L2 Asset Management LLC Makes New $1.57 Million Investment in Kinsale Capital Group, Inc. $KNSL

Key Points

• L2 Asset Management acquired 4,776 Kinsale Capital Group shares worth approximately $1.57 million in the second quarter. Institutional investors collectively own 85.36% of the company.
• Kinsale reported quarterly earnings of $5.54 per share, beating estimates by $0.43, while revenue rose 16.8% year over year to $548.52 million. The stock was trading at $395.68, up 3.2%.
• The company declared a quarterly dividend of $0.25 per share, equivalent to a $1.00 annual payout and a 0.3% yield. Analysts remain cautious, with a consensus “Reduce” rating and an average price target of $368.78.

L2 Asset Management LLC purchased a new position in Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,776 shares of the financial services provider's stock, valued at approximately $1,575,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Kinsale Capital Group in the 2nd quarter worth about $671,457,000. Life Cycle Investment Partners Ltd purchased a new position in Kinsale Capital Group during the 4th quarter valued at about $229,653,000. Capital World Investors boosted its stake in Kinsale Capital Group by 117.4% during the fourth quarter. Capital World Investors now owns 987,844 shares of the financial services provider's stock worth $386,366,000 after acquiring an additional 533,499 shares in the last quarter. Norges Bank purchased a new stake in Kinsale Capital Group in the fourth quarter worth about $107,916,000. Finally, Bank of New York Mellon Corp purchased a new stake in Kinsale Capital Group in the second quarter worth about $45,595,000. Hedge funds and other institutional investors own 85.36% of the company's stock.

Kinsale Capital Group Trading Up 3.2%

NYSE:KNSL opened at $395.68 on Tuesday. The company's 50 day moving average price is $348.39 and its 200-day moving average price is $345.26. Kinsale Capital Group, Inc. has a 52 week low of $287.20 and a 52 week high of $485.00. 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 $9.01 billion, a price-to-earnings ratio of 16.03, a PEG ratio of 1.21 and a beta of 0.89.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $5.54 earnings per share for the quarter, beating the consensus estimate of $5.11 by $0.43. The company 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 firm's quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter last year, the firm earned $4.78 earnings per share. On average, equities research analysts forecast that Kinsale Capital Group, Inc. will post 21.1 earnings per share for the current fiscal year.

Kinsale Capital Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, August 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.3%. Kinsale Capital Group's dividend payout ratio (DPR) is presently 4.05%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on KNSL shares. TD Cowen reiterated a "hold" rating on shares of Kinsale Capital Group in a report on Tuesday, June 16th. JPMorgan Chase & Co. upped their price target on Kinsale Capital Group from $380.00 to $390.00 and gave the stock a "neutral" rating in a research note on Monday, July 20th. Wall Street Zen upgraded Kinsale Capital Group from a "sell" rating to a "hold" rating in a research note on Saturday, June 20th. Wells Fargo & Company boosted their target price on Kinsale Capital Group from $366.00 to $377.00 and gave the stock an "equal weight" rating in a report on Monday, July 27th. Finally, Truist Financial cut their target price on 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 analyst has rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus target price of $368.78.

Insider Buying and Selling at Kinsale Capital Group

In other Kinsale Capital Group news, CAO Christopher R. Tangard purchased 330 shares of the stock in a transaction dated Monday, June 8th. The shares were purchased at an average cost of $304.00 per share, with a total value of $100,320.00. Following the completion of the acquisition, the chief accounting officer directly owned 380 shares in the company, valued at $115,520. This trade represents a 660.00% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.60% of the stock is owned by corporate insiders.

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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