California State Teachers Retirement System Purchases 8,341,900 Shares of Kinsale Capital Group, Inc. $KNSL

Key Points

• California State Teachers Retirement System dramatically increased its Kinsale Capital Group stake by purchasing 8.34 million shares, bringing its total ownership to 8.37 million shares, or approximately 36.74% of the company.
• Kinsale reported a strong quarter, with earnings of $5.54 per share versus the $5.11 consensus estimate and revenue of $548.52 million, up 16.8% year over year.
• The company declared a quarterly dividend of $0.25 per share, while analysts remain broadly cautious: KNSL carries a “Reduce” consensus rating and an average price target of $368.78.

California State Teachers Retirement System boosted its position in Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report) by 32,446.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,367,610 shares of the financial services provider's stock after purchasing an additional 8,341,900 shares during the period. California State Teachers Retirement System owned about 36.74% of Kinsale Capital Group worth $2,759,721,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in KNSL. Bayban bought a new position in shares of Kinsale Capital Group in the 4th quarter worth approximately $25,000. International Assets Investment Management LLC bought a new stake in Kinsale Capital Group during the fourth quarter valued at approximately $29,000. Johnson Financial Group Inc. increased its holdings in 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 valued at $32,000 after buying an additional 54 shares during the last quarter. Larson Financial Group LLC increased its holdings in Kinsale Capital Group by 225.0% during the third quarter. Larson Financial Group LLC now owns 78 shares of the financial services provider's stock valued at $33,000 after buying an additional 54 shares during the last quarter. Finally, Darwin Wealth Management LLC bought a new position in Kinsale Capital Group in the second quarter worth approximately $38,000. 85.36% of the stock is currently owned by institutional investors.

Kinsale Capital Group Stock Performance

Shares of NYSE KNSL opened at $363.14 on Friday. The stock has a market cap of $8.27 billion, a PE ratio of 14.71, a price-to-earnings-growth ratio of 1.14 and a beta of 0.89. Kinsale Capital Group, Inc. has a 1 year low of $287.20 and a 1 year high of $485.00. The firm has a fifty day moving average price of $363.11 and a 200-day moving average price of $343.88. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.09 and a quick ratio of 0.09.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) last released 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 company had revenue of $548.52 million for the quarter, compared to analysts' expectations of $445.13 million. Kinsale Capital Group had a net margin of 28.49% and a return on equity of 25.54%. Kinsale Capital Group's revenue for the quarter was up 16.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.78 EPS. Equities analysts anticipate 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 disclosed 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 is Friday, August 28th. Kinsale Capital Group's payout ratio is presently 4.05%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on KNSL shares. JPMorgan Chase & Co. lifted their price target on shares of Kinsale Capital Group from $380.00 to $390.00 and gave the stock a "neutral" rating in a research note on Monday, July 20th. Wall Street Zen raised Kinsale Capital Group from a "sell" rating to a "hold" rating in a report on Saturday, June 20th. Wells Fargo & Company lifted their target price on Kinsale Capital Group from $366.00 to $377.00 and gave the company an "equal weight" rating in a research report on Monday, July 27th. Weiss Ratings raised Kinsale Capital Group from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, August 19th. Finally, Morgan Stanley upped their price target on 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. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and an average target price of $368.78.

About Kinsale Capital Group

Kinsale Capital Group, Inc NYSE: KNSL is a specialty insurance company headquartered in Richmond, Virginia. Through its principal subsidiary, Kinsale Insurance Company, the company provides property and casualty insurance products in the excess and surplus lines market, which serves risks that may not be covered by standard insurance carriers.

Kinsale's offerings include commercial property, casualty and specialty insurance for businesses and organizations with complex or higher-risk exposures.

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