Diversify Wealth Management LLC Boosts Position in Kinsale Capital Group, Inc. $KNSL

Key Points

• Diversify Wealth Management LLC increased its Kinsale Capital Group stake by 225.8% in the first quarter, ending with 6,392 shares valued at about $2.12 million.
• Several other institutional investors also raised positions, and hedge funds plus other institutions now own 85.36% of Kinsale’s stock.
• Kinsale reported better-than-expected quarterly results, with EPS of $5.11 versus $4.70 expected and revenue of $466.71 million, while analysts currently have an average “Reduce” rating on the stock.

Diversify Wealth Management LLC grew its stake in shares of Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report) by 225.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,392 shares of the financial services provider's stock after acquiring an additional 4,430 shares during the period. Diversify Wealth Management LLC's holdings in Kinsale Capital Group were worth $2,116,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of KNSL. Capital World Investors lifted its position in shares of Kinsale Capital Group by 117.4% in the 4th quarter. Capital World Investors now owns 987,844 shares of the financial services provider's stock worth $386,366,000 after purchasing an additional 533,499 shares during the period. First Manhattan CO. LLC. increased its holdings in Kinsale Capital Group by 19.6% during the fourth quarter. First Manhattan CO. LLC. now owns 614,647 shares of the financial services provider's stock valued at $240,401,000 after buying an additional 100,600 shares during the period. Life Cycle Investment Partners Ltd purchased a new position in Kinsale Capital Group during the fourth quarter valued at approximately $229,653,000. DAVENPORT & Co LLC raised its stake in Kinsale Capital Group by 1.9% in the fourth quarter. DAVENPORT & Co LLC now owns 530,043 shares of the financial services provider's stock worth $208,443,000 after buying an additional 10,137 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Kinsale Capital Group by 6.0% in the third quarter. JPMorgan Chase & Co. now owns 450,044 shares of the financial services provider's stock worth $191,386,000 after buying an additional 25,428 shares in the last quarter. Hedge funds and other institutional investors own 85.36% of the company's stock.

Insider Buying and Selling

In other news, CEO Michael P. Kehoe sold 22,576 shares of Kinsale Capital Group stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $302.66, for a total value of $6,832,852.16. Following the sale, the chief executive officer owned 308,048 shares in the company, valued at $93,233,807.68. This trade represents a 6.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Salmaan K. Allibhai sold 250 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $311.17, for a total value of $77,792.50. Following the sale, the insider owned 3,645 shares of the company's stock, valued at approximately $1,134,214.65. This trade represents a 6.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 5.60% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on KNSL shares. Truist Financial dropped their price objective on Kinsale Capital Group from $450.00 to $405.00 and set a "buy" rating on the stock in a research report on Monday, April 27th. Weiss Ratings downgraded shares of Kinsale Capital Group from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, June 26th. Morgan Stanley decreased their price target on shares of Kinsale Capital Group from $350.00 to $330.00 and set an "equal weight" rating for the company in a research report on Thursday, May 21st. TD Cowen restated a "hold" rating on shares of Kinsale Capital Group in a report on Tuesday, June 16th. Finally, Cantor Fitzgerald cut their price objective on shares of Kinsale Capital Group from $360.00 to $280.00 and set a "neutral" rating on the stock in a research report on Thursday, April 9th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Kinsale Capital Group has an average rating of "Reduce" and an average price target of $375.80.

Kinsale Capital Group Price Performance

Shares of NYSE KNSL opened at $344.71 on Tuesday. The business's 50 day moving average price is $315.33 and its 200 day moving average price is $352.65. The firm has a market cap of $7.95 billion, a P/E ratio of 15.17, a P/E/G ratio of 1.10 and a beta of 0.90. Kinsale Capital Group, Inc. has a 52 week low of $287.20 and a 52 week high of $512.76. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.11.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $5.11 EPS for the quarter, beating the consensus estimate of $4.70 by $0.41. The company had revenue of $466.71 million for the quarter, compared to analyst estimates of $410.25 million. Kinsale Capital Group had a net margin of 27.48% and a return on equity of 25.82%. The firm's revenue was down .5% on a year-over-year basis. During the same period in the prior year, the company earned $3.71 earnings per share. On average, sell-side analysts expect that Kinsale Capital Group, Inc. will post 20.67 earnings per share for the current year.

Kinsale Capital Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Thursday, May 28th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Thursday, May 28th. Kinsale Capital Group's payout ratio is presently 4.40%.

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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