Prime Capital Management Co Ltd Acquires New Position in Kinsale Capital Group, Inc. $KNSL

Key Points

• Prime Capital Management acquired 115,498 Kinsale Capital Group shares worth approximately $38.1 million, making KNSL about 3% of its portfolio and its seventh-largest holding. Institutional investors and hedge funds collectively own 85.36% of the stock.
• Analyst sentiment remains cautious, with one Buy, six Hold, and three Sell ratings. The consensus rating is “Reduce”, with an average price target of $362.11 versus the reported share price of $373.27.
• Kinsale exceeded quarterly expectations, reporting $5.54 in earnings per share 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, representing a 0.3% annualized yield.

Prime Capital Management Co Ltd acquired a new position in shares of Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 115,498 shares of the financial services provider's stock, valued at approximately $38,092,000. Kinsale Capital Group makes up about 3.0% of Prime Capital Management Co Ltd's holdings, making the stock its 7th largest position. Prime Capital Management Co Ltd owned about 0.51% of Kinsale Capital Group as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Isthmus Partners LLC acquired a new stake in shares of Kinsale Capital Group in the 4th quarter worth approximately $8,110,000. Life Cycle Investment Partners Ltd purchased a new position in Kinsale Capital Group in the 4th quarter valued at approximately $229,653,000. Stephens Investment Management Group LLC raised its holdings in Kinsale Capital Group by 37.7% during the fourth quarter. Stephens Investment Management Group LLC now owns 208,075 shares of the financial services provider's stock worth $81,382,000 after purchasing an additional 56,916 shares during the last quarter. Handelsbanken Fonder AB raised its holdings in Kinsale Capital Group by 9.6% during the fourth quarter. Handelsbanken Fonder AB now owns 57,000 shares of the financial services provider's stock worth $22,294,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Cumberland Partners Ltd purchased a new stake in Kinsale Capital Group during the fourth quarter worth $2,347,000. 85.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

KNSL has been the topic of several research reports. JPMorgan Chase & Co. upped their target price on Kinsale Capital Group from $380.00 to $390.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Royal Bank Of Canada cut their price target on Kinsale Capital Group from $385.00 to $375.00 and set a "sector perform" rating for the company in a research note on Monday, April 27th. Weiss Ratings lowered shares of Kinsale Capital Group from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, June 26th. Wells Fargo & Company increased 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 note on Monday, July 27th. Finally, Wall Street Zen upgraded shares of Kinsale Capital Group from a "sell" rating to a "hold" rating in a report on Saturday, June 20th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Reduce" and an average target price of $362.11.

Kinsale Capital Group Price Performance

Shares of NYSE:KNSL opened at $373.27 on Wednesday. The business's fifty day moving average price is $342.54 and its two-hundred day moving average price is $345.50. The stock has a market cap of $8.50 billion, a PE ratio of 15.12, a price-to-earnings-growth ratio of 1.20 and a beta of 0.89. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.09 and a current ratio of 0.09. Kinsale Capital Group, Inc. has a one year low of $287.20 and a one year high of $485.00.

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

Kinsale Capital Group Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Friday, August 28th. Kinsale Capital Group's dividend payout ratio (DPR) is currently 4.05%.

Insider Activity

In other news, CAO Christopher R. Tangard bought 330 shares of the business's stock in a transaction that occurred on Monday, June 8th. The stock was purchased at an average price of $304.00 per share, with a total value of $100,320.00. Following the purchase, the chief accounting officer owned 380 shares of the company's stock, valued at $115,520. This trade represents a 660.00% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Salmaan K. Allibhai sold 250 shares of the company's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $311.17, for a total transaction of $77,792.50. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 5.60% of the company's stock.

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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