Kinsale Capital Group, Inc. $KNSL Holdings Decreased by Spyglass Capital Management LLC

Key Points

• Spyglass Capital Management cut its Kinsale Capital Group stake by 30.5% in the first quarter, selling 60,157 shares and retaining 137,029 shares valued at approximately $46.8 million. Institutional investors collectively own 85.36% of KNSL.
• Kinsale reported quarterly earnings of $5.54 per share, beating estimates of $5.11, while revenue rose 16.8% year over year to $548.52 million. The company also pays a quarterly dividend of $0.25, or $1.00 annually.
• Analyst sentiment remains cautious: one analyst rates KNSL a Buy, six rate it Hold, and three rate it Sell, resulting in a consensus “Reduce” rating and an average price target of $362.11.

Spyglass Capital Management LLC reduced its position in shares of Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report) by 30.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 137,029 shares of the financial services provider's stock after selling 60,157 shares during the period. Kinsale Capital Group comprises approximately 3.3% of Spyglass Capital Management LLC's holdings, making the stock its 17th largest holding. Spyglass Capital Management LLC owned about 0.59% of Kinsale Capital Group worth $46,817,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new stake in Kinsale Capital Group during the fourth quarter valued at $25,000. Bayban acquired a new stake in shares of Kinsale Capital Group during the fourth quarter worth $25,000. eCIO Inc. bought a new position in shares of Kinsale Capital Group in the 4th quarter worth about $29,000. International Assets Investment Management LLC bought a new position in shares of Kinsale Capital Group in the 4th quarter worth about $29,000. Finally, Johnson Financial Group Inc. boosted its holdings in shares of Kinsale Capital Group by 257.1% in the 3rd 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 period. 85.36% of the stock is currently owned by institutional investors.

Insider Activity

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

Kinsale Capital Group Price Performance

Shares of NYSE KNSL opened at $370.19 on Wednesday. Kinsale Capital Group, Inc. has a fifty-two week low of $287.20 and a fifty-two week high of $485.00. The firm's 50-day simple moving average is $323.01 and its 200 day simple moving average is $348.54. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 0.11. The stock has a market cap of $8.54 billion, a P/E ratio of 15.00, a P/E/G ratio of 1.15 and a beta of 0.90.

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 for the quarter, topping the consensus estimate of $5.11 by $0.43. The business had revenue of $548.52 million during the quarter, compared to the consensus estimate of $445.13 million. Kinsale Capital Group had a net margin of 28.49% and a return on equity of 25.54%. The company's quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.78 earnings per share. Equities analysts expect that Kinsale Capital Group, Inc. will post 20.92 EPS for the current year.

Kinsale Capital Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Thursday, May 28th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Thursday, May 28th. Kinsale Capital Group's dividend payout ratio is currently 4.05%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of Kinsale Capital Group from $366.00 to $377.00 and gave the company an "equal weight" rating in a research report on Monday. JPMorgan Chase & Co. raised their target price on shares of Kinsale Capital Group from $380.00 to $390.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. Morgan Stanley decreased their target price on Kinsale Capital Group from $350.00 to $330.00 and set an "equal weight" rating for the company in a research note on Thursday, May 21st. TD Cowen reaffirmed a "hold" rating on shares of Kinsale Capital Group in a report on Tuesday, June 16th. Finally, Weiss Ratings cut Kinsale Capital Group from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, June 26th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $362.11.

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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