,334,000 after buying an additional 58,290 shares in the last quarter. Hedge funds and other institutional investors own 72.38% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Kingsway Financial Services from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has a consensus rating of "Sell".

Insider Activity

In other Kingsway Financial Services news, Director Joshua Horowitz purchased 7,034 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was acquired at an average cost of $9.84 per share, for a total transaction of $69,214.56. Following the purchase, the director directly owned 380,334 shares of the company's stock, valued at $3,742,486.56. This trade represents a 1.88% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph Stilwell sold 100,000 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $10.00, for a total transaction of $1,000,000.00. Following the sale, the director directly owned 267,018 shares of the company's stock, valued at approximately $2,670,180. This trade represents a 27.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have purchased 10,367 shares of company stock valued at $101,988 in the last quarter. 41.41% of the stock is currently owned by company insiders.

Kingsway Financial Services Trading Down 0.7%

Shares of Kingsway Financial Services stock opened at $9.09 on Friday. The company has a market capitalization of $262.97 million, a P/E ratio of -30.30 and a beta of 0.25. The company has a debt-to-equity ratio of 4.39, a quick ratio of 1.36 and a current ratio of 1.36. The company has a fifty day moving average of $9.67 and a 200 day moving average of $10.56. Kingsway Financial Services Inc has a fifty-two week low of $8.41 and a fifty-two week high of $16.51.

Kingsway Financial Services (NYSE:KWY - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.03) EPS for the quarter. Kingsway Financial Services had a negative net margin of 6.69% and a negative return on equity of 61.62%. The business had revenue of $39.44 million for the quarter.

Kingsway Financial Services Company Profile

Kingsway Financial Services Inc is a specialty insurance and holding company that operates primarily in the United States. The company focuses on niche insurance and insurance-related businesses rather than broad-based personal lines coverage.

Kingsway's operating businesses include providers of vehicle service agreements and other extended warranty products, as well as specialty insurance and insurance services. Its portfolio has included businesses serving automotive dealers, vehicle owners, commercial customers and other specialized markets.

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