Bank of America Corp DE Has $97.56 Million Stock Holdings in Kinsale Capital Group, Inc. $KNSL

Key Points

• Bank of America increased its Kinsale Capital Group stake by 89% in the first quarter, acquiring 134,468 additional shares to hold 285,535 shares valued at approximately $97.6 million.
• Institutional investors own about 85.4% of Kinsale’s stock, while company insiders own 5.6%; an accounting officer recently purchased $100,320 worth of shares, while another insider sold $77,792.50.
• Kinsale exceeded quarterly earnings and revenue expectations, reporting $5.54 in earnings per share and $548.5 million in revenue. Despite the results, analysts’ consensus rating is “Reduce”, with an average price target of $362.11 versus the reported share price of $373.12.

Bank of America Corp DE lifted its holdings in shares of Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report) by 89.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 285,535 shares of the financial services provider's stock after acquiring an additional 134,468 shares during the quarter. Bank of America Corp DE owned approximately 1.24% of Kinsale Capital Group worth $97,556,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bayban acquired a new stake in shares of Kinsale Capital Group during the 4th quarter worth about $25,000. V Square Quantitative Management LLC acquired a new stake in Kinsale Capital Group during the fourth quarter worth approximately $25,000. International Assets Investment Management LLC acquired a new stake in Kinsale Capital Group during the fourth quarter worth approximately $29,000. Johnson Financial Group Inc. boosted its holdings in shares of Kinsale Capital Group by 257.1% during the third quarter. Johnson Financial Group Inc. now owns 75 shares of the financial services provider's stock worth $32,000 after acquiring an additional 54 shares during the period. Finally, Darwin Wealth Management LLC acquired a new position in shares of Kinsale Capital Group in the second quarter valued at approximately $38,000. 85.36% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Kinsale Capital Group

In other news, CAO Christopher R. Tangard purchased 330 shares of the stock in a transaction on Monday, June 8th. The stock was purchased at an average price of $304.00 per share, for a total transaction of $100,320.00. Following the acquisition, the chief accounting officer owned 380 shares in the company, valued at $115,520. This trade represents a 660.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Salmaan K. Allibhai sold 250 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $311.17, for a total value of $77,792.50. Following the completion of the transaction, the insider directly owned 3,645 shares in the company, valued at approximately $1,134,214.65. This trade represents a 6.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on KNSL. Royal Bank Of Canada lowered their price objective on Kinsale Capital Group from $385.00 to $375.00 and set a "sector perform" rating on the stock in a research report on Monday, April 27th. Truist Financial reduced their target price on shares of Kinsale Capital Group from $450.00 to $405.00 and set a "buy" rating for the company in a research report on Monday, April 27th. Morgan Stanley cut their price objective on shares of Kinsale Capital Group from $350.00 to $330.00 and set an "equal weight" rating for the company in a report on Thursday, May 21st. TD Cowen restated a "hold" rating on shares of Kinsale Capital Group in a research report on Tuesday, June 16th. Finally, JPMorgan Chase & Co. raised 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. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Reduce" and a consensus price target of $362.11.

Kinsale Capital Group Stock Performance

Kinsale Capital Group stock opened at $373.12 on Friday. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 0.11. The stock has a market cap of $8.50 billion, a PE ratio of 15.12, a P/E/G ratio of 1.19 and a beta of 0.89. Kinsale Capital Group, Inc. has a 12-month low of $287.20 and a 12-month high of $485.00. The business's 50-day moving average price is $332.13 and its two-hundred day moving average price is $347.21.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) last issued 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. The firm had revenue of $548.52 million for the quarter, compared to analyst estimates of $445.13 million. Kinsale Capital Group had a net margin of 28.49% and a return on equity of 25.54%. The company's quarterly revenue was up 16.8% on a year-over-year basis. During the same quarter last year, the business posted $4.78 earnings per share. As a group, analysts expect that Kinsale Capital Group, Inc. will post 21.1 earnings per share for the current fiscal year.

Kinsale Capital Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Thursday, May 28th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.3%. The ex-dividend date was Thursday, May 28th. Kinsale Capital Group's dividend payout ratio is 4.05%.

Kinsale Capital Group Company Profile

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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