Corebridge Financial Inc. Decreases Stock Position in 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. lowered its position in shares of Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report) by 2.4% during the first quarter, according to its most recent disclosure with the Securities & 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 approximately 0.11% of Kinsale Capital Group worth $12,011,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. DAVENPORT & Co LLC boosted its stake in shares of Kinsale Capital Group by 6.2% in the first quarter. DAVENPORT & Co LLC now owns 543,349 shares of the financial services provider's stock valued at $263,233,000 after purchasing an additional 31,480 shares during the period. JPMorgan Chase & Co. lifted its holdings in Kinsale Capital Group by 39.8% in the 1st quarter. JPMorgan Chase & Co. now owns 460,651 shares of the financial services provider's stock worth $224,204,000 after buying an additional 131,056 shares in the last quarter. Geneva Capital Management LLC boosted its position in Kinsale Capital Group by 0.6% in the 1st quarter. Geneva Capital Management LLC now owns 405,363 shares of the financial services provider's stock valued at $197,294,000 after buying an additional 2,449 shares during the last quarter. GAMMA Investing LLC boosted its position in Kinsale Capital Group by 59,220.7% in the 1st quarter. GAMMA Investing LLC now owns 309,061 shares of the financial services provider's stock valued at $150,423,000 after buying an additional 308,540 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Kinsale Capital Group during the first quarter valued at about $125,003,000. 85.36% of the stock is owned by institutional investors and hedge funds.

Kinsale Capital Group Price Performance

Shares of KNSL opened at $452.25 on Wednesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.10 and a quick ratio of 0.10. Kinsale Capital Group, Inc. has a 12 month low of $405.00 and a 12 month high of $531.79. The stock has a fifty day moving average price of $465.49 and a 200 day moving average price of $462.43. The company has a market cap of $10.54 billion, a P/E ratio of 23.59, a PEG ratio of 1.65 and a beta of 1.12.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) last posted its earnings results on Thursday, July 24th. The financial services provider reported $4.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.41 by $0.37. The firm had revenue of $458.70 million during the quarter, compared to analyst estimates of $436.25 million. Kinsale Capital Group had a net margin of 25.92% and a return on equity of 25.93%. Kinsale Capital Group's revenue was up 22.2% on a year-over-year basis. During the same period in the previous year, the business posted $3.75 EPS. On average, research analysts forecast that Kinsale Capital Group, Inc. will post 17.72 earnings per share for the current year.

Kinsale Capital Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders 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 dividend yield of 0.2%. Kinsale Capital Group's dividend payout ratio is presently 3.55%.

Analyst Ratings Changes

KNSL has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their price target on Kinsale Capital Group from $440.00 to $460.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. BMO Capital Markets lifted their price objective on Kinsale Capital Group from $429.00 to $474.00 and gave the stock a "market perform" rating in a report on Tuesday, July 29th. Truist Financial increased their target price on Kinsale Capital Group from $500.00 to $560.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Morgan Stanley lifted their price target on shares of Kinsale Capital Group from $490.00 to $525.00 and gave the stock an "overweight" rating in a research note on Monday, May 19th. Finally, Cantor Fitzgerald upgraded Kinsale Capital Group to a "hold" rating in a research note on Wednesday, August 13th. Four investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, Kinsale Capital Group has an average rating of "Hold" and an average price target of $505.80.

Insider Activity at Kinsale Capital Group

In related news, EVP Diane D. Schnupp sold 1,398 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $472.00, for a total transaction of $659,856.00. Following the completion of the sale, the executive vice president directly owned 6,646 shares of the company's stock, valued at $3,136,912. This represents a 17.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.50% of the stock is owned by insiders.

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.

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