Wells Fargo & Company Forecasts Strong Price Appreciation for Kinsale Capital Group (NYSE:KNSL) Stock

Key Points

• Wells Fargo raised its price target for Kinsale Capital Group from $366 to $377 while maintaining an “equal weight” rating, implying 8.11% potential upside from the stock’s $348.70 price.
• Analyst sentiment remains cautious overall: Kinsale has one Buy, seven Hold, and three Sell ratings, producing a consensus “Reduce” rating and average price target of $374.90.
• Kinsale reported stronger-than-expected quarterly results, with EPS of $5.54 versus the $5.11 consensus and revenue of $548.52 million, up 16.8% year over year.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) had its target price upped by investment analysts at Wells Fargo & Company from $366.00 to $377.00 in a report issued on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the financial services provider's stock. Wells Fargo & Company's target price points to a potential upside of 8.11% from the stock's current price.

A number of other research firms also recently weighed in on KNSL. Weiss Ratings downgraded shares of Kinsale Capital Group from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, June 26th. Wall Street Zen upgraded shares of Kinsale Capital Group from a "sell" rating to a "hold" rating in a research report on Saturday, June 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. Cantor Fitzgerald reduced their price target on Kinsale Capital Group from $360.00 to $280.00 and set a "neutral" rating on the stock in a research report on Thursday, April 9th. Finally, TD Cowen restated a "hold" rating on shares of Kinsale Capital Group in a research note on Tuesday, June 16th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Kinsale Capital Group has an average rating of "Reduce" and a consensus target price of $374.90.

Kinsale Capital Group Stock Down 0.1%

Shares of Kinsale Capital Group stock opened at $348.70 on Monday. The firm has a market cap of $8.04 billion, a PE ratio of 14.13, a P/E/G ratio of 1.12 and a beta of 0.90. The business's 50 day simple moving average is $321.17 and its 200 day simple moving average is $349.01. 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 has a 52-week low of $287.20 and a 52-week high of $512.76.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $5.54 earnings per share for the quarter, topping the consensus estimate of $5.11 by $0.43. Kinsale Capital Group had a net margin of 28.49% and a return on equity of 25.54%. The company had revenue of $548.52 million during the quarter, compared to analysts' expectations of $445.13 million. During the same period last year, the business earned $4.78 EPS. The business's quarterly revenue was up 16.8% on a year-over-year basis. On average, analysts predict that Kinsale Capital Group will post 20.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Kinsale Capital Group news, 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 transaction, the insider owned 3,645 shares in the company, valued at approximately $1,134,214.65. This represents a 6.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael P. Kehoe sold 22,576 shares of the firm's stock in a transaction dated 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 directly owned 308,048 shares in the company, valued at approximately $93,233,807.68. The trade was a 6.83% decrease in their position. The SEC filing for this sale provides additional information. 5.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Kinsale Capital Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Life Cycle Investment Partners Ltd purchased a new stake in shares of Kinsale Capital Group during the fourth quarter valued at about $229,653,000. Capital World Investors increased its holdings in shares of Kinsale Capital Group by 117.4% during the 4th quarter. Capital World Investors now owns 987,844 shares of the financial services provider's stock valued at $386,366,000 after purchasing an additional 533,499 shares in the last quarter. Norges Bank acquired a new position in shares of Kinsale Capital Group in the 4th quarter valued at $107,916,000. Bank of America Corp DE lifted its stake in shares of 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 purchasing an additional 134,468 shares during the period. Finally, Turtle Creek Asset Management Inc. boosted its holdings in Kinsale Capital Group by 47.6% during the first quarter. Turtle Creek Asset Management Inc. now owns 411,246 shares of the financial services provider's stock worth $140,506,000 after buying an additional 132,576 shares in the last quarter. 85.36% of the stock is owned by hedge funds and other institutional investors.

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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