Corebridge Financial Inc. Sells 608 Shares of Kinsale Capital Group, Inc. $KNSL

Key Points

• Corebridge Financial Inc. has decreased its stake in Kinsale Capital Group by 2.4%, now owning approximately 24,678 shares worth $12,011,000.
• Other institutional investors, including JPMorgan Chase & Co. and DAVENPORT & Co LLC, have significantly increased their holdings in Kinsale Capital Group during the first quarter.
• Kinsale Capital Group recently reported $4.78 earnings per share (EPS), exceeding expectations, with a 22.2% year-over-year revenue increase.

Corebridge Financial Inc. trimmed its holdings in Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report) by 2.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,678 shares of the financial services provider's stock after selling 608 shares during the period. Corebridge Financial Inc. owned about 0.11% of Kinsale Capital Group worth $12,011,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Cambridge Investment Research Advisors Inc. increased its stake in Kinsale Capital Group by 10.8% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 2,614 shares of the financial services provider's stock worth $1,272,000 after purchasing an additional 254 shares in the last quarter. Bridges Investment Management Inc. increased its stake in Kinsale Capital Group by 111.5% during the 1st quarter. Bridges Investment Management Inc. now owns 5,026 shares of the financial services provider's stock worth $2,446,000 after purchasing an additional 2,650 shares in the last quarter. M&T Bank Corp increased its position in shares of Kinsale Capital Group by 43.4% during the first quarter. M&T Bank Corp now owns 3,672 shares of the financial services provider's stock worth $1,787,000 after acquiring an additional 1,111 shares in the last quarter. Artemis Investment Management LLP increased its position in shares of Kinsale Capital Group by 43.9% during the first quarter. Artemis Investment Management LLP now owns 80,924 shares of the financial services provider's stock worth $39,387,000 after acquiring an additional 24,681 shares in the last quarter. Finally, Moody Aldrich Partners LLC bought a new stake in shares of Kinsale Capital Group during the first quarter worth $270,000. 85.36% of the stock is owned by institutional investors.

Kinsale Capital Group Stock Up 0.6%

Shares of NYSE KNSL traded up $2.93 during mid-day trading on Monday, hitting $458.42. The company had a trading volume of 172,866 shares, compared to its average volume of 183,303. The company has a market capitalization of $10.68 billion, a PE ratio of 23.91, a price-to-earnings-growth ratio of 1.68 and a beta of 1.13. The firm has a 50-day simple moving average of $464.49 and a two-hundred day simple moving average of $461.83. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.11. Kinsale Capital Group, Inc. has a one year low of $405.00 and a one year high of $531.79.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $4.78 earnings per share for the quarter, beating the consensus estimate of $4.41 by $0.37. The company had revenue of $458.70 million during the quarter, compared to analysts' expectations of $436.25 million. Kinsale Capital Group had a return on equity of 25.93% and a net margin of 25.92%.Kinsale Capital Group's revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter last year, the company earned $3.75 EPS. On average, equities analysts expect that Kinsale Capital Group, Inc. will post 17.72 EPS for the current year.

Kinsale Capital Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Friday, August 29th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date is Friday, August 29th. Kinsale Capital Group's dividend payout ratio (DPR) is currently 3.55%.

Insider Activity at Kinsale Capital Group

In other news, EVP Diane D. Schnupp sold 1,398 shares of Kinsale Capital Group stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $472.00, for a total value of $659,856.00. Following the completion of the transaction, the executive vice president owned 6,646 shares of the company's stock, valued at $3,136,912. This trade represents a 17.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on KNSL shares. Cantor Fitzgerald upgraded Kinsale Capital Group to a "hold" rating in a report on Wednesday, August 13th. Truist Financial increased their target price on Kinsale Capital Group from $500.00 to $560.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Bank of America initiated coverage on Kinsale Capital Group in a report on Friday, June 20th. They set a "buy" rating and a $543.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on Kinsale Capital Group from $440.00 to $460.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Finally, Compass Point increased their price objective on Kinsale Capital Group from $432.00 to $490.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Four analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, Kinsale Capital Group has an average rating of "Hold" and a consensus price target of $505.80.

About Kinsale Capital Group

Kinsale Capital Group, Inc, a specialty insurance company, engages in the provision of property and casualty insurance products in the United States. The company's commercial lines offerings include commercial property, small business casualty and property, excess and general casualty, construction, allied health, life sciences, entertainment, energy, environmental, excess professional, health care, public entity, commercial auto, inland marine, aviation, ocean marine, product recall, and railroad, as well as product, professional, and management liability insurance.