State of New Jersey Common Pension Fund D Sells 770 Shares of Kinsale Capital Group, Inc. $KNSL

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in Kinsale Capital Group by 9.3%, now holding 7,552 shares valued at approximately $3,676,000.
• Research analysts have upgraded their price targets for Kinsale Capital Group, with Morgan Stanley increasing theirs from $490.00 to $525.00 and Truist Financial raising it from $500.00 to $560.00.
• Kinsale Capital Group reported earnings of $4.78 per share for the last quarter, surpassing expectations and marking a year-over-year revenue increase of 22.2%.

State of New Jersey Common Pension Fund D lowered its holdings in Kinsale Capital Group, Inc. (NYSE:KNSL - Free Report) by 9.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,552 shares of the financial services provider's stock after selling 770 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Kinsale Capital Group were worth $3,676,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in KNSL. Key Financial Inc lifted its stake in shares of Kinsale Capital Group by 315.4% during the first quarter. Key Financial Inc now owns 54 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 41 shares during the period. N.E.W. Advisory Services LLC acquired a new position in shares of Kinsale Capital Group during the first quarter valued at $31,000. NBC Securities Inc. acquired a new position in shares of Kinsale Capital Group during the first quarter valued at $35,000. von Borstel & Associates Inc. acquired a new position in shares of Kinsale Capital Group during the first quarter valued at $42,000. Finally, Anderson Financial Strategies LLC acquired a new position in shares of Kinsale Capital Group during the fourth quarter valued at $54,000. Institutional investors and hedge funds own 85.36% of the company's stock.

Insider Activity

In other Kinsale Capital Group news, EVP Diane D. Schnupp sold 1,398 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $472.00, for a total value of $659,856.00. Following the completion of the sale, the executive vice president directly owned 6,646 shares in the company, valued at $3,136,912. This represents a 17.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their price target on Kinsale Capital Group from $440.00 to $460.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Compass Point upped their price target on Kinsale Capital Group from $432.00 to $490.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Truist Financial upped their price target on Kinsale Capital Group from $500.00 to $560.00 and gave the company a "buy" rating in a research note on Monday, July 28th. BMO Capital Markets upped their price target on Kinsale Capital Group from $429.00 to $474.00 and gave the company a "market perform" rating in a research note on Tuesday, July 29th. Finally, Bank of America assumed coverage on Kinsale Capital Group in a report on Friday, June 20th. They set a "buy" rating and a $543.00 target price on the stock. Four investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $505.80.

Kinsale Capital Group Trading Down 1.0%

Shares of NYSE:KNSL traded down $4.6180 during mid-day trading on Monday, reaching $450.7620. The stock had a trading volume of 241,079 shares, compared to its average volume of 191,535. The firm has a market cap of $10.50 billion, a PE ratio of 23.51, a price-to-earnings-growth ratio of 1.67 and a beta of 1.12. The firm has a 50 day simple moving average of $465.75 and a two-hundred day simple moving average of $462.50. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.11. Kinsale Capital Group, Inc. has a twelve month low of $405.00 and a twelve month high of $531.79.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $4.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.41 by $0.37. Kinsale Capital Group had a return on equity of 25.93% and a net margin of 25.92%.The company had revenue of $458.70 million during the quarter, compared to the consensus estimate of $436.25 million. During the same period in the prior year, the company earned $3.75 earnings per share. The company's revenue for the quarter was up 22.2% compared to the same quarter last year. On average, research analysts predict that Kinsale Capital Group, Inc. will post 17.72 EPS for the current fiscal year.

Kinsale Capital Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Friday, August 29th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 0.2%. Kinsale Capital Group's dividend payout ratio (DPR) is currently 3.55%.

About Kinsale Capital Group

Kinsale Capital Group, Inc, a specialty insurance company, engages in the provision of property and casualty insurance products in the United States. The company's commercial lines offerings include commercial property, small business casualty and property, excess and general casualty, construction, allied health, life sciences, entertainment, energy, environmental, excess professional, health care, public entity, commercial auto, inland marine, aviation, ocean marine, product recall, and railroad, as well as product, professional, and management liability insurance.