Kinsale Capital Group, Inc. $KNSL is Turtle Creek Asset Management Inc.'s 6th Largest Position

Key Points

• Turtle Creek Asset Management increased its Kinsale Capital Group stake by 47.6% in the first quarter, owning 411,246 shares worth approximately $140.5 million. KNSL now represents 5.2% of the firm’s portfolio and is its sixth-largest position.
• Kinsale reported a strong quarter, with EPS of $5.54 versus the $5.11 consensus estimate and revenue of $548.52 million, up 16.8% year over year. The company also declared a quarterly dividend of $0.25 per share.
• Analyst sentiment remains cautious: KNSL has an average “Reduce” rating and a consensus price target of $362.11, below its reported opening price of $376.57. Several insiders, including the CEO, recently sold shares.

Turtle Creek Asset Management Inc. grew its holdings in Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report) by 47.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 411,246 shares of the financial services provider's stock after purchasing an additional 132,576 shares during the period. Kinsale Capital Group makes up about 5.2% of Turtle Creek Asset Management Inc.'s holdings, making the stock its 6th biggest position. Turtle Creek Asset Management Inc. owned about 1.78% of Kinsale Capital Group worth $140,506,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of KNSL. Bank of America Corp DE grew its stake in Kinsale Capital Group by 89.0% in the 1st quarter. Bank of America Corp DE now owns 285,535 shares of the financial services provider's stock valued at $97,556,000 after buying an additional 134,468 shares in the last quarter. Amundi boosted its holdings in shares of Kinsale Capital Group by 3,140.0% in the first quarter. Amundi now owns 47,110 shares of the financial services provider's stock worth $16,096,000 after acquiring an additional 45,656 shares during the period. California State Teachers Retirement System boosted its holdings in shares of Kinsale Capital Group by 22.7% in the first quarter. California State Teachers Retirement System now owns 25,710 shares of the financial services provider's stock worth $8,784,000 after acquiring an additional 4,758 shares during the period. Ashford Capital Management Inc. raised its stake in shares of Kinsale Capital Group by 16.3% during the 1st quarter. Ashford Capital Management Inc. now owns 44,360 shares of the financial services provider's stock valued at $15,156,000 after purchasing an additional 6,215 shares during the period. Finally, Quantinno Capital Management LP lifted its holdings in Kinsale Capital Group by 68.6% during the 1st quarter. Quantinno Capital Management LP now owns 20,094 shares of the financial services provider's stock worth $6,866,000 after purchasing an additional 8,173 shares in the last quarter. 85.36% of the stock is currently owned by hedge funds and other institutional investors.

Kinsale Capital Group Stock Performance

Shares of KNSL opened at $376.57 on Thursday. The company has a market cap of $8.68 billion, a PE ratio of 15.26, a price-to-earnings-growth ratio of 1.17 and a beta of 0.90. The company has a current ratio of 0.09, a quick ratio of 0.09 and a debt-to-equity ratio of 0.11. The stock has a 50-day moving average price of $324.31 and a 200-day moving average price of $348.29. Kinsale Capital Group, Inc. has a 12-month low of $287.20 and a 12-month high of $485.00.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $5.54 EPS for the quarter, topping the consensus estimate of $5.11 by $0.43. The company had revenue of $548.52 million during the quarter, compared to analyst estimates of $445.13 million. Kinsale Capital Group had a return on equity of 25.54% and a net margin of 28.49%.Kinsale Capital Group's revenue was up 16.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.78 earnings per share. As a group, equities analysts forecast that Kinsale Capital Group, Inc. will post 21.11 earnings per share for the current fiscal year.

Kinsale Capital Group Dividend Announcement

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

Insider Transactions at Kinsale Capital Group

In other news, insider Salmaan K. Allibhai sold 250 shares of the firm's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $311.17, for a total transaction of $77,792.50. Following the sale, the insider owned 3,645 shares in the company, valued at approximately $1,134,214.65. This trade represents a 6.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Michael P. Kehoe sold 22,576 shares of the firm's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $302.66, for a total transaction of $6,832,852.16. Following the sale, the chief executive officer owned 308,048 shares in the company, valued at approximately $93,233,807.68. This trade represents a 6.83% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 5.60% of the company's stock.

Analyst Upgrades and Downgrades

KNSL has been the subject of a number of recent analyst reports. Morgan Stanley reduced their target price on Kinsale Capital Group from $350.00 to $330.00 and set an "equal weight" rating for the company in a report on Thursday, May 21st. Wells Fargo & Company raised 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. Wall Street Zen raised shares of Kinsale Capital Group from a "sell" rating to a "hold" rating in a research note on Saturday, June 20th. JPMorgan Chase & Co. upped 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. Finally, Truist Financial lowered their target price on shares of Kinsale Capital Group from $450.00 to $405.00 and set a "buy" rating on the stock in a research note on Monday, April 27th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus target price of $362.11.

Kinsale Capital Group Profile

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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