Bamco Inc. NY Takes $878.60 Million Position in Kinsale Capital Group, Inc. $KNSL

Key Points

• Bamco Inc. NY acquired a new $878.6 million stake in Kinsale Capital Group, purchasing 2.66 million shares and owning approximately 11.69% of the insurer. The position represents 1.3% of Bamco’s portfolio.
• Analysts remain cautious, with one Buy, seven Hold, and two Sell ratings; the stock has an average “Reduce” rating and a consensus price target of $368.78.
• Kinsale exceeded quarterly expectations, reporting $5.54 in EPS and $548.52 million in revenue, up 16.8% year over year. The company also declared a quarterly dividend of $0.25 per share, equivalent to a 0.3% yield.

Bamco Inc. NY purchased a new stake in shares of Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,663,958 shares of the financial services provider's stock, valued at approximately $878,600,000. Kinsale Capital Group comprises 1.3% of Bamco Inc. NY's portfolio, making the stock its 16th largest position. Bamco Inc. NY owned about 11.69% of Kinsale Capital Group at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. AQR Capital Management LLC boosted its holdings in shares of Kinsale Capital Group by 76.2% during the first quarter. AQR Capital Management LLC now owns 835 shares of the financial services provider's stock worth $397,000 after purchasing an additional 361 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Kinsale Capital Group by 72.9% in the second quarter. EverSource Wealth Advisors LLC now owns 102 shares of the financial services provider's stock worth $49,000 after purchasing an additional 43 shares during the last quarter. Brown Advisory Inc. increased its holdings in Kinsale Capital Group by 7.9% during the 2nd quarter. Brown Advisory Inc. now owns 1,117 shares of the financial services provider's stock valued at $541,000 after purchasing an additional 82 shares during the period. Jump Financial LLC increased its holdings in Kinsale Capital Group by 136.9% during the 2nd quarter. Jump Financial LLC now owns 1,097 shares of the financial services provider's stock valued at $531,000 after purchasing an additional 634 shares during the period. Finally, Cerity Partners LLC raised its position in Kinsale Capital Group by 45.3% during the 2nd quarter. Cerity Partners LLC now owns 5,021 shares of the financial services provider's stock valued at $2,430,000 after purchasing an additional 1,566 shares during the last quarter. Institutional investors own 85.36% of the company's stock.

Analysts Set New Price Targets

KNSL has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Kinsale Capital Group from $380.00 to $390.00 and gave the company a "neutral" rating in a 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 research report on Monday, July 27th. Weiss Ratings raised shares of Kinsale Capital Group from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, August 19th. TD Cowen reiterated a "hold" rating on shares of Kinsale Capital Group in a research report on Tuesday, June 16th. Finally, Morgan Stanley increased their price target on shares of Kinsale Capital Group from $345.00 to $390.00 and gave the stock an "equal weight" 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 given a Sell rating to the stock. According to data from MarketBeat.com, Kinsale Capital Group currently has an average rating of "Reduce" and an average price target of $368.78.

Insider Activity

In other news, CAO Christopher R. Tangard acquired 330 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The stock was bought at an average cost of $304.00 per share, for a total transaction of $100,320.00. Following the acquisition, the chief accounting officer directly owned 380 shares in the company, valued at approximately $115,520. The trade was a 660.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 5.60% of the stock is currently owned by corporate insiders.

Kinsale Capital Group Trading Down 0.1%

NYSE:KNSL opened at $387.61 on Thursday. Kinsale Capital Group, Inc. has a one year low of $287.20 and a one year high of $485.00. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.09 and a quick ratio of 0.09. The company's 50-day simple moving average is $351.48 and its 200 day simple moving average is $344.96. The firm has a market capitalization of $8.83 billion, a P/E ratio of 15.71, a PEG ratio of 1.23 and a beta of 0.89.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $5.54 earnings per share for the quarter, beating analysts' consensus estimates of $5.11 by $0.43. Kinsale Capital Group had a net margin of 28.49% and a return on equity of 25.54%. The business had revenue of $548.52 million during the quarter, compared to the consensus estimate of $445.13 million. During the same quarter last year, the firm earned $4.78 earnings per share. The business's revenue for the quarter was up 16.8% on a year-over-year basis. As a group, analysts forecast that Kinsale Capital Group, Inc. will post 21.1 EPS for the current fiscal year.

Kinsale Capital Group Dividend Announcement

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

About Kinsale Capital Group

Kinsale Capital Group, Inc NYSE: KNSL is a specialty property and casualty insurance company headquartered in Richmond, Virginia. Established in 2009, the company focuses on underwriting complex and underserved risks across the United States. Kinsale operates through a network of wholesale brokers and independent agencies, offering tailored coverage solutions for a range of niche industries.

The company's product portfolio includes general liability, business auto, professional liability, environmental liability, inland marine, cyber liability, and other specialty lines.

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