BlackRock Inc. Takes Position in Kinsale Capital Group, Inc. $KNSL

Key Points

• BlackRock acquired 2.04 million Kinsale Capital shares worth approximately $671.5 million, giving it an 8.94% stake. Institutional investors and hedge funds collectively own 85.36% of KNSL.
• Kinsale reported strong quarterly results, with EPS of $5.54 beating estimates of $5.11 and revenue of $548.52 million rising 16.8% year over year. Analysts remain cautious, with an average “Reduce” rating and a $368.78 price target.
• The company declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually and a 0.3% yield. KNSL was trading at $383.66, above its 50-day and 200-day moving averages.

BlackRock Inc. bought a new stake in Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,035,890 shares of the financial services provider's stock, valued at approximately $671,457,000. BlackRock Inc. owned approximately 8.94% of Kinsale Capital Group at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in KNSL. Pallas Capital Advisors LLC acquired a new stake in Kinsale Capital Group in the second quarter valued at approximately $406,000. Deutsche Bank AG acquired a new position in shares of Kinsale Capital Group during the second quarter worth approximately $2,429,000. Flputnam Investment Management Co. acquired a new position in shares of Kinsale Capital Group during the second quarter worth approximately $101,000. Global Retirement Partners LLC bought a new position in shares of Kinsale Capital Group in the 2nd quarter worth $320,000. Finally, Fielder Capital Group LLC bought a new position in shares of Kinsale Capital Group in the 2nd quarter worth $232,000. 85.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

KNSL has been the subject of a number of recent research reports. TD Cowen restated a "hold" rating on shares of Kinsale Capital Group in a research note on Tuesday, June 16th. Weiss Ratings raised shares of Kinsale Capital Group from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday. JPMorgan Chase & Co. lifted their price objective 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. Morgan Stanley boosted their target price on shares of Kinsale Capital Group from $345.00 to $390.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 19th. Finally, Wall Street Zen upgraded shares of Kinsale Capital Group from a "sell" rating to a "hold" rating in a report on Saturday, June 20th. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Kinsale Capital Group has an average rating of "Reduce" and an average target price of $368.78.

Insider Activity

In other Kinsale Capital Group news, insider Salmaan K. Allibhai sold 250 shares of the stock in a transaction dated 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 sale, the insider owned 3,645 shares in the company, valued at approximately $1,134,214.65. This trade represents a 6.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Christopher R. Tangard bought 330 shares of the company's stock in a transaction on Monday, June 8th. The shares were purchased at an average cost of $304.00 per share, for a total transaction of $100,320.00. Following the transaction, the chief accounting officer owned 380 shares in the company, valued at approximately $115,520. This represents a 660.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 5.60% of the company's stock.

Kinsale Capital Group Trading Up 0.0%

NYSE KNSL opened at $383.66 on Monday. The company has a current ratio of 0.09, a quick ratio of 0.09 and a debt-to-equity ratio of 0.11. The business has a fifty day simple moving average of $346.72 and a 200 day simple moving average of $345.23. Kinsale Capital Group, Inc. has a 12 month low of $287.20 and a 12 month high of $485.00. The firm has a market capitalization of $8.74 billion, a P/E ratio of 15.55, a PEG ratio of 1.21 and a beta of 0.89.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $5.54 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $548.52 million for the quarter, compared to the consensus estimate of $445.13 million. During the same period in the previous year, the firm earned $4.78 EPS. The business's revenue for the quarter was up 16.8% compared to the same quarter last year. On average, analysts predict that Kinsale Capital Group, Inc. will post 21.1 EPS for the current fiscal year.

Kinsale Capital Group Dividend Announcement

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

Kinsale Capital Group 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.

Want to see what other hedge funds are holding KNSL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.