Bank of New York Mellon Corp Makes New Investment in Kinsale Capital Group, Inc. $KNSL

Key Points

• Bank of New York Mellon purchased 138,246 shares of Kinsale Capital Group worth approximately $45.6 million, giving it a 0.61% stake. Institutional investors collectively own 85.36% of the company.
• Kinsale reported strong quarterly results, with EPS of $5.54 surpassing estimates of $5.11 and revenue rising 16.8% year over year to $548.52 million. The company also maintains strong profitability, including a 25.54% return on equity and a 28.49% net margin.
• Analysts remain cautious, with a consensus “Reduce” rating and an average price target of $368.78, despite several target increases. Kinsale’s shares opened at $381.66, while the company announced a quarterly dividend of $0.25 per share.

Bank of New York Mellon Corp purchased a new stake in Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 138,246 shares of the financial services provider's stock, valued at approximately $45,595,000. Bank of New York Mellon Corp owned 0.61% of Kinsale Capital Group at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in KNSL. Isthmus Partners LLC acquired a new stake in Kinsale Capital Group in the 4th quarter valued at $8,110,000. Life Cycle Investment Partners Ltd acquired a new stake in Kinsale Capital Group in the 4th quarter valued at about $229,653,000. Stephens Investment Management Group LLC raised its position in Kinsale Capital Group by 37.7% in the 4th quarter. Stephens Investment Management Group LLC now owns 208,075 shares of the financial services provider's stock worth $81,382,000 after purchasing an additional 56,916 shares during the last quarter. Handelsbanken Fonder AB raised its position in shares of Kinsale Capital Group by 9.6% during the fourth quarter. Handelsbanken Fonder AB now owns 57,000 shares of the financial services provider's stock worth $22,294,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Cumberland Partners Ltd bought a new stake in Kinsale Capital Group during the 4th quarter worth about $2,347,000. Institutional investors and hedge funds own 85.36% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on KNSL shares. Morgan Stanley increased their price target on shares of Kinsale Capital Group from $345.00 to $390.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 19th. Wells Fargo & Company raised their price target on 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. JPMorgan Chase & Co. lifted their price objective on Kinsale Capital Group from $380.00 to $390.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Weiss Ratings upgraded Kinsale Capital Group from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, August 19th. Finally, TD Cowen restated 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, Kinsale Capital Group has a consensus rating of "Reduce" and an average target price of $368.78.

Kinsale Capital Group Stock Down 1.4%

KNSL stock opened at $381.66 on Friday. 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 stock has a market capitalization of $8.69 billion, a P/E ratio of 15.46, a P/E/G ratio of 1.22 and a beta of 0.89. Kinsale Capital Group, Inc. has a fifty-two week low of $287.20 and a fifty-two week high of $485.00. The business has a 50-day moving average of $352.95 and a 200-day moving average of $344.72.

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 (EPS) for the quarter, beating analysts' consensus estimates of $5.11 by $0.43. Kinsale Capital Group had a return on equity of 25.54% and a net margin of 28.49%.The business had revenue of $548.52 million for the quarter, compared to analyst estimates of $445.13 million. During the same quarter last year, the firm earned $4.78 EPS. Kinsale Capital Group's revenue for the quarter was up 16.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Kinsale Capital Group, Inc. will post 21.1 earnings per share for the current fiscal year.

Kinsale Capital Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, August 28th. This represents a $1.00 dividend on an annualized basis and a yield of 0.3%. Kinsale Capital Group's dividend payout ratio (DPR) is 4.05%.

Insider Activity

In related news, CAO Christopher R. Tangard bought 330 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were acquired at an average price of $304.00 per share, with a total value of $100,320.00. Following the completion of the transaction, the chief accounting officer owned 380 shares in the company, valued at $115,520. The trade was a 660.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 5.60% of the company's stock.

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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