Port Capital LLC Acquires Shares of 94,240 Kinsale Capital Group, Inc. $KNSL

Key Points

• Port Capital LLC acquired 94,240 Kinsale Capital Group shares worth approximately $31.1 million, giving it a 0.41% stake and making KNSL about 1.3% of its portfolio. Institutional investors collectively own 85.36% of the company.
• Analysts remain cautious: KNSL has an average “Reduce” rating and a consensus price target of $368.78, despite several analysts raising their targets and Weiss Ratings upgrading the stock to “Hold.”
• Kinsale reported better-than-expected quarterly results, with $5.54 EPS and $548.52 million in revenue, while revenue increased 16.8% year over year. The company also declared a quarterly dividend of $0.25 per share, or a 0.3% annualized yield.

Port Capital LLC purchased a new stake in Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 94,240 shares of the financial services provider's stock, valued at approximately $31,081,000. Kinsale Capital Group comprises about 1.3% of Port Capital LLC's investment portfolio, making the stock its 29th biggest position. Port Capital LLC owned about 0.41% of Kinsale Capital Group at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of KNSL. AQR Capital Management LLC boosted its holdings in shares of Kinsale Capital Group by 76.2% in the first quarter. AQR Capital Management LLC now owns 835 shares of the financial services provider's stock valued at $397,000 after acquiring an additional 361 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Kinsale Capital Group by 72.9% during the second quarter. EverSource Wealth Advisors LLC now owns 102 shares of the financial services provider's stock worth $49,000 after purchasing an additional 43 shares in the last quarter. Brown Advisory Inc. raised its holdings in Kinsale Capital Group by 7.9% during the second quarter. Brown Advisory Inc. now owns 1,117 shares of the financial services provider's stock worth $541,000 after purchasing an additional 82 shares in the last quarter. Jump Financial LLC lifted its position in Kinsale Capital Group by 136.9% in the second quarter. Jump Financial LLC now owns 1,097 shares of the financial services provider's stock valued at $531,000 after purchasing an additional 634 shares during the period. Finally, Cerity Partners LLC boosted its holdings in Kinsale Capital Group by 45.3% in the 2nd quarter. Cerity Partners LLC now owns 5,021 shares of the financial services provider's stock valued at $2,430,000 after purchasing an additional 1,566 shares in the last quarter. Institutional investors and hedge funds own 85.36% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. TD Cowen reissued a "hold" rating on shares of Kinsale Capital Group in a research note on Tuesday, June 16th. Weiss Ratings upgraded shares of Kinsale Capital Group from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, August 19th. Wells Fargo & Company lifted their target price on shares of Kinsale Capital Group from $366.00 to $377.00 and gave the stock an "equal weight" rating in a research report on Monday, July 27th. JPMorgan Chase & Co. upped their price target on shares of Kinsale Capital Group from $380.00 to $390.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Finally, Morgan Stanley raised their price objective on shares of Kinsale Capital Group from $345.00 to $390.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Kinsale Capital Group presently has an average rating of "Reduce" and an average price target of $368.78.

Insider Transactions at Kinsale Capital Group

In other Kinsale Capital Group news, CAO Christopher R. Tangard bought 330 shares of the company's stock in a transaction on Monday, June 8th. The shares were bought 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 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. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.60% of the stock is owned by company insiders.

Kinsale Capital Group Trading Down 0.1%

Shares of KNSL opened at $387.61 on Thursday. Kinsale Capital Group, Inc. has a 12 month low of $287.20 and a 12 month high of $485.00. The stock's 50-day moving average is $351.48 and its two-hundred day moving average is $344.96. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.09 and a quick ratio of 0.09. The stock has a market cap of $8.83 billion, a PE ratio of 15.71, a P/E/G ratio of 1.23 and a beta of 0.89.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $5.54 EPS for the quarter, topping analysts' consensus estimates of $5.11 by $0.43. The business had revenue of $548.52 million for the quarter, compared to analysts' expectations of $445.13 million. Kinsale Capital Group had a net margin of 28.49% and a return on equity of 25.54%. The business's revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period in the previous year, the company posted $4.78 earnings per share. Equities analysts forecast that Kinsale Capital Group, Inc. will post 21.1 earnings per share for the current fiscal year.

Kinsale Capital Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, August 28th. Kinsale Capital Group's dividend payout ratio is currently 4.05%.

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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